Quick Business Funding: Here’s What to Expect
- August 6, 2021
- Written by : Elizabeth Beall
Businesses need working capital to start, maintain, and grow. Most will set aside a select amount and consider this their excess capital, which enables them to take risks, make big decisions, and most importantly, easily pay off debt or pay for unexpected events like a machine malfunction.
Until you hit one of those roadblocks or are given an opportunity to improve, you don’t truly experience the need for additional capital. However, when you do realize the need, you also realize you need a lot of it, as quickly as possible.
When businesses reach this point, the first questions asked are “how can I get quick business funding, and am I eligible?”
Both are great and necessary questions to ask, so to aid you through this process, we’ve answered a few popular questions to help you get started:
What is quick funding?
As our experts explain, “SBA lending is small business funding issued by participating lenders that is partially guaranteed by the Small Business Administration.
With long terms and low-interest rates, getting SBA funding is a great way to grow your business, increase working capital, purchase equipment, or refinance existing debt.”
The word “quick” comes from two places: one from your easy, fast funding application, and another from the speed in which you may receive working capital.
How to get quick business funding
Our process is simple.
- Prepare your paperwork, but only what is required by your chosen lender.
- Apply online for funding through our streamlined system.
- Wait less than 48 hours to receive funding.
- Happily enjoy your new working capital.
How quickly you can receive funds?
Quick business funding does in fact mean that you can receive funds in as little as a few weeks. With us at REIL Capital, we can provide funding in less than 48 hours.
Your application time, approval time, and funding time will all vary based on a few different factors:
- Your preparedness for the funding process
The more prepared you are for funding, the better. The reason for this is to avoid any bumps in the road when applying or issue when being accepted or rejected.
This means having a full understanding of the process (explained below), rounding up all necessary paperwork, and asking questions beforehand.
- Your ability to meet the requirements for quick funding
For the most part, lenders require a certain few things to be eligible for funding.
We try to condense the amount of information and requirements needed to apply, so our typical asks include but are not limited to: $100,000 minimum annual revenue, three or more years in business, 650 or greater credit score, a business score of 145 or higher, and no bankruptcies, outstanding liens, or judgments.
- Your financial background and history
Lenders want to know whether or not you are trustworthy, reliable, and money-conscious prior to providing you with funding.
Our SBA Express funding requires for the following paperwork: completed application, three months of business bank statements, three years of business tax returns, three years of personal tax returns, business profit and loss statements, and a business balance sheet.
We think this documentation is necessary to understand your current state of business, and is fair without prolonging the process.
- Your understanding of the process
We absolutely do not mind answering any questions you may have. In fact, we pride ourselves on being friendly lenders who can walk you through the entire funding process.
Although it is not complicated, most business owners just want to ensure that they are completing the process correctly and efficiently, knowing that errors or issues may occur that could slow the funding process.
If you have any questions, please feel free to reach out today to speak with a financial specialist. We’d be happy to pair you with an advisor that can answer all of your questions; this person could be your indefinite lender to help you knock out our funding process in no time.
Is small business funding hard to get?
If you meet the above requirements, then no, small business funding is not hard to get. Funding is not meant to scare you aware, which is why we created our online system to streamlined funding for you as easily and as quickly as possible.
This (streamlined funding) means that you will not have to face an extremely long and detailed application process, you will not experience undue delay with processing your application, and you will not be told “well, your funding may take a few more days than expected.” You will receive the capital you need as soon as we can get it to you.
If you have questions about your eligibility, we invite you to speak with a financial advisor as soon as possible so that you can apply for funding stress-free.
If you meet the requirements and do not have any pressing questions for us, jump right in and apply for funding today. You could have money in your pocket for business in two days!
What’s the best way to get business funding?
Our first recommendation is to find a lender that you trust and that you would enjoy working with. Next, determine your eligibility. Once those two things have been checked off of the list, all you need is an application to get started. It’s that simple!
What is the easiest business funding option to get?
The easiest and quickest business funding to get is SBA Express Funding. With long terms, low rates, and fast funding, you’ll have everything you need in no time.
What are some quick funding options for startups?
The quickest option for startups is still SBA Express Funding. Besides this option though, we offer term funding, merchant cash advances, equipment or invoice financing, and more. All of which are fast and simple to apply.
Whether you need new equipment, need to handle an emergency, or want to take a risk in business, or other, quick funding has you covered.
With us, we’ll make sure you are applying for funding for the right reasons and are able to easily manage the process from start to finish.
Helping you to grow your business is our goal! We are a small business ourselves, so we are willing to stick our necks out for businesses and owners alike.
Our experience is unmatched when it comes to funding, and we’d love to share our knowledge with you anytime. Please let us know how we can help whether with funding or simply a few financial questions.