SMALL BUSINESS LOANS AND HOW TO GET IT AT NO INTEREST
SMALL BUSINESS LOAN
A small business loan I especially designed for investing small business or start-ups. It is helpful as the owner does not loses any shares of his company for investment.
Advantages –
⦁ Fast approval
⦁ No collateral required for unsecured business loan plan
⦁ Less documentation
Eligibility Criteria
⦁ The borrower should be self employed/manufacturer
⦁ The age to apply for small business loan is 24 to 70 years.
⦁ The minimum turnover of the borrower should be 1,000,000 in past 12 months
⦁ 685 or higher CIBIL score
⦁ At least 3 years of business vintage
Documents Required
⦁ KYC documents
⦁ Proof of business ownership
⦁ Other financial documents
Capital One Small Business Loan
Now when you have learned about the small business loan and it’s advantages, you might be wondering how to apply for it. There are many platforms on which you can apply for small business loan, offline and online both.
While there are many banks to commercially apply for small business loans, capital one is one of the best bank to apply for small business loan, Capital one offers a variety of small business banking services, from their Spark business program. They offer many kinds of small business loans.
What Capital One provides?
Capital one provides different types of loans for business, including the following
⦁ Working capital Lines of credit
⦁ Business instalment loans
⦁ Equipment and Vehicle Loans
⦁ The US Small Business Administration Loans
Apply for small business loans in USA
⦁ Personal credit score
⦁ Bank statements and ratings
⦁ Balance sheet
⦁ Cash flow
⦁ Type of industry u have
⦁ 2+ years in business
Getting a Small Business Loan
There are many platforms where you can get a small business loan easily. The best platforms had been picked up for you, choose the one which suits better for you.
⦁ Lendio
⦁ Starts at 4.25% interest
⦁ 560 min credit score
⦁ Terms, Loans, Lines of credit and more
⦁ Fundera By NerdWallet
⦁ Starts at 4% interest rate
⦁ 550 min credit score
⦁ Term loans, lines of credit and more
⦁ Funding Circle
⦁ Starts at 6% interest rate
⦁ 660 min credit score
⦁ Term loans, lines of credit and SBA loans
⦁ FundBox
⦁ Starts at 4.7% interest rate
⦁ 600 min credit score
⦁ Liens of credit
⦁ Direct lender
What is Small Business Administration (SBA)
It is an autonomous US govt. agency to grow the economy by providing guidance to small business. One of the largest function of the SBA is to promote individuals to start and grow business.
You can access the agency website from here
You can apply for SBA through a lending bank. Then apply for SBA for a loan guarantee, then the govt. pays the guaranteed amount to the lender.
SBA requires a personal guarantee from everyone with at least 20% share in a company. This guarantee helps you for your assets payments, if you are unable to complete them.
Regions Small Business Loans (regions.com)
Amongst the most popular Small Business Loans providers, Regions is one of them.
Regions provide many financial products like credit cards, mortgages, and also personal loans. It is the best option that offers low APR, with no origination fee. The only problem is that it isn't available in many states and non-customers may not be able to apply online.
