Frequently Asked Questions

Frequently Asked Questions

Interest rates vary depending on the lending products available. At banks, the standard rate is typically the prime rate plus 2%, but many businesses face stringent qualifications that prevent them from securing approvals that align with their objectives.

Through our partner, National Business Capital, offerings include SBA loans, equipment financing, business term loans, lines of credit, inventory financing, A/R financing, and asset-based lending. Each of these products has distinct rates, which fluctuate regularly.

  • For equipment and SBA loans, interest rates are in the 6-8% range.
  • A/R and asset-based lending offer high single-digit interest rates if you have strong receivables or collateral.
  • Without B2B receivables or collateral, rates start at around 1% per month, translating to 12-18% annually.

All lenders are consolidated in one place to secure the best deal and the most competitive interest rates for your needs.

A soft credit pull will be run in order to determine which lenders will approve you.

This is done through lender matching technology and, of course, a team of expert Business Finance Advisors.

A majority of the lenders we work with also do soft credit pulls. If you are going to get a hard inquiry to receive an offer, we’ll let you know upfront immediately.

With a digital application and six months of bank statements, you can access up to $250,000 in just a few hours!

For amounts exceeding $250,000, the process might take a bit longer. For instance, transactions between $1 million and $5 million can take anywhere from 3 to 7 business days.

The type of financing solution you need also impacts the funding time. Equipment financing typically takes 3 to 10 business days. SBA loans can be completed in an impressive 45 days!

Keep in mind that bank financing averages 90 days, regardless of the amount or type of solution. Our team quickly identifies the best options, ensuring the process moves according to your schedule.

We offer some funding products that don’t require personal guarantees. If you’re interested, be sure to discuss these options with your Business Finance Advisor.

We can provide details about these products, including their terms and your eligibility based on your business’s information.

Some lending products offer daily, weekly, bi-weekly, or monthly collection schedules. For SBA loans, equipment financing, and business term loans, we provide monthly payment options.

If you have a specific repayment preference, let us know! We can review all the available options with you.

A prepayment penalty is a fee charged to borrowers who pay off their loan early.

Certain products, such as SBA loans, include prepayment penalties. Equipment financing transactions may also have prepayment penalties in some cases, similar to a car lease where you are responsible for repaying the full amount.

However, some products offer prepayment discounts. This allows you to borrow money at a certain cost and pay back less if you repay early. Be sure to inquire about this, as our team may be able to incorporate prepayment discounts into your offers depending on the product you’re interested in.

 

Qualifications vary by lender, so there isn’t a straightforward answer.

When you apply with us, our team explores a diverse lender marketplace to find the best match for your business.

Whether you have perfect credit or challenged credit, we will find the right lender for you. We partner with the appropriate lenders for each client to provide the best options for which they qualify.

We have financing options for businesses in all 50 states!