At JG Business Capital, we have over a 90% approval rate for getting businesses a business line of credit. When you get a business line through JB Business Capital, you will be able to draw out more cash as you need it. You will also be able to speak with a knowledgeable business financing advisor who can answer all of your questions, explain all of the various options available, and help you with the process from beginning to end. Don’t wait to get the flexible financing you need in order for your business to be able to grow and expand.

What Are The Qualifications For A Business Line Of Credit?

When applying for a business line of credit on your own, getting qualified can take a bit of time and some effort on your part. But when you go through JG Business Capital, using our marketplace makes it a lot less time-consuming and difficult. The first thing to understand is that different lenders will have various requirements to get qualified. So whether or not your business will qualify for a business line of credit will vary depending on which lenders you apply with. The good thing about applying through a marketplace like ours is that you can learn about the different options available through various lenders while submitting only one application.

If you go through a bank or a credit union, they will typically have more demanding qualifications that can be somewhat aggressive. And if your business doesn’t have a spotless financial record, getting qualified through a bank or credit union can be fairly difficult. But you can always get qualified through an online lender based on your annual sales. Going through an online marketplace like JG Business Capital is less demanding because we tend to focus on your business and its opportunities over its credit history.

We Offer Some Of The Best Rates For Business Lines Of Credit!

• Line Amount – $10K – $5 Million
• Flexible Terms – Between 6 months – 10 years
• Time To Fund – 1 day – 3 days

What Is A Business Line Of Credit?

A business line of credit is a flexible funding option that gives you access to cash whenever you need it. With this option, you’re only paying interest on the portion that you use while only drawing out the cash that your business needs from your credit limit. When you use revolving lines of credit like this, more cash becomes available again as you pay down the portion that you use. A business line of credit is the perfect tool to have access to when you’re growing your business and need access to funds on short notice. You can also use a business line of credit as a rainy day fund or to help maintain the business during those seasonal slumps. There really are no restrictions on what you can use the business line of credit for. You can use it to cover any challenges, costs, or opportunities that may come your way.

How Does A Business Line Of Credit Work?

In a sense, business lines of credit work similar to how credit cards work. They just have a different structure that’s better suited for small business owners. They’re also better for tax purposes because you can write off interest on a credit line, but not for a personal credit card. After qualifying for a business line of credit, you’ll receive a total credit limit. You can draw as much or as little as you need from that total limit in any number of installments.

You can continue to access additional cash from the business line of credit as you pay it down. And instead of paying interest on the full credit limit, you’ll only pay interest on the portion you use. Depending on your lender, you may have a non-utilization fee where you have to pay for the line if you don’t use it. Before signing an agreement, be sure to ask for clear information about any fees. Avoid any agreements without clear, transparent information.

What Is The Difference Between A Line Of Credit And A Small Business Loan?

Both provide your business with the cash you need to grow, but the way these products are structured is quite different. When you apply for a small business loan, you receive the full amount you qualify for in one lump sum deposit. A line of credit, on the other hand, offers more flexibility than most loans and cash advances. Instead, you have the option to draw cash out in increments and continue drawing more until you reach your credit limit. Typically, lines of credit have lower interest rates and closing costs, which can make them more cost-effective as well. Small business loans are the better choice when you’re taking on a huge project with defined expenses. Lines of credit, however, can be better as a flexible backup to cover unexpected costs or as a backup for your bank account.

Secured Vs. Unsecured Business Line of Credit

A business line of credit can either be secured or unsecured. The difference depends on whether or not your lender requires you to put up any form of collateral. Secured lines of credit are backed by collateral while unsecured credit lines are not. To lower their risk, some lenders require that borrowers put up collateral such as real estate, receivables, inventory, equipment, or their home.

However, putting up your home as collateral puts both your personal and business lives at risk. For this reason, it’s usually not a wise choice. Backing your financing with collateral simply gives the lender confidence in the event you default. Years ago, it was difficult for a small business owner to qualify for an unsecured line of credit, especially through traditional lenders. Through the new world of online lending, small business owners can qualify for multiple unsecured lines of credit options and compare rates. While they don’t require collateral, unsecured options may have slightly higher rates due to the lender’s increased risk. By putting up collateral and opting for a secured line of credit, you may qualify for a higher approval. That being said, you can usually still qualify for a competitive unsecured line of credit based only on your annual sales even with personal credit challenges.

The post Business Line Of Credit appeared first on JG Business Capital.

What’s Needed To Qualify?

1.) At Least 6 Months In Business

Even as a new business owner just getting things up and running, you will still be able to find a few funding options.

2.) At Least $120K In Annual Revenue

In order to be able to qualify, the business has to be generating a minimum of $10K in monthly revenue.

3.) There Is No Minimum Credit Score Required

With our marketplace of lenders, we have financing options available for all businesses. Whether your business has excellent credit or is facing some credit challenges, we will be able to find the right lender for you and your business.

What Are The Benefits Of Startup Funding?

1.) Access To Capital So You Can Start Your Business

The first few months of getting your business started can be some of the toughest months due to financial difficulties. If you get the startup funding you need for your business in the beginning, you’ll be able to give it the kickstart it needs to get off the ground and headed in the right direction.

2.) Flexibility With Custom Terms

Be able to find startup business funding with terms that work for your new business venture’s timeline.

3.) Establish Business Credit

With startup business funding you will be to gradually raise your business’s credit score. And this will help prepare your business to get approved for more funding in the future.

4.) Fast Financing Accelerates Success

Now that you’ve outlined your business goals, it’s time for you to get the financing you need to become a success! JG Business Capital can help your business get access to larger funding amounts, lower rates, and flexible terms.

• Loan Amount – $10K – $5 Million
• Flexible Terms – 6 months – 10 years
• Time To Fund – 1 day – 3 days

How Can A Startup Business Loan Be Used?

The possibilities are endless because there are no restrictions on how you can use the funding you obtain for your business. You can use the funding to pursue new opportunities or to overcome any challenges the business faces.

• Business Growth – Use the funding to purchase new equipment, stock up on inventory, hire new staff, or prepare for any seasonal challenges the business may face.
• Business Expenses – Use the funding to cover day-to-day expenses, cover payroll costs, keep the business running during the slow clash flow seasons, or pay bills.
• Business Opportunities – Use the funding so your business can take advantage of any new opportunities that can help you grow and expand your business quickly and efficiently.

What Is A Startup Business Loan?

Starting a new business can be a very exciting time, but it can also be fairly challenging at some points. One of the biggest challenges many startups will face is getting access to the funding they need to grow. When first starting out with a new business, it’s extremely important to have enough capital to ensure that the business can be successful. Getting startup business funding provides the capital needed for your business to grow and thrive. Getting startup funding with the help of JG Business Capital helps to ensure you can get the funding no matter what credit score you have or how long you’ve been in business.

The post Startup Business Funding appeared first on JG Business Capital.

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.

The post Small Business Loans appeared first on JG Business Capital.