Are you looking for fast small business loans that’ll help you grow quickly? Perhaps you have an urgent need for financing due to unexpected equipment repairs or want to take advantage of an opportunity to expand your operations. Whatever your reason for wanting a quick business loan, there are a wealth of options available to meet most needs. In this article, we look at how you can get fast small business loans along with steps you can take to speed up the process even more.
Why Choose Fast Small Business Loans In the First Place?
Getting a fast business loan can be crucial when time is of the essence. Sometimes we can be hit with unexpected costs that need to be paid urgently, yet we don’t have the cash flow to pay it all in one go. This is often the case with expensive repair bills for commercial equipment or industrial machinery. If your insurance won’t cover the costs of repairs or replacements, then you may need to lay your hands on a large amount of capital quickly in order to keep your business operating at capacity.
Another common situation is that you’re presented with a business opportunity that’s too good to pass up. Perhaps commercial premises become available that are in a better location than your current ones. Or you’re offered a large amount of stock at a discounted rate if you can purchase it within a short time frame. In cases like these, you have the opportunity to grow your business and your revenue – you just need to access the necessary funds in the short term. As a small business owner, you’ll want to move quickly and take advantage before a competitor does. So, it’s important to find a funding partner who understands the urgency and can get your loan approved quickly.
What Can Small Business Loans Be Used For?
Small business loans can be used for a number of different needs. Some of the most common include:
- hiring more staff
- expanding your inventory
- purchasing discounted stock
- meeting payroll requirements
- assisting with temporary deficiencies in cash flow
- investing in marketing to generate more revenue
- meeting up-front expenses in anticipation of future receivables
- repairing equipment or purchasing new tools
- meeting seasonal demands
Short-term loans can help you to address a number of business needs like these and ensure that you continue to grow.
Where Can I Get Fast Small Business Loans?
Online providers are usually the quickest source of business financing. This is because they aren’t slowed down by the out-dated processes that most traditional banks still use. They take full advantage of modern digital technologies and have streamlined processes where much of the system is automated. This means that you don’t need to wait for your application to be passed between different departments or stuck in a queue with a pile of others – there are no bottlenecks with online funding providers which speeds up the entire process. Some (like Strategic Capital) can even approve your loan amount in a matter of minutes and get the cash into your bank account within 24 hours.
Another aspect that can slow down the application process is an over-reliance on the postal service. Posting the forms and supporting documentation back and forth can add days and sometimes even weeks to the entire thing. Some banks might charge you a premium for speeding up the process. They may include extra fees to have your application reviewed within 3 days instead of 2 weeks or add additional fees for posting your documents by express courier. But many online lenders use digital scanning technology and online credit checks to minimize the need for physical paperwork. This enables them to provide fast small business loans without the hassle of traditional banks.
How To Get Your Loan Approved Faster
If you’re keen on fast small business loans for your company then there are ways to speed up the process. Ensuring that you have all of the documents on hand will save time in the long-run. This includes identification and financial information such as annual revenue and profit and loss statements. You’ll also need to pay attention to the application form and ensure you answer all of the questions accurately and in full. Any accidental errors or missing information may lead to your form being returned and cost you precious time along the way.
There are also steps you can take further in advance but these require a little pre-planning and forethought. One important aspect is to maintain a strong business credit rating or personal credit score. This will increase your chances of being approved the first time and save precious weeks of follow-up applications in the case of denials. Apply for credit cards or business lines of credit so that you can build up a history of borrowing followed by payments. The approval rate for businesses that have a strong credit history is much higher than for those who don’t.
Choosing the Right Loan Provider
If you’re looking at fast small business loans, then speed will be an important factor. Look for a loan provider who is as motivated as you are to process the application quickly. A good funding partner will be able to tell you exactly how long it will take rather than vague promises of ‘between 14-30 business days’.
However, speed isn’t the only factor to consider. Looking at the overall cost of borrowing is important too since this may influence the viability of any deal you’re entering into. Use the interest rate and repayment term to calculate the total cost of the loan so that you know how much you’ll need to repay overall. In most cases, the projected return will more than cover the interest but it’s important to do the maths before making any commitments.
Fast Small Business Loans For Growth
Fast small business loans can catapult your growth by allowing you to take advantage of immediate opportunities. Unlike a line of credit or merchant cash advances, business loans allow you to borrow over the short or long-term and build the repayments into your cash flow model. This enables better planning and forecasting, as well as the agility to move quickly when presented with profitable opportunities.
If time is an important factor, then it’s crucial to choose a funding partner that can move quickly. An online loan provider will usually have more streamlined processes and be able to get you the cash within days rather than weeks. Having all of your documentation prepared in advance and taking care to complete the application form in full will both help things to progress quickly. When you are comparing fast small business loans, be sure to consider the interest rate and repayment terms in addition to the speed aspect. This will ensure you get the best overall deal for your business and keep costs as low as possible.
How We Can Help
Strategic Capital provides business finance to a wide range of organizations across the USA. Whether it’s to pay for your everyday costs, emergency repairs to equipment, or investing in expansion, we offer small business financing solutions without the hassle of traditional banks. Best of all, you’ll benefit from competitive terms and a simple application process, so you’ll soon have more money to reinvest into your business.
Transparency, innovation, and expertise are the driving factors behind everything we do. With a talented team of advisors, a plethora of funding partners, and the best technology available – we go above and beyond to help our clients receive their capital rapidly with the industry’s most competitive repayment options and interest rates. We want to break speed records, not bank accounts.Upon submitting your application, it’s reviewed by a dedicated Capital Advisor. We generate the best rates and terms at lightning speed through our funding matrix and robust lender network. Yep… it’s that simple. Learn more about our business finance and lending services here.
– Bradley Keys
Checking for pre-approval will not affect your credit score.