How do you get approved for a SBA Express loan?
To get approved for an SBA Express loan, the business must operate for profit and in the United States. The business must have at least two years of financial statements and show a need for financing.
What is secured line of credit and how to get it.
An example of a secured credit auto loan is because the loan is secured by credit. In business, a credit line is secured by the business assets such as accounts receivable, inventory, and cash in the bank.
What is merchant funding and its benefits? How does it work?
A merchant funding is a business loan through a merchant financing lender that offers a lump sum. Merchant funding works by the lender collecting a percentage of the merchant’s credit card sales until the loan is fully repaid. The benefit of merchant funding is that the merchant gets immediate cash to operate the business.
What is a commercial bridging loan?
A commercial bridging loan is a short-term loan that “bridges the gap” between a company’s immediate and long-term financing needs. In a bridging loan, the borrower’s commercial is used as collateral to secure the loan.
Pros and Cons of Offering Employee Loans
The advantage of offering employees loans shows the employees that the company cares about them; the employee loan program encourages employee loyalty and retention. The disadvantage of an employee loan program includes the higher business expense for administrative costs and the risk of unpaid loans.
Private Investor Advantages and Disadvantages
A private investor is a person or company that invests in a business venture in exchange for a percentage of the company’s profits.
What is loyalty program benefits and its importance?
A loyalty program benefits are where retail businesses offer customers discounts, special incentives, and rewards for purposes of retaining customers and repeat business. For example, get one free at Starbucks for every seven cups of coffee.
Learn About SBA Loan Process
The typical SBA loan funding process takes approximately 8 to 12 weeks. The loan process starts with an SBA loan application and gathering the company's financial documents, which include a profit and loss statement and balance sheet.
Business Loan Requirements: What do you need to get a business loan?
Lenders have different requirement for giving business loans. However, nearly all lenders of business loans have six required documents for a business that will be discussed in this article.
Pros and Cons of Bridge Loans Explained
Bridge loans are short-term loans with high-interest rates until a company secures permanent financing.