We offer business financing options for a wide variety of business owners nationwide. No matter what, there will be a time that a business requires access to funding solutions. Whether it’s to expand your current operation, hire on new team members, cover cash flow, purchase real estate, or simply grow and move forward as a business — capital is a necessity.
While the traditional route of going through established banks for business financing oftentimes is reliable for rates and terms, it’s not necessarily the most convenient and speedy way to get the cash flow you need now. Lengthy processes can be a massive burden for small businesses, putting a cog in their wheel of operations and causing issues in the short term. Furthermore, traditional funding from banks has extremely high qualification standards, requiring great credit and longer time in business than alternative funding opportunities. Now, we’re blessed with a wide variety of business financing possibilities through traditional routes such as banks, government-guaranteed loans, and alternative online lenders like AdvancePoint Capital. Small businesses now have more options than ever before, with more and more access to financing options that fit their exact needs. Whether it’s with a business line of credit, term loans, business credit cards, and more — top lenders are offering incredible opportunities for business owners like you.
What Are Your Business Financing Options?
When it comes to offering business financing nationwide, AdvancePoint Capital has an incredible amount of resources, tools, and options that business owners can take advantage of. Through various loan products, cash advances, lines of credit, and more — your company can find the right funding for the right time.
Business Cash Advance
For small to mid-sized businesses that are managing current cash on hand and future financing needs, a business cash advance is a sound choice. This is especially true for companies struggling with their credit score. Businesses that receive a good portion of their revenue from credit or debit card sales often times have highs and lows when it comes to profitability. For these companies, funding options are crucial. A business cash advance, also known as a purchase of future sales agreement, advances future sales at a discount to the company. Basically, the advance is paid back by taking a fixed percentage of future overall sales deposits.
Small businesses that are struggling to get funding from banks or other financing institutions oftentimes find themselves wondering where to turn. We take great pride in providing cash advances for businesses that need it most.
- Lightning-fast approval
- Cash for business owners with low credit
- A cash flow option for businesses that get their annual revenue primarily through credit cards sales
- No term limits
- Reasonable, competitive terms
- Simple application process
Business Line of Credit
For small businesses, a business line of credit offers a flexible financing option. A business line of credit resembles the same basic structure as a credit card, which makes it easy to understand and quick to start. The lender offers access to an agreed-upon amount of cash with a certain credit limit, and you’re able to draw from that cash whenever your company needs it most. The best part? You only pay on what you draw, which means that you have access to the cash you need when you need it.
With lower interest rates and closing costs than traditional loans, a business line of credit is popular for its renewability and flexibility. It’s ideal for seasonal expenses, emergency situations, payroll, operating needs, and more.
- Quick and easy approval
- Poor to excellent credit considered
- Great revolving capital option for businesses that need flexibility
- Repayment terms over 12 months
- A simple and convenient application process
The U.S. Small Business Administration offers help to entrepreneurs and businesses that need funding in order to start a business, build, or grow an existing one with success. Contrary to common belief, the Small Business Administration is not actually the lender, but rather a governing agency that offers business loan program guarantees. If you’re looking for a super low-interest rate paired with a long-term funding solution, an SBA loan may be for you. If your business plan is looking toward the future, an SBA loan can be a sound choice. However, it’s important to note that SBA loans are not easy to qualify for. They require time, energy, documentation, and commitment — along with great credit history. You’ll also need to have a business plan in writing. If you’re without one, the SBA has great resources and business plan guides to help.
While the application process can be tedious, getting approved for lending from the Small Business Administration has its upsides. We can help you choose the right SBA loans for your company.
- Great terms and low-interest rates
- Requires excellent credit history
- Ideal long-term loan solution for businesses
- Terms depend on SBA loan program
- Difficult application process
Business Credit Card
Another great option for business financing is a business credit card. These open revolving credit lines charge interest rates and principal with a credit limit. Once the credit card is issued, it can be used for purchases or to make payments for your business. A business credit card is a great business financing option to have alongside other loans for a small business, offering incredible flexibility and utility for a wide range of expenses.
If you own a business, having a business credit card is fairly essential. It can be used for so many purposes and can be a great way to build your credit score and give your business something to fall back on.
- Instant approval
- Open revolving line of credit with a credit term
- Must have good to excellent credit (with deep credit history)
- Ideal for business owners nationwide
- Documentation requirements vary by credit limits
- A simple and easy application process
These aren’t your only options when it comes to business financing. There’s a wide range of business loans, for both small businesses and beyond, that you can take advantage of for working capital, growth, infrastructure, and more. For example:
- Merchant cash advance
- Equipment financing
- Short term business loan
- Long-term business loan
- Invoice financing
- And more
Why Do You Need Business Financing?
Understanding why you need a small business loan, a business financing solution, or advance can help guide your choices when it comes to particular funding products.
Working capital is perhaps the most popular springboard for business financing. Why? Because it applies to a wide range of reasons for cash flow. Keeping up with daily operational costs is a must for those who own a business.
Whether it’s to get more inventory, a new business venture, acquiring essential employees, research, or development and more — having business financing options available can play a big role in the growth of your business.
For some industries, equipment is the workforce that guarantees its success. The issue is that equipment can be an extremely costly expense. Having equipment loans and lease options is a must for businesses that rely on equipment for their everyday operations.
Moving to a new location or opening up an additional location requires a ton of capital. For businesses looking to expand, funding options offer peace of mind when it’s time to scale up.
It’s also important to factor out how much you need for your business. It’s all about projecting future needs and determining the amount that makes sense for your particular business.
By applying a business loan affordability test, you can evaluate your business’s financial situation — helping you calculate where you sit. A monthly profit and loss assessment can illuminate how much you can actually afford in a monthly loan payment. Furthermore, your business’s monthly revenue can be calculated through business bank statements — just keep an eye out for monthly deposits. Finally, take a look at your monthly expenses, put it all together, and you can get your net profit.
Finally, you can start to piece together your budget. You need to know what you’re able to afford in order to choose the right small business loan product for your business. By evaluating trends over months (not just one month), you can see if sales are declining or increasing. Understanding what you can handle will get you far when weighing out your financing options.
The fast, convenient and straightforward way to get the money you need for your business – now!
Get Your Quote Today by filling out our simple form.
How to Qualify for Business Financing
There are some essential components that everyone who owns a business should be aware of when it comes to qualifying for business financing. New owners in business and seasoned entrepreneurs alike can benefit from understanding what goes into qualifying for small business loan opportunities.
Personal credit plays a substantial role in determining which loans you may qualify for. Obviously, the better your personal credit history is — the better off you will be. However, there are still options available for those with less than stellar credit.
If you’re wondering about your credit history, take advantage of all three credit bureaus: Equifax, Experian, and TransUnion. Your FICO score is determined by different aspects of credit data, but it can be understood fairly easily with five main areas.
- Payment history
- Amounts owed
- Length of credit history (in years)
- New credit
- Credit mix
In order to qualify for business financing, your credit score will play a big role. Generally speaking, a 750 FICO score is considered excellent. But let’s break down the rest:
- 720 or higher is considered good.
- 680 or higher is considered fair.
- Between 680 – 620 is marginal
- Below 620 is considered poor
If you’re wondering how this may play a role in which business loan opportunities you could qualify for, here’s what to consider. Longer terms and lower cost small business loans look for higher credit scores and will require the most from your business.
Length of Time
Time in business also plays a role in determining whether or not your small business may qualify for business financing. It can also affect the terms for specific loan products. Business lenders need assurance that companies have a track record to calculate risks associated with the loan or advance. Since many businesses fail to make it past the first year in business, lenders are wary to assist with capital, especially if you have less than two years in business. However, AdvancePoint Capital believes in empowering small businesses, which is why we have less stringent requirements for time in business.
While terms and costs may be higher than traditional loan institutions for certain loan products from alternative financing providers, for some businesses, it’s a sound option to get the cash flow you need — when you need it.
In order for you to get certain loan products, a business lender will need financial documents to evaluate your business. How critically a lender evaluates these financial statements depends on what type of business financing solution you’re trying to qualify for, however, there are three basic documents you should have ready.
Business Bank Statements
Nearly all small business loans require bank statements. Though the amount may vary, 3 months’ worth are usually required. For some, it could be between six to twelve month’s worth. This is typically true for seasonal businesses or those that have made a significant loan request. Business bank statements illustrate cash flow activity and the state of a business’s finances.
Profit & Loss + Balance Statements
These documents offer a clearer window into the state of a business and may be required in order to qualify for longer terms and lower-cost business financing opportunities. However, alternative business lending options do not typically require these statements.
Business and Personal Tax Return
Now, some business lenders may ask to see tax returns. This is especially true for traditional financing institutions like banks. However, many alternative online business lenders do not require these documents. It’s important to note that having these on-hand can greatly expand your options — leading to a diverse lineup of financing choices for your business.
We Can Help
Small businesses nationwide are constantly on the hunt for a funding option that fits their needs. If your small business needs funding, AdvancePoint Capital offers a wide range of financing opportunities to suit your needs. Whether you’re dealing with poor credit history, limited time in business, or lack of proper documentation — we can help you get the cash flow you need for your company. No matter the type of financing you’re looking for, we can help you get off your feet with a solution that works for you.
Traditional bank loans can be a nightmare to qualify for, that’s where online lenders like AdvancePoint Capital can help. We provide finance options for your small business, whether it’s by using outstanding invoices or future sales as collateral — or through avenues that are similar to credit cards, we can find flexible and affordable options for your small business today. Both new businesses and established ones need capital, and we offer a diverse lineup of loan products that can get you off your feet or to the next level.
The fast, convenient and straightforward way to get the money you need for your business – now!
Get your Quote Today by filling out our simple form.