Around 82% of businesses that fail do so because of problems with their capital. This is why companies, no matter their size, will come to depend sooner or later on business loans to continue to operate smoothly. Although all companies are a little different when it comes to requirements, the most common uses for business loans we have found are the following:
- Purchasing materials, products, or machinery.
- Payroll and paying providers.
- Hiring new employees.
- Pay or consolidate any current debts.
- Acquiring new property.
Just like driving a car with no gas in it is impossible, so is managing a business with no money. Injecting capital into the business will make it operate effectively and worry free. This article will help you if you own a company or, if you simply would like to learn and understand the different options for business loans up to $500,000 from 1.29% as quickly as in 1 day with the necessary requirements.
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Requirements For Business Loans
The good news is that there are a lot more options for business financing that in the previous years. Thanks to the internet, business loan options are more diverse, making it so that the requirements to apply are less. These are some of the general requirements that a business needs to apply to a loan:
- Companies age: Your company should have at least 2 months of operation (we also work with loans for new businesses, but since there are no earnings yet, these are more difficult to get).
- Credit Score: You will need a minimum of 500 on your personal credit score.
- Monthly Income: Lost lenders will require that your business have a minimum of $3,000 income per month (this amount is before taxes, payroll, and other expenses).
- Other Debts: If you have a lot of debts (more than 50% of your earnings per year) it may be more difficult, but not impossible.
- Potential Guarantees: By using property of yours as a guarantee on the loan, you will be able to gain access to better options at lower prices, since your property will make the lender feel safer to loan you the money. However, this is not always necessary to get a loan.
- Use of Loan: There are certain lenders that specialize on specific loans, such as loans for machinery. Finding and using these may help you get better terms and prices.
- Documents: You will need to have a SSN or ITIN to apply to these loans.
Requirements For Business Loans
There are various options for financing and these differ depending on the size of your business, the amount you need, and the use of the loan. The higher and more established your monthly revenue is, the better options and prices you will get. These are some of the business loans options available in the US:
- Line of Credit: This works like a credit card does for a normal person. You may use the amount you need (as long as its under your limit).
- Business Loans: These loans works just like personal loans. They have fixed terms and interest rates and require no guarantee.
- Comercial Loans: These work like mortgages. They have fixed terms, but require a guarantee such as a property to be awarded.
- Equipment Loans: These loans are used to buy new equipment or machinery for your business. In some cases, the equipment bought with the loan will serve as collateral on the loan.
- SBA Loans: These loans are backed by the American government and are specially for little and medium sized businesses. These tend to have lower requirements and may be cheaper.
- Federal or State Subsidies: Sometimes there are subsidies from the federal and state governments for certain types of industries. Click here to find out if your enterprise applies to any subsidy from the government.
How to Apply to Business Loans?
Applying for a business loan, depending on how you do it, can take from minutes up to weeks. With traditional banks, you must first book an appointment, the you fill endless paperwork and finally, you must wait for weeks for your answer. Now, thanks to the internet, you can do all of this and even compare various lenders in a matter of minutes. We recommend comparing both options to choose the best for your business. At Superdinero we work with various lenders that aid businesses all across the United States. Through these lenders you can apply to up to $500,000 from 1.29% interest. If you are accepted you may receive the money in as little as 1 business day. The process to apply is really easy:
- Compare our options for business loans.
- Apply for free to the options that seem interesting to you (the more you compare, the more you may save).
- Speak to company agent and explain your situation in minutes.
- If approved, you receive your money in 1 business day.
To apply to a business loan and compare your options for free click here. It will be our pleasure to help you explore the best options out there for your enterprise. Our goal is to help you make Bill Gates shake in his boots, so stop hesitating!
Where Can I Apply To Business Loans In USA?
We work with companies all across the 50 states, but in certain states we count with more options. Read more about these states in the following articles:
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