.
Question 2:
How long does the Loan Application Process Take?
You can find payday lenders on line that can provide funding in 24 or 48 hours. Thos loans may be “quick” but they are expensive. Beware!
There is an on line lender United Midwest Savings Bank.
UMWSB has an streamlined on line process for both start ups and existing businesses. The biggest hurdle for most borrowers in the credit score requirement.
They can provide a pre-approval within 24 hours and then it is up to the client to provide the balance of the information.
If the company keeps current financial records and can prepare a realistic cash flow projections, a loan can be closed in less than 10 days. They funds under the SBA 7A program for loans from $20,000 to $150,000.
In the State of Florida Neighborhood Lending Partners makes loans for start- up companies at a slightly higher rate than conventional lenders, but they will consider borrowers with credit scores that would not be acceptable to banks. T
hey will consider loans up to $500,000. The process is slower than on line lending, but it is an excellent alternative resources.
And, Accion USA also is processing loans for start up.
All these lenders are underwriting loans with SBA guarantees.
Related articles:
Real Scenario- When a Growing Small Business Needs Funding
3 Questions To Optimize Your Financial Performance
Breaking Down the Set Up of Small Business Financial Records
