Working Capital Programs
One of the most important aspects of running a business is working capital. To ensure smooth operations, it’s essential to have funds readily available whenever needed. Working capital loans are granted based on the current state of your business operations, with loan amounts ranging from small sums up to approximately $350,000. These loans can be obtained more quickly compared to other financing options. However, there are various types of products available, including bank and non-bank options, each with different processes and guidelines. We assist you from the beginning to the end of the loan process.
Bank Working Capital Programs:
SBA7(a) Express
- Amount: $50,000 – $350,000
- Interest Rate: Prime + 1% – 4%
- Repayment Term: 10 years
- SBA Guarantee to Bank: 70%-80%
- Processing Time: 1-2 months
- Business Age: At least 2 years
- Required Documents: Tax returns for the past 2 years
- Personal Credit Score: 700 or above
- Eligibility: Permanent residents and citizens
Term Loan
- Amount: $50,000 – $500,000
- Interest Rate: Prime + 2% – 7%
- Repayment Term: 2-7 years
- Processing Time: 2-3 months
- Business Age: At least 2-3 years
- Required Documents: Tax returns for the past 2 years
- Personal Credit Score: 700 or above
- Eligibility: Permanent residents and citizens
Business Line of Credit
- Amount: $50,000 – $250,000
- Interest Rate: Prime + 1% – 5%
- Repayment Term: 1-5 years
- Option to Pay Minimum Monthly Interest Only
- Interest Only on Amount Used
- Processing Time: 1-2 months
- Business Age: At least 2 years
- Required Documents: Tax returns for the past 2 years
- Personal Credit Score: 700 or above
- Eligibility: Permanent residents and citizens
Non-Bank Working Capital Programs:
Merchant Cash Advance
- Amount: $10,000 – $1,000,000
- Repayment Term: 6 – 18 months
- Fast and Simple Loan
- Processing Time: 1-2 days
- Free Approval: 1-2 days
- Business Age: At least 6 months
- Tax Returns: Not required for amounts up to $100,000
- Personal Credit: Low credit scores accepted
- Minimum Monthly Revenue/Deposits: $20,000 or more
Business Line of Credit
- Amount: $10,000 – $250,000
- Repayment Term: 6 – 36 months
- Principal and Interest Repayments
- Revolving Credit Line
- Processing Time: 1-3 days
- Free Approval: 1-2 days
- Business Age: At least 2 years
- Simple and Fast Loan
*What is the Prime Rate?
The prime rate is the base interest rate that banks in the United States use when lending to the most creditworthy businesses. It is typically set by major banks such as Wells Fargo, Chase, and Citi. These banks are influential in the financial market, and their prime rate impacts overall market interest rates. The U.S. prime rate significantly affects various financial products, including mortgages and business loans, serving as a benchmark interest rate.