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Indianapolis Small Business Loans

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

With all that the city of Indianapolis has going for it from an economic perspective and growth potential, entrepreneurs in Indianapolis still face many challenges getting business loans from traditional banks, small business lenders, or a credit union, for that matter. Conventional lending routes can be challenging because they have stringent guidelines, requirements, mountains of paperwork, and limited bank loans to offer to business customers. It’s challenging to get anything from a bank, lender, or credit union. That’s where AdvancePoint Capital’s customer service can come in to help small business owners by offering a variety of business financing options.

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How Do I Get Approved for Small Business Loans in Indianapolis, Indiana?

AdvancePoint is an excellent resource for small business owners. AdvancePoint Capital has a marketplace filled with a variety of alternative funding options for small business owners in need of capital. Experience our customer service and unleash all of the business services, a network of 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 representative.

The 8 Best Small Business Loan Options for Indianapolis, Indiana

Long-Term Small Business Loans for Small Businesses in Indianapolis, Indiana

A business lender defines long term business loans as a term loan with a payback duration longer than two years. Business owners are offered a fixed amount upfront and charged principal & interest. Unlike a business line, you cannot draw money as you go. Typically, long term small business loans are a great business funding tool 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 Rate: Starting at 5.50% or treasury index plus 1% to 2.5%
  • Loan Terms: Long term is 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
  • Borrower Credit History: 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 Indianapolis, Indiana

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 the definition of a bank loan.

Business Funding Product Overview

  • Credit Limit: Up to $250,000
  • Interest Rate: 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 History: 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 Indianapolis, Indiana

Short term business loans are defined as loans that are typically repaid with 6 to 18 months. These loans feature a lump sum offered up front with a fixed payback amount calculated using a factor over a short period. 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 businesses because of reduced documentation and laxer tolerances than traditional 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 History: 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 Indianapolis, Indiana

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 bank loan.

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 History: All types of credit considered from bad to excellent

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Business Cash Advance

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Merchant Cash Advances for Small Businesses in Indianapolis, Indiana

A Merchant Cash Advance (MCA) is also known as a purchase of future sales agreement that operates very similarly to BCAs, but the most significant difference is the repayment process, which is connected to the future credit card revenues instead of overall sales. Merchant cash advances 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 great 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 bank 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 History: All types of credit considered from bad to excellent

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Merchant Cash Advance

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Equipment Loans and Financing for Indianapolis Business

Indianapolis 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 a fast and easy way to apply for and sometimes can be approved on the spot, although additional time may be required. Equipment loans are 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 in Indianapolis, Indiana

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 provides a guarantee that gives the approved SBA lender 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 loan 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.

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 Business Small Business Loan Programs

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

U.S. Small Business Administration 504 – The SBA 504 loan is a small business term loan and a powerful economic development loan program that provides business 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 SBA 504 Loan proceeds must be used for fixed assets such as construction, owner-occupied commercial property, or mixed-use real estate. Common uses for SBA 504 loans include; repair facilities, land improvements (and certain soft costs), growth, and expansion, or can also be used to refinance existing debt on your small business.

U.S. Small Business Administration SBA Disaster Small Business Loans Program – SBA Economic Injury Disaster Loans (EIDL) -This type of SBA loan not only provides assistance to Indianapolis 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 with access to relief options like this SBA loan for emergency funding. SBA EIDL loans are designed for small businesses 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, providing small business loans in Indianapolis for those affected by the Coronavirus (COVID-19) crisis in need of 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. The new round of PPP will allow for loans to 2 million.

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 Small Businesses in Indianapolis, Indiana

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.

U.S. Small Business Administration SBA Indianapolis District Office

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Small Business Administration (SBA) Loans

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nvoice Financing for Small Businesses in Indianapolis, Indiana

Invoice financing advances the outstanding balance to a business to increase the speed of cash flow 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 Rates: 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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The List of the Most Common Uses of Loan Proceeds from Small Business Financing for Indianapolis, Indiana Small Businesses

  • Working Capital
  • Equipment Purchases and Repair
  • Inventory Growth
  • New Business Opportunity
  • Business Development & Growth
  • Cash Flow
  • Repair Facilities
  • Emergencies Business Expenses
  • Advertising / Marketing / Customer Acquisition Goals
  • Create jobs, Recruit Employees, and Training Resources
  • Buying Out a Partner
  • Changing Your Business Model
  • General Business Needs and/or Expenses

Frequently Asked Questions Related to Small Business Financing in Indianapolis, Indiana

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

The internet can be an invaluable resource when searching for a business lender. In 2020, most small 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 Indianapolis small business in person. 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 lending options available for small business owners with bad credit in Indianapolis. 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 in Indiana. The small business must be generating revenue for at least six months to qualify for loans.

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

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

INDY Chamber – The Indy Chamber serves as a voice of progress and improvement in the region, uniting business and community to maintain a strong economy and quality of life. Our advocacy efforts, networking events, economic development initiatives, and other member benefits position members, business leaders, and the community for success. Indy has what it takes to be a world-class region where innovation meets performance. The Indy Chamber is here to realize that potential to its fullest to ensure small business success. Loans available up to $50,000.

Indiana COVID-19 Business Resource Center – The state government agency tasked with supporting Small business is The Indiana Economic Development Corporation. The Indiana Economic Development Corporation is working with the State of Indiana and the Indiana State Department of Health to closely monitor the 2019 novel coronavirus (COVID-19) pandemic and to continue supporting and providing resources and lending partners for Indianapolis business in partnership with local and regional organizations across the state.

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