3 Types of Fast Loans to Help Your Small Business Thrive

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Thursday, May 25th, 2017

There’s a reason why banks don’t boast about their “fast loans” for businesses: because they don’t exist!

Indeed, while banks have always leaned towards heavy bureaucracy when it comes to assessing business loan applications, since the “Great Recession” they’ve dialed things down to a virtual crawl. In fact, it’s not uncommon for a business loan application to snake its way through dozens of administrators and loan officers for more than half a year.

What’s more, business owners are by no means guaranteed that they’ll eventually get the financing they need. At any moment — including months after it was was submitted — an application can get flagged for additional information or documentation, or outright rejected. Remember: banks are private businesses, not government organizations or agencies. They have no legal obligation whatsoever to support small businesses.   

The good news is that small business owners like you aren’t forced to wait (…and wait…and wait…) for your bank to decide that your credit is good enough, your cash flow position is strong enough, your business is profitable enough, and your pledged collateral is ample enough to lend you some of their money. Instead, you can take control of the situation and apply for these three fast loans options:

Fast Loans Option #1: Small Business Loan

A small business loan is a general loan suitable for longer-term working capital needs, such as expanding into new marketplaces, taking care of major renovations or upgrades, or having the financing needed to acquire another business and create a larger, stronger enterprise. An agreed upon amount is given to the business in a large sum, which the business pays back on a daily or monthly basis.

Fast Loans Option #2: Business Line of Credit

A business line of credit is suitable for shorter-term working capital needs, such as to cover an unexpected high tax bill, cover emergency repairs, hiring temporary seasonal help, and so on. While you get pre-approved for a certain amount of money, you only pay interest on the amount of credit that you use. Further, you can also take out separate drafts at different points in time as long as the total doesn’t exceed your pre-approved amount.

Fast Loans Option #3: Equipment Financing

Equipment financing is ideal if you need an infusion of cash to purchase used or new equipment or inventory. This type of loan typically ranges from 1-5 years, which gives you a substantial time horizon to repay the loan, and affordable regular payments. If you plan on making a major investment in manufacturing equipment, then it may be possible to get a 10-year term.

The Common Factor: Speed

While these options differ in important ways, what they all have in common is that they’re fast loans. This means your application will be assessed right away, and if everything moves forward the way it should, you will have the cash in your account within days (unless you’re taking out a business line of credit, in which case the funds will be available for you to draw upon within days).

The Bottom Line

On today’s relentlessly fast-paced business landscape, everyone has received the memo that the need for speed is essential; that is, everyone except banks — because fast loans for businesses aren’t part of their vocabulary. Fortunately, at National Business Capital, we understand that time is always of the essence. That’s why we have an approval team on staff 24/7 and why business owners across the country trust us to get the financing they need FAST.

To learn more about our fast loans for businesses, contact our team today and take advantage of your free, obligation consultation.

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Our approval process takes less than 24 hours.

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