What Is An SMB Loan?
Breaking Down SMB Loans
If you run a small or medium business(SMB), you might feel that your options for obtaining financing are limited. there are plenty of ways to obtain the money you need, regardless of the size of your business or your funding need, In addition, many of these options are based on aspects like your revenue and duration of business operation instead over your credit score, Here are some of your options for SMB loans.
Traditional Bank Loans
For those with strong or excellent credit, traditional banks are a great place to start searching for SMB loans. These institutions offer you flexible terms and low-interest rates with many of their funding solutions. One of the nice things is that this is an overarching promise. Whether you choose a short-term loan, a long-term loan, or revolving line of credit, these same benefits apply. For those with average credit, collateral may allow you to secure your loan. It’s not unheard of for many small and medium business owners to use the equity in their homes or business properties as collateral in this way. At the same time, though, this presents high risk. If your business is not successful, you may lose your home to foreclosure.
Even if you have average to bad credit, SMB loans are not off limits. Many private lenders look at much more than your credit score. Some of the other areas they consider are the overall financial success of your business, your business plan, and your potential. If you have been in operation for some time and have healthy revenue, you could qualify for term loans based solely on these factors. Granted, there is a tradeoff with many of these loans. For one, these types of loans often carry a higher interest rate than a loan you might obtain from a bank. At the same time, they are quite competitive when placed up against many of the common business credit cards. This includes the options open even to those with good credit.
SMB loans can be quite easy to obtain regardless of your credit score. Yes, good credit will yield the best interest rates, but you can still get an affordable loan for your business. At the same time, certain businesses, like those who have just started out or those with extreme credit issues from the past. For these businesses, using alternatives like merchant cash advances may be ideal.
Merchant Cash Advances for Small and Medium Businesses
eBusiness Funding helps businesses that may struggle with traditional lenders. To do this, we provide merchant cash advances that are accessible to a wider spread of businesses than bank loans or private lenders. Unlike SMB loans, these are suitable for many business sizes, but small and medium businesses are our main audience. 95% of businesses that meet our simple requirements qualify for funding. All you need is to be in business for at least six months, with over $10,000 in monthly revenue. With us, it’s not about past credit history or collateral, but about your business’s potential.
It’s important to us that you use the funds we offer in the most helpful way possible, so we place no restrictions on how you spend our advances. Payroll, expansion, repairs, spend on what you need! We also get you your funds fast, sometimes as soon as 72 hours after you first apply. Repayment is also very simple. Rather than large monthly payments, we take an established percentage of your future sales. This is set up by our skilled consultants. This percentage stays the same, so if business slows down, you pay less.
Interested? If you’re ready to begin, just fill out this simple contact form. We’ll be waiting, and are looking forward to helping your business get the funding support it needs.