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Nashville Small Business Loans

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For many businesses in Nashville, Tennessee, and the greater area, the ability to access capital and resources for their business is a necessity. To receive business loans, they need to keep their business objectives on track; businesses need alternative small business loan options 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 Nashville, Tennessee has going for it from an economic perspective, entrepreneurs in Music City, USA, still face many challenges getting small business loans from traditional outlets like banks, lenders, or credit unions. It’s challenging for Nashville businesses because these lenders have stringent guidelines, requirements, mountains of paperwork, and limited loans to offer to small business customers. It’s always tricky to get anything from a bank or credit union. That’s where AdvancePoint Capital’s services can come in to help small business owners meet the needs of their Nashville, Tennessee businesses by offering a variety of business financing options.

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How Do I Get Approved for Small Business Loans in Nashville, Tennessee? What Is My First Step?

AdvancePoint is an excellent resource for business owners with a marketplace full of an array of alternative funding options for small businesses in Tennessee. Experience our customer service and unleash all of the business services, the network of lenders, and relationships we have at our disposal, so you can access the best products, rates, and terms that meet your business needs. As it relates to access to capital and obtaining business loans, AdvancePoint Capital is second to none. Speak to a business representative.

The 8 Best Small Business Loan Options for Small Businesses in Nashville, Tennessee

Long-Term Small Business Loan for Nashville, TN Small Business

A business lender defines a Long term business loan as a term loan with a duration of greater than two years. Businesses are offered a fixed amount of upfront and charged principal & interest. Unlike a business line of credit, you cannot draw money as you go. Typically, long term business loans are used for large capital requirements like business expansion and growth or to help finance large projects.

Business Loan Product Overview (Interest Rates and Terms)

  • Business Loan Amounts: $10,000 to $500 000
    Interest Rates: Starting at 5.50% or treasury index plus 1% to 2.5%
  • Repayment 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
  • Borrower Credit Requirements: Good to excellent credit score required

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Long-Term Business Loans

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Business Lines of Credit for Nashville, TN Small Business

Small 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 & interest. Business lines of credit have a limit that cannot be exceeded without a lender’s approval and is not open-ended forever. It requires renewal by lenders either semi-annually or annually to be extended. The primary reason small businesses choose lines of credit instead of term loans is the draw feature, affordable rates, and flexible terms.

Product Overview

  • Credit Limits: $10,000 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 Business Loan for Nashville Small Businesses

Short term business loans are defined as loans that are typically repaid within 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. Payments are more frequent to compensate for the higher risks business lenders take in offering this product.

These loans are a popular resource for small businesses because of the reduced documentation requirements and laxer tolerances than traditional loans. Working capital is the primary reason for acquiring funding resources for short term loans.

Product Overview

  • Rates: Factor rates range from 1.09% up to 1.45% or simple interest starts at 1% per month
  • Term: 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
  • Credit Requirements: All credit types considered from bad to excellent credit score
  • Loan Process: Application and bank statements

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Short Term Business Loans

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Business Cash Advance for Nashville, TN Small Businesses

Business cash advances (BCAs) are 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 bank account monthly are more than the set future percentage of monthly sales, the business can request a refund back 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 and there is no time limit with advances as the fixed payback percentage ever changes due to fluctuating revenue. This is not a business loan but an advance.

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
  • Borrower 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 Nashville, TN Small Businesses

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. Repayment is connected to future credit card revenues instead of overall sales. MCAs 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 cash or margins of profit if revenues decline or fluctuate. This product is another excellent resource for working capital needs. Remember, a merchant cash advance is not a loan but an advance made by selling a portion of the business’s future sales at a discount to a funder in exchange for cash for the business owner now. This product is popular with small businesses that can not get a bank loan and need working capital.

Product Overview

  • Rates: 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 Nashville, TN Small Businesses

Nashville businesses that require the use of equipment to operate their business often turn to equipment financing to purchase machinery. Equipment financing secures the equipment itself as collateral. The good news is limited 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 businesses that have a heavy reliance on equipment resources like manufacturing and construction.

Product Overview

  • Interest Rates: Range from Interest rates of 9% up to 1.45% factor rates
  • Repayment Terms: 2 to 7 years
  • Fees: Origination fees range from 0% to 3%
  • Payment: Weekly or daily Monday-Friday fixed ACH
  • Borrower Credit Scores: Fair to excellent credit score required
  • Borrower Loan Application Requirements: 1-page loan application and equipment Invoice

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Equipment Loans

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U. S. Small Business Administration- SBA Loans for Nashville, Tennessee Small Businesses

The United States Small Business Administration (SBA) is a federal government agency headquartered in Washington DC that provides resources, programs, guidelines, and 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; instead, the Small Business Administration (SBA) provides a guarantee that gives an approved SBA lender the ability to take on lending risks and decisions under SBA terms that they would not ordinarily take on their own and has rights reserved for any recourse needed. SBA loans are highly sought after by small businesses, and there are many approved lenders to choose from. SBA loan application processes can be lengthy, but with help of an experienced SBA-approved lender to help your business through the process, the SBA business loan application package can be smooth and efficient experience.

SBA Business Loan Product Overview

SBA Business Loan Limits: Up to 5 million
SBA Interest Rates: Starting at 3.50%, Treasury index plus 1% to 2.5%
SBA Terms: 3 to 25 years
SBA Fees: Origination fees 0% to 3%
SBA Payments: Fixed monthly
SBA Credit Scores: Good to excellent credit score required

U. S. Small Business Administration Loan Options

U.S. Small Business Administration SBA Standard 7 (a) 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. Like the guaranty percentage and amount, the rate, terms, and conditions may vary by the type of loans to small business. Real estate may be used for collateral but is not required. Maximum loan size no more than is 5 million.

U.S. Small Business Administration SBA 504 – The SBA 504 Loan is business term loan and a powerful economic development loan program that provides small business another avenue for business financing while promoting business economic development and job creation. Typically for large capital requirements, SBA 504 loan proceeds must be used for fixed assets such as construction, owner-occupied commercial real estate, mixed-use real estate, and/or land improvements (and certain soft costs). The loans can also be used to refinance existing debt on your small business. Real estate may be required for collateral.

U.S. Small Business Administration SBA Economic Injury Disaster Loans – SBA Economic Injury Disaster Loans (EIDL) -This type of SBA loan not only assists Nashville 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. This is one of SBA’s relief options that provides loans to small businesses in Nashville 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.

SBA Express Loans –  a loan program that is partially guaranteed by the Small Business Administration (SBA) with expedited credit decisions. SBA Express loans offer credit decisions in 24 to 36 hours. Like all SBA loans, the SBA doesn’t actually do any direct lending for SBA Express loans. Instead, the SBA works with a network of approved lenders who actually underwrite and issue the loans.

U. S. Small Business Administration (SBA) Additional Information, Resources, and Updates for Small Businesses in Nashville, Tennessee

SBA Learning Center – Financing Your Business – Assess your financing needs and discover SBA financing options for your Nashville business.

SBA Grants – Programs and Eligibility – Learn about available SBA 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 for Nashville Small Businesses

Invoice financing advances the outstanding balance to a small business to increase cash flow speed to the business. This solution provides cash quickly, and there is no need to wait for unpaid 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. This product is common for industries such as manufacturing. This financing option is not a loan.

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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U.S. Small Business Administration

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

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 Uses of Business Financing for Nashville, Tennessee Small Businesses

  • Working Capital
  • Equipment Purchase and Repair
  • Inventory
  • Business Expansion
  • Cash Flow
  • Emergencies Business Expenses
  • Advertising / Marketing / Customer Acquisition
  • Website Development and Maintenance
  • Create jobs, Recruitment of Employees and Training Resources

Frequently Asked Questions by Nashville, Tennessee Small Business Owners

It is not difficult to obtain a business loan in Nashville, Tennessee as there are many business lenders and funder’s available that service the greater Nashville, Tennessee area.

The internet can be an invaluable resource when searching for a business lender. In 2020, most businesses 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 businesses to shop, compare and potentially save significantly.

Well, about as trustworthy as visiting any Nashville, Tennessee, small business. You are not evaluating the website as much as you are the company and people you speak and communicate with. The website is merely the port of entry just as if you were walking into businesses 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 Nashville, Tennessee. Financing options will vary depending on the risks associated with this type of funding and will impact terms, pricing, and costs. 

Unfortunately, AdvancePoint Capital does not offer startup financing at this time for businesses in Nashville, Tennessee.

Initiatives, Information, State and Federal Government Agency Loans, Coronavirus (Covid-19) Relief Options, Resources, Grants, and Everything Else Nashville Small Businesses Need

Pathway Lending – Tennessee’s largest Community Development Financial Institution. A national leader in economic development lending, Pathway Lending is a Community Development Financial Institution lender. This institution aims to increase access to capital for underserved businesses in Tennessee & Alabama. Pathway Lending provides lending solutions and educational services that support the development, growth, and preservation of underserved small businesses, affordable housing, and sustainable communities. Pathway Lending services move forward, create jobs, and strengthen communities by cutting operating costs, improving cash flow, and boosting your bottom line.

Tennessee Government (TN.gov) – Tennessee government public assistance for SBA Loans, Business Physical Disaster Loans, and Economic Injury Disaster Loans.

LiftFund – A nonprofit organization that helps small business owners with limited access to capital have a chance to live their dreams. LiftFund is a lender that helps entrepreneurs and business owners in Memphis and throughout Tennessee.

Nashville Response Fund – Website managed by The United Way of Greater Nashville, Tennessee (serving Davidson County, Williamson County, Robertson County, Cheatham, and Hickham Counties) that works as a resource coordinating with local government, nonprofit, and association leaders to get you information, training, and business resources as quickly as possible. Information includes; Economic Injury Disaster Loans, TN Dept of Labor & Workforce Development, Nashville, TN Financial Empowerment Center (FEC), Childcare Agencies, Small Business Loans, Bank Resources, CARES Act, Small Business Support Webinar, Small Business Training. It also refers to Alice, offering $10,000 Business for all grants to be distributed immediately to small business owners impacted by COVID-19.

Nashville Entrepreneur Center – The Nashville Entrepreneur Center mission is to connect Nashville, Tennessee entrepreneurs with critical resources and training to create, launch, and grow businesses. Nashville Entrepreneur Center, 41 Peabody Street, Nashville, TN 615-873-1257.

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