What Is an Online Small Business Loan?
Most small business loans with shorter terms and lesser amounts are turned down by traditional lenders like banks. As an alternative lender, Main Street Finance Group may offer a variety of online small business loans, such as business lines of credit, collateral loans, merchant cash advances, and alternative small business loans, to support the expansion and success of your company. Our alternative business loans range from $3,000 to $500,000, depending on your company’s needs. Typically, they are between $20,000 and $60,000.
Our experienced Funding Advisors will get in touch with you to go over all of your funding possibilities after you submit your initial one-page application. They will support you during the entire process if you have any queries and will assist you in selecting the option that is ideal for your company.
Online Rates for Small Businesses
Instead of using a standard interest rate, the majority of alternative company funding options employ something called a factor rate. Factor rates are straightforward decimal numbers that indicate how much "extra" you will have to pay over the loan's original amount. Your risk assessment is the basis for calculating your factor rate. Factor rates typically range from 1.1 to 1.5.
Who Is Eligible to Apply Online for a Small Business Loan?
Alternative financing for small businesses are best used by:
- Companies seeking to expand
- Companies looking to buy new furniture, supplies, equipment, or extra inventory
- Companies looking to transition to new technologies
- Companies that require financial flow in a cyclical upswing or downturn
Attorneys, medical facilities, builders, restaurants, merchants, business services, and more can all profit from alternative small business loans. Regardless of the sector you work in, our knowledgeable finance Advisors will collaborate closely with you to determine the optimum finance solution that will enable you to meet your objectives without compromising cash flow.
How Online Small Business Loans Operate
Utilize
Collect three months' worth of bank statements and other documentation. Give us secure access to the transactional data from your bank account so we can approve it more quickly.
Select Funding
Within an hour (during regular business hours), a financing advisor will get in touch with you to finish your application and go over your funding alternatives.
Obtain Money
Within a day of deciding whatever funding option is best for your company, you and your funding advisor can authorize and deposit your funds.
Choose Your Repayment Option.
Your company's debit and credit card sales on a daily or weekly basis will be automatically subtracted to cover payment. The amount of your payment will depend on your sales.
How to Use Small Business Loans Online
The application of alternative small company financing is unrestricted. Usually, these loans work best when applied to:
- Finance expansion plans, new machinery, and other expensive yet very profitable purchases
- Fund a business purchase, merger, or expansion
- Use seasonal business possibilities to your advantage by buying inventory in bulk.
Qualifications for Online Small Business Loans
It’s challenging to apply for a small business loan online from a traditional lender. The approval process is never assured, is invasive, and takes a long time—usually at least two months. Your credit score is not the only factor considered in Main Street Finance Group online small business loan approval process. Rather, we concentrate on the general well-being of your company.
Here are some things we take into account:
- Revenue for businesses
- Money movement
- Payment history of the vendor
- Years of operation
- Records accessible to the public
Small Business Loans Q&A
Our online small business loans are designed to assist companies in realizing their full potential. Obtaining a small business loan for the proper purposes, such as seizing chances to develop, extend, or grow your company, is crucial.
We do not require a business plan to approve a small business loan. Instead, we evaluate the overall financial health of your business, as well as your business’s future potential, and will work with you to find the best funding solution.
It is advised that you have a clear idea of how you want to utilize the money to develop, grow, or extend your company and that you are aware of the precise amount of capital you require.
There isn’t a down payment needed. Collateral is used to secure loans to small businesses.