Some lenders offer business loans with EIN only, meaning they evaluate the business’s credit history rather than the owner’s personal credit. This approach benefits business owners who want to separate personal and business finances or have less-than-perfect personal credit. While not all lenders provide this option, alternative business financing providers and online lenders may consider applications based solely on business
Manufacturing business loans are specialized financial products tailored to meet the unique capital needs of businesses in the manufacturing industry. These loans provide access to funding for purchasing manufacturing equipment, managing cash flow, expanding production capacity, or financing large projects. Unlike general-purpose loans, manufacturing loans often account for the sector’s reliance on costly machinery and raw materials, offering flexible terms
Business loans tailored to a meat processing and food business can be a game-changer for butcher shop owners looking to expand or overcome financial challenges. Butcher shop loans provide the capital needed for equipment upgrades, inventory increases, or improvements to physical locations. With the right funding, you can innovate, adapt to the market’s requirements, and maintain a competitive edge.
By leveraging your EIN, you can separate your personal and business finances while building your company’s credit profile. This makes sense for financial reporting and opens up some potential funding opportunities.
What is a Business Line of Credit? A business line of credit works similarly to a business credit card, offering a set credit limit from which you can withdraw funds as needed to meet business expenses. You only pay interest on the amounts borrowed, with a minimum payment required if there’s an outstanding balance. By paying down the balance, funds
Getting a six-figure small business loan is possible, but the requirements are stricter. The most important thing is to have the revenue and cash flow that shows your business can handle the repayment.
You’ll typically need a high credit score, two years in business, and high annual revenue to qualify for a $100k business loan from a traditional lender, like
No doc business loans are suitable for younger businesses with urgent funding needs. The costs are higher, but the speed and convenience may be worth the cost.
More established businesses with the available documentation can likely qualify for a lower-cost conventional business loan. But remember, traditional business loans usually take longer to close and fund. The extra costs of alternative
Regardless of the business purpose, one thing all commercial vehicles have in common is a high price tag. Those costs increase even more for specialty vehicles like a food truck or heavy equipment used in construction.
Most businesses lack the liquidity to purchase or repair expensive vehicles. Fortunately, you can potentially use SBA loans for commercial vehicle purchases.
While some traditional lenders offer emergency loans, online lenders provide the most diverse range of emergency lending products. Alternative lenders, also called fintech lenders, provide quick and easy online applications with fast approval and funding. Sometimes, you can get same-day business loans.
However, alternative emergency business funding often comes with higher interest rates and frequent payments. We can help you
Fortunately, short-term business loans carry low eligibility requirements and fast funding, and you only have the debt for a few months to two years. The tradeoff for these business loans is that they can carry higher interest rates than traditional business financing.
But that extra cost might be worth it if it means getting your funds when needed. We can
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