FAQ
How Can You Apply for Small Business Loans? Take Your Business to the Next Level
Whether your small business is growing or facing a challenge, you need cash to cover the expenses. Finding the best Short Term Cash Loans for business gives you the resources you need to pursue opportunities or solve problems.
Unlike selling equity, getting a Short Term business Loans with No Credit Check allows you to maintain business ownership, profits and full control.
There are countless fast small business loans available on the market today, but to truly invest in your future, you need the right one.
Lendhelp puts all your options in one place, allowing you to compare them with expert guidance and only apply one time.
Applying is fast, simple, easy, and doesn’t affect your credit score.
Why Cash Flow Is Important—and Most Businesses Need a Boost
Cash flow is like the oxygen of your business, and small business loans are a great way to get more of it.
When cash flows smoothly, you can cover all of the essential expenses in your business, including payroll, operating costs, and other bills. More importantly, though, positive cash flow allows you to pursue new growth and expansion opportunities in your business.
At some point, all businesses face cash flow challenges like seasonal slowdowns and late-paying customers. Business credit cards and personal loans generally don’t provide enough cash to accomplish what you need to. You could find yourself in a situation where you’re struggling to:
- Pay your employees
- Hire new workers
- Pay for inventory
- Manage office rent or mortgage payments
- Pay for supplies
- Finance operating costs
- Cover utility expenses
- Pay taxes
When you’re set on growing your business, it’s important to have enough working capital to stay ahead of the competition and not fall behind.
Use Short Term Cash Loans to Grow Your Business Easier & Faster
Every owner wants to grow their business, but doing so requires money.
The only ways you can grow your business are reinvesting profits, raising equity, or using small business loans (or another business financing option).
At first glance, reinvesting your profits is the cheapest option. But with working capital covering every cost, it can take years for you to reach your goal.
Utilizing small business loans for startups and other types of businesses can actually be more profitable for your business in the long run. You can obtain cash to cover all growth-related expenses right away, putting you on track to boost revenue as soon as possible.
Here are some of the ways financing can help your business.
Grow Your Business
Financing gives you access to the cash you need to fast-track projects and scale your business. You can use funding to open a new location, hire new employees, invest in marketing campaigns, upgrade internal processes, and much more.
Have Extra Cash on Hand
Any business owner knows that there’s always a chance the unforeseeable can happen. You could find yourself stuck with an unexpected expense or even presented with a fast-paced opportunity. In either case, additional access to capital will keep you prepared for whatever happens
Cover Expenses
If you’re unable to meet your business’s day-to-day expenses, you could find yourself in a situation where your goals are being side-tracked, or at worst, having to close your doors. When cash flow gets tight, financing can help you cover your most critical expenses like payroll, utilities, supplies, inventory, travel costs, and more.
Buy New Equipment
Heavy equipment like machinery and vehicles are oftentimes the backbone of construction, trucking, and manufacturing companies. However, every business relies on equipment in one way or another. Funding can help you upgrade your computer software systems and other technology inputs to boost efficiency and productivity
Buy Inventory
Retail businesses are well-aware of the issues that can arise out of delayed inventory, including revenue loss and poor customer experience. Stocking up on supplies early can help you mitigate potential problems and prepare for busy seasons beforehand.
Weather Seasonal Slumps
Many industries experience slow seasons. It can be challenging to navigate operating expenses and make preparations when your cash flow is tight. Financing can help you weather the storm now while also giving you the means to put plans into place for the upcoming busy season.
What’s the Easiest Way to Get a Business Loan?
You can apply at a bank, but you know that’s not easy. That’s why you’re here—to find an easy way to get a small business loan.
Banks aside, there are many other small business lenders, which makes finding the best option for you even more confusing.
Every lender offers different programs with varying interest rates, term lengths and funding amounts.
Online marketplaces like Lendhelp simplify and speed up this process.
Our industry-leading marketplace brings the best small business lenders together in one place, making it easy for you to apply, compare options, and ensure you choose the right loan.
The entire process takes place electronically, meaning you don’t have to take time out of your busy day for a meeting. You can also submit required financial information online.
What Do You Need to Be Eligible to Apply for Small Business Loans?
To apply for small business loans, the first thing that you will need to consider is the lender. Lenders may have different guidelines, requirements, and application processes. With Lendhelp, you can apply for small business loans online by filling out a 60-second application form, and select from multiple loan options within our marketplace.
Showing a profit helps, but is not always essential to receive financing. We focus on your business’s potential, rather than your history.
What’s the Minimum Credit Score Required for a Small Business Loan?
Most lenders, especially banks, will want to see a minimum credit score of around 680. This is also typically the requirement for SBA funding as well. Of course, having higher credit can boost your approval odds and help you access better interest rates.
If your credit score is less than 680 or your business is fairly new, it’s possible your financing application may be rejected by a bank. But before you get too discouraged, it’s helpful to keep in mind that not all small business lenders have a minimum credit score requirement.
Bank rejections can be discouraging, but not all small business lenders have a minimum required credit score.
At Lendhelps, you can find options regardless of your credit score. We have programs for small businesses with good credit, bad credit, and everything in between.
Instead of focusing only on your business and personal credit scores, we consider your annual revenue, and how your new opportunity could help you grow.