If you're looking for business funding options quickly, we've detailed 4 great options for you and the pros and cons of each. These include low-interest term loans as well as lines of credit — that don't accrue any interest until you actually use them. Let's get started!
Editor's note on this new type of post: Hi there! Skip is excited to introduce this new blog series inspired by the huge outpouring of love we’ve had for our YouTube channel, largely hosted by our CEO and founder Ryder. In the past, we've done written recaps of certain videos. We know that many have expressed interest in these videos as written content, so going forward we will pick the most important videos every week to post here.
Get a Line of Credit Up to $250,000 with Quick Decisions
If you're looking to have a line of credit as a backup funding option, we have two recommended partner options, Bluevine and Fundbox.
Before we talk about the specifics of each, here's are some of the main advantages of getting a line or credit: You can draw funds as you need them and only pay for what you use, with a flexible line of credit. So for many of you who've taken, let's say EIDL loans, up to $2 million, guess what? All of that or most of that is probably sitting in your business bank account, accruing significant interest every single day.
What's amazing about lines of credit is the optionality. You have it as a backup, but you're not getting a couple hundred dollars daily in interest charges, until you start to use it.
Should you use Bluevine for a line of credit?
Here are a few of the highlights for Bluevine, which allows you to get a line of credit up to $250,000.
Bluevine Line of Credit Details
- Only pay for what you use
- Access to revolving credit
- Financing that grows with you.
Here are some of the Bluevine qualifications:
- 625 minimum FICO score
- At least six months in business
- At least $10,000 in monthly revenue
- You must be operating or incorporated in an eligible US state.
What you'll need to apply:
- Basic details about you and your business, assuming you're the owner.
- Bank connection or bank statements for the past three months
- Your business must be in good standing.
Should you use Fundbox for a line of credit?
Here are a few of the highlights for Fundbox, which allows you to get a line of credit up to $150,000.
Fundbox Line of Credit Details
- Only pay for what you use
- Access to revolving credit
- Get a decision instantly
For Fundbox, you'll need similar items to Bluevine to apply. Decisions can be made instantly. Plus, you can withdraw funds directly from your Fundbox account to your bank account.
We've worked with them for a long time as well, so you have two good line of credit options, but if neither of these work out, see our term loan options below.
Apply for Bluevine line of credit | Apply for Fundbox line of credit
Here's our detailed comparison post on Bluevine versus Fundbox lines of credit.
Get up to Up to $750,000 in Term Loans with Quick Decisions
If you're looking for a term loan, or curious about seeing if you're approved, we have two more partners, Funding Circle and Fora Financial.
Funding Circle approves term loans up to $500,000 and Fora Financial approves term loans up to $750,000. Here are a few of the details below.
Should you get a loan with Funding Circle?
Here are some of the details specific to getting a loan with Funding Circle, one of our long time partners.
Funding Circle Loan Details
- Flexible term lengths from six months to 10 years.
- 10 years with a private lender.
- In some cases, funds as soon as you need them.
- You can get approved in as little as 24 hours with funds delivered as soon as the next day.
- You can borrow anywhere between $20,000 to $500,000.
Should you get a loan with Fora Financial?
Here are some of the details specific to getting a loan with Fora, another recommended partner.
Fora Loan Details
- Get started in seconds and get approval status in less than 24 hours.
- Trusted by over 25,000 small businesses.
- With FORA, poor credit is not a barrier & there are flexible rates and terms.
- Borrow up to $750,000.
Apply for Funding Circle Loan | Apply for Fora Loan
In Conclusion
So those are the four options, Bluevine, Fundbox, Funding Circle and Fora. The first two lines of credit, the second two are loans. All four are competing for your business. If one denies you, try another one.
If you could use funding to stabilize or grow your business, here's a post about whether a business loan or line of credit is better for your business. We go into what a term loan is, pros and cons of a business term loan. Some of the cons: it can be expensive and typically require collateral or personal guarantee.
Same thing with business line of credit pros and cons. Some of the cons: are late payment interest can be very high and it may be harder to qualify for.
We go into the major differences and which one might be better for you. You can read those and go apply with one of our recommended partners as an important funding alternative, especially now.
If you want to talk through these options with our team, go to http://sbavip.com to book a time to talk with us. We'd love to meet you.
Want Funding Help for Your Business?
Do you need help getting funding for your business? Skip can help with SBA loans and lines of credit, grants, or other business financing options. Get ongoing personalized help from our team. Join Skip VIP today and get 1-1 support for your business.
