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Columbus Small Business Loans

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For many entrepreneurs in Columbus, Ohio, access to capital and resources for their business is a necessity. To receive the small business funding, they need to keep their business objectives on track; small businesses need business loan solutions that they can trust. AdvancePoint Capital offers business loans and short-term cash flow options that keep operations afloat and meet your goal.

With all that Columbus, Ohio has going for it from an economic perspective, entrepreneurs in Columbus still face many challenges getting small business loans from traditional banks, small business lenders, or a credit union, for that matter. This route is often challenging because these lenders have stringent guidelines, requirements, mountains of paperwork, and limited loans to offer to small business customers. It’s difficult to get anything from a bank, lender, or credit union. That’s where AdvancePoint Capital’s customer service can help small business owners by offering a variety of business financing options. We are here to answer your questions.

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How Do I Get Approved for Small Business Loans in Columbus, OH?

AdvancePoint is a fantastic resource for business owners with a marketplace full of a variety of alternative funding options for small businesses. Experience our customer service and unleash all of the business services, network of small business lenders, and relationships we have at our disposal, so you can access the best products, rates, and terms that meet your business needs. AdvancePoint Capital is second to none. Contact us and speak to a business representative.

The 8 Best Small Business Loan Options for Columbus, Ohio Small Business

Long-Term Small Business Loan for Small Businesses in Columbus, Ohio

A business lender defines long term business loans as a term loan with a duration of greater than two years. Businesses are offered a fixed amount upfront and charged principal & interest. Unlike a business line, you cannot draw money as you go. Typically, long term business loans are a great business funding tool used for large capital needs like business expansion and growth or finance large projects. Business assets may be needed for collateral.

Business Funding Product Overview (Rates and Terms)

  • Loan Amounts: Loan amounts up to $5,000,000
  • Interest Rates: Starting at 5.50% or treasury index plus 1% to 2.5%
  • Loan Terms: Long term loans are defined as greater than 2 years and up to 10 years or more
  • Fees: Origination fees range from 0% to 3% (depends on risk and lender)
  • Loan Payments: Monthly or bi-weekly
  • Credit Requirements: Good to excellent credit score required

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Long-Term Business Loans

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Business Line of Credit for Small Businesses in Columbus, Ohio

Business lines of credit are open revolving lines. This type of funding allows businesses to draw funds when needed on-demand or make purchases. Lines of credit charge principal and interest. Business lines of credit have a limit that cannot be exceeded without a lender’s approval. It is not open-ended forever and requires renewal by lenders either semi-annually or annually to be extended. The primary reason small business owners choose a line of credit instead of a term loan is the draw feature, affordable rates, and flexible terms. This product is popular with businesses that need working capital and need a fast way to get funds. This funding option is not a loan.

Business Funding Product Overview

  • Credit Limit: Up to $250,000
  • Interest Rates: Starting at 5.50% or treasury index plus 1% to 2.5%
  • Repayment Terms: Open revolving lines of credit
  • Fees: Origination fees ranging from 0% to 3%
  • Payment: Monthly, bi-weekly, or weekly
  • Borrower Credit Scores: Fair to excellent credit score required

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Business Line of Credit

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Short Term Small Business Loans for Small Businesses in Columbus, Ohio

Short term business loans are defined as loans that are typically repaid with 6 to 18 months. These loans feature a lump sum offered upfront with a fixed payback amount calculated using a factor over a short term of time. Rates are not principal & interest but a “factor rate” that costs more than traditional loans. Most businesses choose short term loans when they do not qualify for traditional loans. Short term loans charge more for costs and are shorter in the duration of repayment, and the payments are more frequent to compensate for the higher risks lenders take in offering this product. These loans are a popular resource for small businesses because of the reduced documentation and tolerances that are more relaxed than traditional loans. Working capital is the primary reason for acquiring funding resources for short-term loans.

Business Funding Product Overview

  • Loan Amounts: Loan amounts Up to $500,000
  • Interest Rate: Factors range from 1.09% up to 1.45% or simple interest starts at 1% per month
  • Loan Terms: 6 to 18 months in duration (typically 12 months or less)
  • Fees: 0% to 5% origination fees
  • Payments: Weekly, bi-weekly, and in some cases daily Monday-Friday
  • Borrower Credit Scores: All credit types considered from bad to excellent credit score

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Short Term Business Loans

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Business Cash Advance for Small Businesses in Columbus, Ohio

Business Cash Advances (BCA) is also known as the purchase of future sales agreement that advances future sales at a discount to a business. The business is responsible for paying back a fixed payback known as a specified amount, which is higher than the amount that was advanced to the company. This difference between the advance amount and the payback amount is called the “Factor Rate or cost,” which is a fixed cost. These are not principal & interest costs.

The advance is repaid by taking a fixed percentage of future overall deposits called the specified percentage. The payments are collected by an ACH fixed daily or weekly payment deducted from a bank account based on the specified percentage of future sales. At the end of every month, reconciliation can occur. If the fixed payments taken out of the account monthly are more than the set future percentage of monthly sales, the business can request a refund for overpayment so that the set specified percentage of sales collected matches the revenue volumes. Repayment continues until the payback amount is paid back in full.

There is no time limit with advances as the fixed payback percentage ever changes due to fluctuating revenue. This product is popular with businesses that can not get a traditional loan, need working capital, and need a fast way to get funds. This financing option is not a loan. This business funding is a popular tool with entrepreneurs in service industry businesses like restaurants.

Business Funding Product Overview

  • Factor Rates: Ranges from 1.09% up to 1.45%
  • Repayment Terms: This is not a loan, so there are no time limits. Payments continue until paid in full based on specified percentage collection method and are dependent on future revenues
  • Fees: Origination fees that range 0% to 5%
  • Payment: Weekly or daily Monday-Friday fixed ACH
  • Credit Scores: All types of credit considered from bad to excellent

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Business Cash Advance

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Merchant Cash Advance for Small Businesses in Columbus, Ohio

A Merchant Cash Advance (MCA) is also known as a Purchase of Future Sales Agreement that operates very similarly to BCA’s, but the most significant difference is the repayment process, which is connected to the future credit card revenues instead of overall sales. MCA’s take a set percentage of future card sales at the time of batch until the advance is paid back in full. Businesses find this valuable when they have fluctuating revenues and don’t want to be locked into a fixed payment that could negatively impact cashflow or margins of profit if revenues decline or fluctuate.

This product is another excellent resource for working capital needs. Reminder, a merchant cash advance is not a loan, but an advance, by selling a portion of the business’s future sales at a discount to a funder in exchange for money for the business now. This product is popular with entrepreneurs that can not get a traditional loan and need working capital. This financing option is not a loan.

Business Funding Product Overview

  • Rate:  Range from 1.09% up to 1.45%
  • Repayment Term: No time limits
  • Fees: Origination fees range from 0% to 3%
  • Payment: Set fixed percentage of future card revenues
  • Borrower Credit Scores: All types of credit considered from bad to excellent

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Merchant Cash Advance

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Equipment Financing for Small Businesses in Columbus, Ohio

Columbus businesses that require equipment to operate their business often turn to equipment financing for their equipment purchases. Equipment financing secures the equipment itself as collateral. The good news is little paperwork is necessary, such as a one-page application and bank statements to get approved. Equipment financing is fast and easy loans to apply for and sometimes can be approved on the spot, although additional time may be required. Equipment financing is most popular for industries with a heavy reliance on equipment resources like manufacturing and construction.

Funding Product Overview

  • Rates: Range from 1.09% up to 1.45%
  • Repayment Terms: 2 to 7 years
  • Fees: Origination fees range from 0% to 3%
  • Payment: Weekly or daily Monday-Friday fixed ACH
  • Credit Scores: Fair to excellent credit score required
  • Application Process: 1-page loan application and equipment Invoice

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Equipment Loans

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U. S. Small Business Administration- SBA Small Business Loans for Small Business in Columbus, Ohio

The U. S. Small Business Administration (SBA) is a Federal government agency, Headquartered in Washington DC, that provides resources, programs, guidelines, and small business loan guarantees to approved SBA Lenders to issue loans to small businesses. The Small Business Administration’s (SBA) mission is to help American enterprises to start, build, and grow their businesses successfully. The SBA is not a lender. The Small Business Administration (SBA) provides a guarantee that gives the approved SBA lender (small business lending institutions) the ability to take on the risk of lending and decisions under SBA term’s that they would not ordinarily do so on their own and has all rights reserved for any recourse need.

SBA Loans application processes can be lengthy, but with the help of an experienced SBA-approved lender to help your business through the application process, the SBA application package can be a smooth and efficient experience. Some SBA Loans due require a business plan. Feel free to contact AdvancePoint Capital and speak to a business representative for eligibility requirements of SBA loans.

SBA Product Overview

SBA Loan Amount Limits: Up to 5 million
SBA Interest Rates: Starting at 3.50%, treasury index plus 1% to 2.5%
SBA Loan Terms: 3 to 25 years
SBA Fees: Origination fees 0% to 3%
SBA Payments: Fixed monthly
SBA Credit: Good to excellent credit score required
SBA Application Process: SBA loan application, business assets, and numerous financial statements

U.S. Small Business Administration Small Business Loan Options

U.S. Small Business Administration SBA Standard 7 (a) Small Business Loan Program – SBA Loan 7(a) is the SBA’s primary program is designed to provide financial assistance to small business with a good track record. This product is a business term loan; the rate, terms, and conditions, like the guaranty percentage and amount, may vary by the type of loans offered to small businesses. Real estate may be used for collateral but is not required. Loan amount up to 5 million.

U.S. Small Business Administration SBA 504 – The SBA 504 Loan is a business term loan and a powerful economic development loan program that provides small businesses another avenue for business loans while promoting business economic development and equity. SBA 504 is typically for large capital needs like real estate transactions. The use of proceeds from SBA 504 Loans must be used for fixed assets such as construction, owner-occupied commercial property, or mixed-use real estate. Common uses for SBA 504 include; repair facilities, land improvements (and certain soft costs), or can also be used to refinance existing debt on your small business. Real Estate equity may be required for collateral for SBA 504 Loans. Loan amount up to 5 million.

U.S. Small Business Administration SBA Disaster Small Business Loan Program – SBA Economic Injury Disaster Loans (EIDL)-This type of SBA loan not only provides assistance to Columbus small businesses after natural disasters like tornadoes, wildfires, or floods but also when Coronavirus (COVID -19) was declared a nationwide health emergency, congress provided small businesses access to relief options like this SBA loan for emergency funding. This SBA loan was designed for small business to retain employees and other expenses to stabilize the business during Coronavirus (COVID-19) pandemic.

U.S. Small Business Administration SBA Paycheck Protection Program (PPP) – The Small Business Administration (SBA) has established the SBA Paycheck Protection Program loan in response to COVID-19. This is one of SBA’s relief options that provides small business loans to small businesses in Columbus affected by the Coronavirus (COVID-19) crisis and needs financial help. Under the right conditions, this SBA loan offers forgiveness. This SBA loan was designed for businesses to retain employees and protect jobs during Coronavirus (COVID-19) pandemic. Real Estate is NOT required to get funding for businesses.

A common question with U.S. Small Business Administration SBA is; How long does it take to get loan approval and funds from SBA loans? The decision and loan approval is typically a couple of weeks to a month, so be prepared. Feel free to contact AdvancePoint Capital a speak to a business representative for eligibility requirements, steps, or any other questions about SBA loans.

U. S. Small Business Administration (SBA) Additional Information, Resources, and Updates for Columbus, OH

U. S. Small Business Administration SBA Learning Center – Financing Your Business – Assess your financing and working capital needs and discover SBA financing options for your business.

U. S. Small Business Administration Sba Grants Programs and Eligibility – Learn about available SBA Loans, grants, and cooperative agreements to find out if you meet the SBA requirements to apply.

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Small Business Administration (SBA) Loans

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Invoice Financing in Columbus, Ohio

Invoice financing advances the outstanding balance to a business to increase the speed of cashflow to the business. This solution provides money quickly, and there is no need to wait for outstanding invoices to be collected and received by the client with invoice financing in place. Invoice financing has affordable costs ranging from 1% to 2.5% fee off of the face value of the invoice advanced.

Business Funding Product Overview

  • Interest Rate: None
  • Repayment Terms: Not a traditional loan
  • Fees: 1% to 3% fee based on the invoice. Monthly service fees may apply depending on the volume of invoices factored
  • Borrower Credit Requirements: The credit score of the business owner does not matter

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Invoice Factoring

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U.S. Small Business Administration

Start, Grow, and Expand your Business
View the Central and Southern Ohio Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting in Central and Southern Ohio.

The fast, convenient, and straightforward way to get the money you need for your small business – now!

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The List of the Most Common Use of Loan Proceeds From Business Loans for Columbus, Ohio Small Businesses

  • Working Capital
  • Equipment Purchases and Repair
  • Inventory
  • New Business Opportunity
  • Business Growth
  • Cash Flow
  • Increase Business Assets
  • Repair Facilities
  • Emergencies Business Expenses
  • Advertising / Marketing / Customer Acquisition Goals
  • Create jobs, Recruit Employees and Training Resources
  • Trucks
  • Real Estate Transactions
  • General Business Needs and/or Expenses

Frequently Asked Questions Related to Business Funding in Columbus, Ohio

It is not difficult to obtain business loans in Columbus, Ohio, as there are many business lenders and funder’s available that service the greater Columbus area.

The internet can be an invaluable resource when searching for a business lender. In 2020, most business owners now search on the internet for business lending websites to glean additional information, find reviews on a business lender, and in many cases, inquire about getting more information and apply for a quote on a business lender website. This allows you to shop, compare, and potentially save significantly on the internet without leaving the comfort of your home.

Well, about as trustworthy as visiting any Columbus, Ohio, small business. You are not evaluating the website as much as you are the company, the service, and the people you speak and communicate with. The website is merely the port of entry, just as if you were walking into a business on main street, without leaving the comfort of your home.

There are many business lending options available for small business owners with bad credit in Columbus. Credit scores can be as low as 500 and below, but financing options will vary depending on the risks associated with this type of funding and will impact terms, pricing, and costs. Contact us for business funding options to consider.

Unfortunately, AdvancePoint Capital does not offer startup business loans at this time. The small business must be in business, generating revenue for at least six months.

Initiatives, Information, State and Federal Government Funding Sources, Programs, Grants, Coronavirus (Covid-19) Relief Options, Business Resources, and Updates in Columbus for Small Businesses

The City of Columbus – Economic Development Office of Small Business and Entrepreneur Development – COVID-19 Epidemic Assistance from the Federal, State, and Local Governments for Businesses in Columbus – The mission of the Office is to provide facilitated assistance aimed at assisting aspiring and existing entrepreneurs to start, grow, and expand viable business needs through the use of economic development tools such as grants, loan options, business resources, and specialized technical programs while aiding in the stabilization and revitalization of the economy in traditional urban neighborhoods and corridors.
Ohio Small Business Development Centers SBDC – The Columbus-Franklin County COVID-19 Small Business Response and Recovery Fund offer grants, technical assistance, and low-interest loans for small business impacted by the COVID-19 pandemic.

Columbus Urban League – Ohio Minority Business Assistance Center – The Ohio Development Services Agency is an important partner in providing Minority Business Bonding and Direct Loan Guarantee Programs needed to provide our clients with the appropriate intermediate and long-term capital for their businesses.

Columbus COVID-19 Small Business Resource Guide – A collection of resources compiled by the City of Columbus for small business owners.

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