Where Do I Get a Small Business Loan?
- October 19, 2020
- Written by : REIL Capital
Small business loans are becoming a staple when growing a company. It’s fair to say that most of us small business owners do not begin our journey with big investors, or a large
Instead we are more likely to face challenges like having a lack of working capital, needing new equipment, or simply, hiring and paying new employees. With these challenges, comes a big need for funds, or in this case, a small business loan.
Now, it’s one thing to know why you need a business loan, but another to know where to find one, and one that is perfectly suited for you and your business.
We’ve put together two lists to help you determine your best option(s) for applying for a business loan and one for those with good credit and background and one for those with not-so-great credit or backgrounds.
If you are the latter, that’s okay. It’s nothing to be discouraged by. In fact, lenders around the world have started companies specifically to help people like yourself and We, REIL Capital, happen to be one of them! Our goal is to help you succeed in whatever ways we can.
That starts with knowing where you stand in terms of eligibility and qualifications. Let’s dive in.
Option through the SBA
Before moving onto the options, let’s discuss why the Small Business Administration works with lenders to provide funding. The answer is simple, really: the SBA reduces risk for lenders and makes it easier for them to access capital.
To be eligible, you must be a for-profit business, do business within the United States, have invested equity, and exhaust financing options, meaning you cannot get funds from any other financial lender.
Typical loans through the SBA look a little something like this…
- Prolonged application process
- Loan amounts of $250,000+
- 1-20 year repayment terms
- Interest rates ranging from 5-10%
- 2-4 month turnaround time
Option through alternate lender
Now, the above options allow for a “match-making” process, whereas other options do not. Good news for your business however, is that if you choose to not go directly through the SBA, you will be able to choose your lender, rather than be handed one.
Personally, we like knowing whom we work with. We’re a family-owned business, and those who work with us see the value in our unique working relationship. Work with those you trust, right?
Anyways, working with us looks like this…
- 3 minute application process
- Paired with your personal account specialist
- Funding amount ranging from $30,000 – $5,000,000
- Rates between 6.5% – 8.75%
- Repayment terms of 10-25 years
- Less than one month turnaround time
While REIL Capital does not directly provide Small Business Administration loans, we are able to broker these loans and help you through the process. As with every other type of funding we provide, when we broker fast SBA loans, we make the process quick, easy, and transparent.
If you decide to apply for fast SBA Express loans brokered by REIL Capital, you’ll be paired with one of our representatives who will walk you through the process, explaining the terms and conditions so you know exactly what you’re signing up for.
We’ll also help you decide if a particular loan is right for you, or if another would better suit your business, by going over several other funding options and helping you decide which one will best meet your needs.
Don’t wait around for funds you need now. Get started today, and receive funding within a month’s time.