Where Can I Find Business Loans For Small Business?

Business loans for small business are not easy to come by in the highly regulated world we live in. Banks have been forced to comply with Know Your Customer procedures and it is making it more of a challenge for anyone to qualify. Even some of the best businesses are not qualifying for a small businesses loans through financial institutions.

How can I get business loans for small business from a bank?

The banks standards for their business loans for small business have skyrocketed. The first requirement is that you have a lengthy business history. Banks want to see that you have been stable since founding your business. Typically, a bank is going to be looking for a company that has been in business for at least 2 years. There are always exceptions to every rule; however, you will have to meet their other requirements perfectly!

A few other requirements you will have to meet in order to be considered by a loan officer at a bank will be your credit history. Not only will your personal credit history be taken into account but also your business’ credit score. So it begs the questions, do you have a business credit history? Another thing a bank will look for is a detailed plan of how you will plan to use the funding. Banks have rules about how their funding can be used so that makes it a touchy subject for some businesses who will be using the funding in a more alternative way. Things like payroll funding and day-to-day operations are red flags for a bank. They will start to question the soundness of your business model. That is also why they will request your financial documents from the past few years. Newer businesses should ensure that their books are up to date.

Finally, banks want to see how you envision your business growing throughout the years. Often they will ask about your plan for the next three to five years. They are essentially wanting to see how committed and invested you are into the business as your future.

Ultimately not everyone can qualify for business loans for small business from a traditional financial institution. The above requirements may seem impossible to you. And that is okay, only 20% of businesses who apply for a bank loan are approved. That means 80% are rejected. And this statistic we believe would be higher if everyone applied when they needed funding. But businesses are looking towards alternative lenders as an option to get the funding they need to grow their businesses.

One alternative funding provider that is picking up speed is eBusiness who offers a merchant cash advance product to all of its customers. With over a 90% accepted rate it blows the banks statistic out of the water.

We can get your company funding in as little as three days. A bank can take weeks if not months to get you the cash you need. For urgent business needs, eBusiness knows the bank model just doesn’t work. One of the best parts of working with eBusiness, is the application process is simple. All you need to do is fill out the simple online form and we will respond within 24 hours.

Our automated payment process is a great feature for a lot of companies. We will take a daily percentage of your credit card sales until the advance has been paid off. That means you won’t forget to pay us back. Plus, this is a fixed percentage, not a fixed monthly amount. So if you have a slow month, you won’t have to pay back a fixed amount.