During these uncertain times, keeping your existing low-rate business loan is important. Also, affordability is key for your business. Creative business lending is the solution for retaining your current low interest business loan. If you need short-term working capital allow us to assist you! What types of business term loans can help my business?
SBA Express loan can lend up to $500,000 with no or minimal collateral, depending upon the established business. SBA Express is quicker than SBA 7a. The established business must have good credit history. You are permitted to have more than one SBA loan for your business if you do not cap over 5M. The amortization schedule is 10 years, which maintains a lower monthly debt schedule.
Fix Finish and Flip
Your business has a large project, which needs short term business lending. Selecting a secondary (second lien position) business loan will accommodate your project. For example, you currently have a low interest rate for your existing business loan. A new project your company acquired, requires additional working capital, for the remaining 8 months. Why forfeit your existing low interest business loan, when you can complete your new project in months and opt into a second lien business loan?
This is your first business loan. Your business excels more than 1M in sales per year, however, your tangible assets and collateral are minimal. So now what? You can start with a small working capital loan, provided favorable payment history and worthy personal credit scores, afterwards opt into SBA Express.
The business decision, you refuse to use the liquid cash because cash is your primary asset. A selective large project requires half of your cash balance that is available in your commercial bank account. Solution, go to your retail bank and ask for a cash pledge, some banks have a fancy title for this business loan. Most banks will have this business loan available for your business without requiring your tax returns. An interest-bearing account will be established to securitize your short-term business loan. In the meantime, part of the interest rate should wash out since your local bank secures its interest with your secured interest bearing bank account. The turn time for this secured business loan is 48 hours.
Serving the entire State of Florida, assisting you in Boca Grande, Fort Myers and Estero. To learn more how you can retain your low rate on your business loan and request cash out of your business without forfeiting your current rate, please fill out the online contact form or give us a call at 239.260.4602. Read what our valued clients have to say about First Pro Capital and Credit Consulting Experts on our Testimonials page. Locally owned and operated in Naples, Florida.