We understand that when it comes to getting a small business loan, business owners need the right solution. Once your clients submit their applications, we compare the options available through our marketplace of 75+ lenders. Our clients then get to talk to one of our knowledgeable experts to see which small business loan is the best option for their company’s needs.
Take Your Business To The Next Level!
Are you looking to grow your business? Or, is your business currently facing a few challenges? No matter what your business’s situation may be, you’re going to need cash on hand to be able to take care of all of the expenses. And finding the best small business loan can give you the resources you need to be able to solve any problems or pursue new business opportunities.
Fast, Simple, And Easy!
On average, around 56% of small business owners will apply for more financing so they can pursue new opportunities and expand their business. Small Business Loans can be used for a variety of things such as purchasing inventory, purchasing raw materials, developing new products or services, investing in marketing and branding, hiring more staff, and opening up new locations.
Getting a Small Business Loan is a better option for business owners than selling equity in the business. Unlike selling your equity, getting a loan allows you to keep full ownership of the business, keep all profits, and stay in full control of your business. These days there are plenty of small business loans that are currently available on the market today. But in order to properly invest in your future, you need to make sure you go with the right small business loan. Our marketplace of 75+ lenders organizes all of your options into one place where you can compare them with the help of our expert guidance using only one application. Our application is super fast, easy, and simple. And the best part is that applying through our process does not affect your credit score.
Why Cash Flow Is Important And Most Businesses Need A Boost!
Cash flow is the oxygen for your business that keeps it going and growing. And getting a small business loan is a great way to get more cash flow. When the cash is flowing, it’s easy to maintain day-to-day operations and keep all expenses covered. This includes covering payroll, operating costs, bills, and restocking inventory. But most importantly, having consistent positive cash flow allows the business to pursue new opportunities for expansion and growth.
Only about 48% of small businesses are able to have their financing needs met. On the other hand, about 29% of small businesses fail because they can’t get enough capital. Cash flow can take a hit during difficult economic times, seasonal downtimes, or customers paying late. At some point, every business will experience some type of cash flow issue. And personal loans or business credit cards don’t tend to provide enough cash flow to cover what the business needs. In moments like this, business owners can find themselves in a situation where they’re struggling to take care of the following:
- Employee Payroll
- Paying For Inventory
- Paying For Supplies
- Hiring New Employees
- Financing Operating Costs
- Managing Office Rent/ Mortgage Payments
- Covering Utility Expenses
- Paying Taxes
Using Business Financing To Grow Your Business Faster!
Naturally, every business owner wants to be able to grow their business. But doing so can require a good amount of money. So when you’re focused on growing your business, it’s important to have enough working capital so you can stay ahead of the competition and not fall behind. There are only a few ways for you to grow your business. These ways include reinvesting the profits back into the business, raising equity in the business, or obtaining small business loans.
You might think that reinvesting your profits would be the cheapest and easiest way to grow your business. But if you use working capital to cover all of your costs, it can end up taking years for you to accomplish your business goals. If you finance your business with a small business loan instead of equity, it allows you to keep control of your business while protecting the future value of the business. You can use a small business loan to tap into a wider market space, expand your operations, and harness your business’s full potential.
How Small Business Loans Can Help Your Business!
Using a small business loan for a startup or another type of business can actually become more profitable for your business in the long run. You can be able to obtain more cash to cover all of your business’s growth-related expenses right away which can put your business on track to boost your revenue as quickly as possible.
1.) Grow Your Business
Financing gives your business access to the cash needed to fast-track your projects and scale the business. The funding obtained can be used to open new locations, invest in marketing, hire more employees, purchase inventory, make internal upgrades, and much more.
2.) Have Extra Cash On Hand
A business owner knows that there’s always a chance of an unforeseeable accident or emergency happening. It’s always possible to end up with an unexpected expense or you might get hit with a fast-paced business opportunity. Having extra capital on hand will help to keep you prepared for whatever may come your way.
3.) Cover All Business Expenses
When you’re unable to meet your business’s day-to-day expenses, your business goals can end up having to be sidelined. Or in the worst of cases, you may even have to close down your business. If your cash flow is becoming tight, obtaining a small business loan can help you cover all of your business’s most critical expenses like payroll, inventory costs, utility costs, supplies, and more.
4.) Buying Equipment
Heavier equipment and vehicles are the backbone of companies such as construction, trucking, transportation, and manufacturing businesses. But in reality, every business relies on some type of equipment. Obtaining funding through a small business loan can help you upgrade your computer systems and update any other technology that can help to boost productivity.
5.) Buy Inventory/ Supplies
Every retail business is well aware of the issues that come with having a delay in inventory arriving such as loss in revenue and unhappy customers. Having extra capital allows you to stock up on inventory as well as supplies to help avoid these kinds of issues and keep you prepared for busy seasons.
6.) Seasonal Hardships
Many industries can experience slow seasons based on the services or products they offer. If your cash flow is tight, it can be difficult to maintain operating expenses or prepare for a busy season after you’ve experienced a slow season. But if you obtain more funding you can make it through the slower seasonal slumps and make preparations for the busier seasons.
How Difficult Is It To Get A Small Business Loan?
The first place most business owners think of going to so they can get a loan is the bank. But we all know that getting approved for a loan from the bank can be fairly difficult, especially when you’re a new business. Putting the banks to the side, there are plenty of other small business lenders. But weeding them all out so you can find the best option for your business’s needs is also pretty difficult and confusing at times. And that’s what brought you to JG Business Capital. You’re looking for an easier way to get a small business loan for your business. Every lending company provides different types of programs and they all have different interest rates, funding amounts, and term lengths.
JG Business Capital is here to simplify the process for business owners. When you go through our company, you only have to submit one application which speeds up the process and makes it a lot easier to get the funding you need. Our marketplace brings the best small business lenders into one place to make it easier for business owners to apply. It also makes it easier to compare all of your options and choose the loan that’s best for your business. Best of all, the process is all done electronically online so you don’t have to take any extra time out of your busy schedule for a meeting with a loan officer.
Eligibility Criteria
To apply for small business loans, the first thing that you will need to consider is the lender. Lenders may have different guidelines, requirements, and application processes. With JG Business Capital, you can apply for small business loans online by filling out a 60-second application form and selecting from multiple loan options within our marketplace.
Showing a profit helps but is not always essential to receive financing. We focus on your business’s potential, rather than your history.
- Six months in business. (Even as a young, growing business, you can still find financing options.)
- $120K in annual revenue. (To qualify, your business must be generating a minimum of $10,000 monthly revenue.)
- No minimum credit score. (We have financing options for businesses with excellent and bad credit.)
Most lenders, especially banks, will want to see a minimum credit score of around 680. This is also typically the requirement for SBA funding as well. Of course, having higher credit can boost your approval odds and help you access better interest rates. If your credit score is less than 680 or your business is fairly new, it’s possible your financing application may be rejected by a bank. But before you get too discouraged, it’s helpful to keep in mind that not all small business lenders have a minimum credit score requirement.
At JG Business Capital, you can find options regardless of your credit score. We have programs for small businesses with good credit, bad credit, and everything in between. Instead of focusing only on your business and personal credit scores, we consider your annual revenue, and how your new opportunity could help you grow.
Small Business Loans 101
Small business loans function a lot like personal loans, although they serve a different purpose. They’re only meant for small businesses. If you’ve ever taken out a loan, such as a student loan or mortgage, then you probably already understand how they work. The lender provides you, the small business owner, with capital for a need. As the borrower, you’ll then repay the balance of the loan, plus interest. Depending on how and where you borrow, different financing products come with different terms. You may make payments based on a fixed interest rate in some situations, and with a variable interest rate in others. Owners use the extra cash from small business loans to cover any expenses, whether they’re solving a challenge or pursuing an opportunity.
Frequently Ask Questions
1.) Is it hard to get approved for a small business loan?
It depends. Some lenders can be more difficult to get approved for. For example, banks and SBA loans tend to feature the strictest requirements. However, online lenders are more lenient and more likely to offer a wider range of small business loans.
2.) Can an LLC get an SBA loan?
Yes! SBA loans are meant for small businesses – so there’s no reason why your LLC would be automatically disqualified. You will, however, have to meet the SBA’s size standards in order to get an SBA loan.
3.) What is the minimum SBA loan amount?
SBA loans don’t typically feature a set minimum amount. Funding is typically capped at $5 million – but SBA microloans are designed for smaller funding amounts. In some cases, it may be possible to secure an SBA loan of only a couple of thousand dollars.
4.) Can you apply for an SBA loan twice?
There’s no limit to how many times you can apply for an SBA loan. However, if you’ve recently been rejected from SBA financing, you may want to hold off on applying again until your credentials improve. You can also seek out financing options from online lenders, which are known to be more flexible.
5.) How much of a down payment do I need for an SBA loan?
SBA loans typically require a down payment of 10% of the loan’s total value. This is true for both 7(a) and 504 loans – however, your business’s financials can also affect the total down payment amount. In some cases, it may even be possible to secure SBA financing without a down payment.