What is SMB Compass?
SMB Compass is a business financing company that provides small businesses across the United States with the best available loans and lines of credit. Their goal is simple: To make your life easier as a business owner by helping you achieve your financial goals. They are committed to providing their clients with the highest level of service, support and integrity.
SMB Compass provides cost-effective and flexible solutions for all types of businesses. Whether it be an established or start-up business, SMB Compass has the perfect loan solution for you.
According to their website, they have already secured more than $250,000,000 in financing for over 1,250+ business clients and have over 25 years of experience in commercial lending.
How Does SMB Compass Work?
To apply for one of their business loans, you first need to fill out an application online. Once you submit your information, they will review it and let you know whether or not they accept your request. If they do accept your request, then they will send you a formal letter stating what kind of loan you qualify for and what terms and conditions apply to your loan. You can then choose which option you want to go with (line of credit, asset-based loan, etc.) and provide the required documentation. After you complete the process, they will give you a final approval or denial within 48 hours.
If you decide to use their line of credit option, they will set up an automatic payment plan for you so that you can avoid late fees.
The good thing about using SMB Compass is that they work directly with banks and other lenders to find the best possible rates and terms for each individual client. In addition, they will keep track of your payments and notify you when it’s time to pay your bill or renew your loan.
What Can You Use a Small Business Loan From SMB Compass for?
Business loans are a type of loan that businesses can take out to help them with their business. They can be used for many different things; some common examples include the following:
- Paying off bills/debts
- Buying inventory
- Purchasing new equipment
- Starting up a new business
- Renovating business space
What Small Business Loans Do SMB Compass Offer?
SMB Compass currently offers these types of business loans to different industries like construction, manufacturing, restaurant, transportation, landscaping and many more:
- Business Line of Credit: A revolving line of credit where you can borrow money anytime without worrying about paying interest on the outstanding balance.
- SBA Loan: A government-backed loan to help U.S. small business owners succeed. SMB Compass can help you secure an SBA loan since they count with SBA -approved lenders in the network of lenders.
- Equipment Financing: A loan to help repair or upgrade your business equipment.
- Asset-Base Loan: Asset-based business funding is a type of small business financing that relies on your company’s financial resources rather than just its income statement and balance sheet.
- Bridge Loan: A temporary bridge loan allows a business to receive an infusion of funds while waiting for approval for a larger loan. It provides immediate access to funds for small businesses, which they can use to pay off debts or cover expenses.
- Inventory Financing: Inventory financing allows you to use your business inventory as collateral to secure working capital to fund business expenses or expansion.
- Invoice Financing: Also known as accounts receivable financing, this type of business financing lets companies use unpaid invoiced amounts as collateral for upfront cash, allowing them to get their hands on working capital faster than they would otherwise be able to.
- Purchase Order Financing: Purchase order (PO) finance is a funding solution for companies that don’t have enough cash to fulfill their purchase order commitments to pay suppliers or vendors.
- Business Term Loans: Business owners get a lump sum to be repaid in fixed weekly or monthly payments for an agreed-upon period of time.
Why Should You Use SMB Compass?
One of the biggest reasons why business owners consider using SMB Compass is because they offer competitive interest rates compared to most other companies. Another reason is that they specialize in working with smaller businesses that may not have access to traditional bank funding. Finally, they are dedicated to offering excellent customer service and making sure that every single person who applies gets approved.
How to Get Started with SMB Compass
To get started, simply visit the SMB Compass website and fill out the online form. Once you submit the form, they will contact you to discuss your options within 24-48 hours.
Once you’ve decided on the type of loan you would like to apply for, you will need to provide some necessary documents. Once you’ve submitted these and if everything looks good, then you’ll be contacted by one of their representatives to complete some final paperwork. Once you’re done, you’ll be ready to close and receive your business loan funds in as little as 24 hours.