Like a mortgage or personal loan, a business loan comes with a fixed interest rate and fixed monthly payment. Business loans are a traditional source of funding and require more documentation with rates starting as low as 6% with terms ranging from 1-10 years.
With a Business Express Loan a key factor in getting the lowest rate with this type of funding program is the amount of time that you need to obtain the loan. If your timeline allows for 45 days or more the better compared to a deadline of just three weeks.
Unlike a business line of credit, a business loan will provide you a large sum of cash upfront. Once the funds are used and your company needs additional funding then you’ll need to apply for another loan.
Common User for a Business Loan
- Starting a business
- Pay off high interest debt
- Business expansion
- Purchasing inventory
- Hiring or paying employees
- Launch a marketing campaign
About the Business Express Loan
- Rates starting at 6.0%
- Loans amounts from $50k up to $150k
- Terms range from 1-10 years
- No personal collateral
- 48 hour pre approval process
- Funding takes 30-45 days (much faster compared to SBA process)
Requirements for Existing Business
- At least 1 year in business
- Good business cash flow
- Personal credit scores of 650+
Requirements for Startups
- Personal credit scores of 650+
- Depending on the loan amount, you need to show that you have 20% of your own personal funds in a bank account. For example, if you want a $100k business loan then you will need to show that you have $20k of your own funds in your bank account. This doesn’t mean that you need to use your own personal funds; the bank simply wants to see that you have your own funds to invest in your business.
For Existing business
- Personal credit report (Credit Check Total or Annual Credit Report.com)
- Current Year Profit & Loss Statement
- (6) Months Bank Statements
- (4) Months Merchant Account Statements
- (2) Years Business Tax Returns
- (2) Years Personal Tax Returns
For Startups
- Personal credit report (Credit Check Total or Annual Credit Report.com)
- (3) Years Personal Tax Returns