Traditional banks offer various small business funding solutions, but getting approved may be difficult. You’ll likely need stellar credit, an extensive business plan, and a load of documentation to be considered for a loan. Plus, it’s not uncommon to wait several weeks to hear back. But you don’t have to face these challenges to access the capital you need. Consider a working capital loan from CAN Capital to help move your business forward.
About CAN Capital
CAN Capital offers working capital loans with competitive rates, flexible repayment terms and fast funding times. CAN Capital also provides equipment financing to businesses purchasing equipment to use for their business.
Accredited by the Better Business Bureau with an A+ rating, CAN Capital has helped more than 81,000 small businesses access well over $8 billion in funding. It’s also backed by more than 20 years of industry experience and thousands of stellar reviews. Hence, borrowers get peace of mind knowing they’re in good hands.
CAN Capital works with companies in various industries, such as rock climbing gyms, fitness centers, coffee shops, restaurants, beauty salons, automotive repair shops, dental offices, medical practices and more. Some businesses are more established with several locations – others operate in a single location.
What is a CAN Capital Working Capital Loan?
A CAN Capital working capital loan is a flexible form of financing you can use to smooth out cash flow or to take advantage of growth opportunities. It comes with flexible repayment terms and competitive rates that make it worth considering.
How Does a Working Capital Loan Work?
You can use a working capital loan to cover any form of business-related expense. This includes everyday operating costs, payroll expenses, advertising and marketing costs, and vendor fees. If you’ve recently discovered a business expansion opportunity but lack the funding to take advantage, you can also use the funds for this purpose.
Working capital loans are accessible to small businesses from various industries. Even if you’ve had past credit issues, you could be eligible for a loan since your company’s past financial performance is heavily weighed during the application review process.
Applying is easy, and most loans are funded in 24 hours. You’ll need to provide a personal guarantee to secure funding, and you can access your loan documents and account statements directly from the CAN Capital online dashboard.
With CAN Capital, you are eligible to renew your loan as soon as half of the original loan is paid off. You will also have concurrent loan opportunities. If you didn’t take the full approved amount of funding when you took your loan, you are eligible to get the remaining amount within 90 days from the original funding date. For example, if you are approved for 50K and only take out 30K, you will have 20K of funds still available.
When the time comes, a renewal specialist from the CAN Capital team will reach out to you directly to discuss your options and future funding needs.
CAN Capital Working Capital Loan Terms and Details
CAN Capital offers working capital loans between $2,500 and $1,000,000.
(Quick note: CAN Capital may charge fees up to 2.99% for working capital loans but not for equipment financing. The origination fee is deducted from your company’s bank account one day after the funds are disbursed. To illustrate, if you seek a $75,000 working capital loan, the origination fee is $2,250. So, the net amount you’ll receive after the origination fee is deducted is $72,750. Be sure to keep this fee in mind when deciding how much loan you need).
You’ll get a repayment term between 6 months and 24 months.
Most loan applications are approved relatively quickly, and loans are often funded as soon as 24 hours.
Loan payments for a set amount are deducted from business accounts on a weekday.
What Can You Use a Working Capital Loan For?
CAN Capital gives small business owners the flexibility to use working capital loans however they see fit. You can cover an assortment of business-related expenses, including payroll costs, advertising, marketing and inventory. Or you can choose to invest in expanding your business to boost your bottom line.
The Benefits of a CAN Capital Working Capital Loan
Borrowers enjoy several benefits, including:
- Straightforward application process. It’s easy to apply online for a working capital loan and won’t take up much of your time.
- No hard credit pulls. You can get pre-qualified for a working capital loan without a hard credit check.
- Flexible eligibility guidelines. CAN Capital works with small business owners with less-than-perfect credit.
- Fast lending decisions. You’ll generally receive a quick application decision so you can know how to move forward.
- Simple loan closing process. You can upload any requested supporting documentation and sign the loan contract electronically.
- Rapid funding times. Borrowers can get funded within 24 hours.
- Early repayment discounts. A discount is available to borrowers who are able to pay the balance in full before the repayment period ends.
- No down payment. CAN Capital does not require a down payment to be approved for a working capital loan.
Plus, the generous loan amounts and repayment terms are other perks that come with this loan product.
How to Know If a Working Capital Loan is Right for Your Business?
There are several reasons why a working capital loan could be ideal for your business. If you’re experiencing short-term cash flow issues and need funds to keep operations afloat, a working capital loan is worth considering. You could also benefit from a working capital loan if you need funds to capitalize on business expansion opportunities that will improve your profit margins.
How to Qualify for a CAN Capital Working Capital Loan
To qualify for a CAN Capital working capital loan, you’ll need the following:
- One or more years in business
- A personal credit score of at least 550
- A credit profile free of bankruptcy filings within the past 24 months (discharged bankruptcies aren’t considered)
How to Get a Working Capital Loan from CAN Capital
You can get approved for a working capital loan from CAN Capital without negatively impacting your credit. Here’s how the process works.
- Provide Information: The first step is to complete a short application. You’ll provide information about you and your company, including 3 months of bank statements, so that the lender can determine if you’re a good fit for funding.
- Receive and Review Options: If the lender decides to pre-qualify you for a loan, you can select a loan amount and repayment term that works for your company’s finances.
- Close Loan: Submit any additional documents the lender requests and review your loan contract. If you agree with the terms and conditions, affix your electronic signature and receive the loan proceeds.