If you're wondering how to get a small business loan, you're not alone. In today's economy, it can be difficult to obtain a small business loan from banks and traditional financial organizations.
National Business Capital & Services is eager to assist you. We are a leader in the small business financing world, and a trusted growth partner to small businesses across the nation.
Find the Right Small Business Lender to Apply Through
Determining how to get a small business loan is not as simple as it once was. In the old days, it was common to apply through the institution you opened a bank account with, or a credit union.
However, banks and credit unions don't offer the most accessible small business loan options. While the interest rates are slightly lower, the process is lengthy and the qualifications are difficult.
To qualify through traditional small business lenders, you'll need to have a high credit score (normally at least 680 or 700), and provide multiple documents that prove you're eligible. You'll also need to provide a business plan, financial statement, income statements, and potentially more. Bad credit can be a huge obstacle, as many banks don't have any programs that will work. Overall, the evaluation process could take between weeks and months before you receive an approval or rejection.
If you're having trouble figuring out how to get a business loan through a bank, you may consider getting a personal loan instead—but this can pose other challenges. First, your personal assets will be at risk. You could also put your personal credit score in danger in the event you miss payments.
Instead of trying to figure out how to get a business loan at a bank, consider other small business lenders.
Introducing Alternative Small Business Loans
National is not like traditional lenders, who scrutinize every aspect of your financial and credit history. As an online lender, National offers a streamlined process that begins with a 1-minute application. Over 90 percent of applicants are accepted, and you will receive financing options within 24 hours.
National is helping small businesses take advantage of new growth opportunities. Because we recognize that many small businesses simply need funding to succeed, we've made it more accessible. Through our 75+ lender marketplace, we provide financing options for businesses in virtually all industries, and in any financial situation.
Collateral is helpful, but National can help you get financing even without it, and regardless of personal and business credit scores. Instead of judging you only on your financials, National evaluates your application based on your opportunity to take things to the next level.
By analyzing your annual revenue, bank statements, and the opportunity that funding would bring, small business lenders can get a better idea of your ability to pay the loan back. Depending on the loan amount, online lenders may also require your most recent tax return. This new, innovative way of getting a small business loan is revolutionizing the financial industry.
National specializes in helping business owners obtain small businesses loans, but can work with organizations of all sizes. Whether your business is small, medium or large, you can qualify for a small business loan of up to $2 million with no real estate collateral.
How to Get a Small Business Loan as Fast as 24 Hours
If your business needs funding for cash flow and you're wondering how to get a small business loan,we can help. You can apply for a business loan in 60 seconds, and a Business Financing Advisor will walk you through the rest of the process.
We can fund your business in as little as 24 hours, giving you the cash flow boost you need to solve any issue or pursue any opportunity. To learn more about the options that will help your business the most, contact National today!