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Everyone has dreams, but it takes money to execute them into reality! Running a small business and that too a startup in this economy is a bit stressing. No business is going to generate enough money on its first day. In fact, you need an extra couple of bucks to establish a proper office set up. This is where new business loans come in to play a part. Due to a significant increase in small businesses in the industry, the number of alternative lenders is increasing as well.
Merchant Advisors provides New Business Loans that are specifically designed to amplify the growth of startup businesses. Apart from this Merchant Advisors also offers secured person to person lending monitored and regulated by the Securities and Exchange Commission.
$5,000 to $1 Million
Loan Term
7-25%
24 hours
New Business Loan
Business Loans
1. Fast, reliable, and easy process.
2. Lower interest rates.
Business Loans
1. Loan approval takes longer than usual.
2. A fair or good credit score is required.
Required Credentials To Qualify For New Business Loan
The most important question in the mind of business owners is, ‘Will I be able to qualify for the loan?’ Let’s break down the new business loan! Usually, most of the traditional and alternative lenders offer their loans to business owners who have been running their business for more than 6 months. So, it is only fair that new business loans go to owners who have been running the business for less than 5 months.
Furthermore, a credit score holds the most crucial spot in a loan approval. Your current credit score is positively correlated to loan approval; the higher your credit score, the higher are your chances of approval. Let’s have a brief look at the qualification criteria!
0-5 months
At least 660
18 years and above
Permanent US citizen
You must have an open bank account.
If you fall in the above-mentioned criteria, then you are a perfect candidate for a new business loan, peer lending, crowdfunding, and other multiple grants. If you have a bad credit score, we have good news for you! All these peer lenders don’t look for a wholesome credit score instead they are more interested in your plans and future aspirations concerning your business.
How can I get New Business Loans?
Merchant Advisors gives you a loan up to $25,000 on as low as 7.93% interest rate..
Fill an online application in minutes.
It only takes a couple of days!
Make a fixed monthly payment on time.
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Applying for SBA Microloans. SBA Microloans follow the most stringent approval loans. We recommend that you get in contact with the lender in order to get the gist of the recommended documents. The SBA microloan approval takes a couple of days and if you already have a file full of required documents this will speed up the process.
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Applying for Business Credit Cards
Business Credit Cards has one of the easiest application processes. All you have to do is to give them your Social Security Number and Federal Tax ID and you are sorted.
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The crowd and Private Funding
Application and approval criteria of the crowd and private funding depends on the nature of your business and the loan amount. Now that you have a brief overview of potential financing options, access your business needs and make a wise decision.
Required Documents
Diving Deep Into The Mechanics Of New Business Loans
It is easy to dream big, but money is one of the harsh realities of life. One can’t transition a dream into reality without money being an important part of it. So before you give up on all of your business dreams, let us take you out of the misery. Merchant Advisors offers a variety of funding options. Come with us and go over the funding option one by one. A ray of hope still exists!
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SBA Microloans If you are thinking of running a business as a minority then SBA microloan might be the best fit for you. This is the most conventional and convenient funding option; you will get the loan ranging in between $500 - $50k. This amount will easily cover the cost of day to day operations. The micro in the name gives a brief idea about the amount of the loan. The small business can use the loan amount to their benefit very easily.
In addition to this, SBA Microloans are not working directly under Small Business Administration. The SBA is in direct contact with the lender, so the final verdict has to come through the lender. To put it in simpler terms, the lender will act as a middle man between the SBA and the borrower.
Moreover, as a new business owner, you can benefit from SBA’s flagship 7(a) program. This program is designed to give access to some working capital to startup business owner. On the other hand, securing a 7(a) SBA loan might get a bit competitive. Mostly, they look for a stellar financial resume, and with a new business on the go, this might be a little hard to achieve.
All things considered, SBA microloans will give you enough credit to carry out all the expenses smoothly. So, apply for one and alter the fate of your new business.
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CrowdfundingOne of the most reliable and easy ways to gather funds for your small and new business is Crowdfunding. You can raise a considerable amount of money by putting up your campaign on online platforms. Through this funding option, the lender will set a potential goal. After going through your small business campaign, people will donate money if they feel inspired.
The best feature of crowdfunding is you don’t have to offer any down payment and most importantly you will have the complete ownership over the equipment from day one. To appreciate the contribution of the money contributors, you have to send them a gift or in some cases, a ‘thank you’ card and a bouquet would do. This type of lending is called ‘raised crowdfunding.’ This particular feature gives it an edge over equity crowdfunding and debt financing.
So, contemplate hard, and apply for crowdfunding if you think your business can take something beneficial from it.
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Close Peers –Friends and Family When nothing works for you; when you have exhausted every funding option offered by the traditional and alternative lender, only and only then, you must turn to close friends and family for financial aid.
Despite a million of risk involved in asking for money from your friends and family, it still exists to be the most common funding option among small business owners. If you can easily persuade your loved ones to fund your business even if you have bad credit, then, by all means, you should go with it. It all revolves around the severity of the risk you are willing to take. When you go with this financing option, remember that both your business and family relationships are endangered.
Now that this is your resort, make sure you are putting your trust in reliable members. Before both parties shake hands and sign the dotted line, be certain your family members acknowledge your business strategy and how you are going to consume their money. It is recommended to set the boundaries from the very start to avoid any confusion later. Once every fact is laid straight on the table, we wish you good luck and pray you will handle the future conflicts professionally.
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Business Grants Although this is the most efficient way of funding your business but secure a business grant requires a spotless financial track record. Although the business grant is not an appropriate replacement of small business loan if you think this can bring a change in your business then you should definitely try it out.
Most of the famous and reputable lenders have reserved the small business loans for specific organizations, so they might not entertain you if you don’t fit the criteria. Some business lenders are specific for the owners from a particular area. But lenders have designed a business grant in accordance with business needs and business owner’s features. For example, if you have served your country in the past by being in the military then you will be granted a loan especially formulated for veterans. Moreover, if you are dedicated and hardworking businesswomen, then Merchant Advisors has small business grants for women. Use the business grants to their full potential.
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Personal Business Loans Although this is the most efficient way of funding your business but secure a business grant requires a spotless financial track record. Although the business grant is not an appropriate replacement of small business loan if you think this can bring a change in your business then you should definitely try it out.
Most of the famous and reputable lenders have reserved the small business loans for specific organizations, so they might not entertain you if you don’t fit the criteria. Some business lenders are specific for the owners from a particular area. But lenders have designed a business grant in accordance with business needs and business owner’s features. For example, if you have served your country in the past by being in the military then you will be granted a loan especially formulated for veterans. Moreover, if you are dedicated and hardworking businesswomen, then Merchant Advisors has small business grants for women. Use the business grants to their full potential.
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Regular Business Credit CardFunding a small business with the help of a business card is a tradition among the business owners. Despite being one of the most expensive funding options, it has proved to be financially useful to many small business owners.
It is not the most traditional route to take to fund small business but since it gives access to money to a certain amount, it might a financial fix for problems. Make sure to pay the debt monthly, otherwise, you will fall into the never-ending maze of applying and utilizing business loans.
This funding option comes with fast approval, and it gives the autonomy to the user to take as much as it is required, and lastly, it is unsecured. Due to these characteristics, many business owners are inclined towards it. Taking a glance at history, businesses that have solely relied on the credit cards have turned to dust.
Merchant Advisors has penned down every possible funding option for small business, now it is your decision.
Why elect Merchant Advisors as your New Business Loan Lender?
We offer custom-tailored our services as per the needs of our customers. We offer:
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Lower Interest Rates
Our rates are comparatively much lower as compared to traditional lenders i.e. Banks and Credit Unions.
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Fast, Easy And Online Process
It will only take a couple of minutes to fill an application; we value your precious time.
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Security & Confidentiality
Your identity and business’s information is secure; we don't share information with investors.
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Easy Payment Process
Fixed monthly payments can be automatically deducted from your bank account.
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No Prepayment Penalities
You are allowed to repay the loan earlier than it is scheduled. No penalty is attached.
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Transparent Process
There isn’t any hidden fee. The loan application and approval process are clear with no catch involved.
Peer lending is not available in
the following states:
The Final Thoughts
Merchant Advisors just like many alternative lenders have made it easier for the lenders to secure the business loans. But the important question that needs to be asked here is ‘why do you need the loan? ’Make sure you have a realistic and rational reason to apply for the loan. Who doesn’t love the never-ending stream of cash! But small business loans come with additional responsibilities. If you fail to pay the loan on time, the poor credit score will be marked all over your credit report.
So, if you are certain, you will make the payments on time then apply for a business loan and take your business to new heights.
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