First Down Funding is a company that offers short-term business loans and other types of business loans to small and medium-sized companies in the U.S. First Down Funding provides effective business financing solutions to small business owners looking to support business growth and personalized customer service to find funding solutions that meet their business needs. Unlike other traditional funding providers, First Down Funding will consider your application for funding even if you have a bad credit score or don’t have enough collateral for your loan and more flexible terms. With fast approvals, First Down Funding small business funding services can be a great option for you, even if you have been denied a loan by a bank or another private lender.
Small business owners know how essential cash flow is to a business. There’s a balance you must keep between cash on hand, accounts receivables, and funds tied up in products and materials. Sometimes, you find yourself in need of money for payroll, accounts payables, or stock. When you need immediate cash, you might seek a short-term small business loan to cover the shortfalls in your cash flow.
A short-term business loan varies from a traditional business loan in the amount of time your company has to repay the funds. With a short-term loan, you’re expected to pay the funds back within a few months instead of over a much longer time. In some cases, short-term loans allow up to three years to repay, but those are the exception.
What Are the Terms of Short Term Small Business Loans?
There are many reasons that you might find that you need a short-term business loan. You’ll need to share the reason for requesting the loan as part of the application process. This might include:
- Emergency repairs
- Repay other debts
- A shortfall in cash flow
- Investments in infrastructure
- Marketing and advertising expenses
- Purchasing stock at a discounted price
Of course, there may be more reasons why you might need a small business loan. When you’re applying for a short-term loan, you’ll need to articulate the need clearly. You can expect to borrow between a minimum of $2,000 but no more than $300,000. It is always beneficial to only borrow the amount you need and can repay within the designated period. At First Down Funding, they approve about 75% of short-term small business loans.
Business owners that need a short-term loan can’t wait weeks for their loan approval. Therefore, you can expect approval from First Down Funding within 24 hours. The terms of this loan are flexible, and the repayment dates and amounts are catered to your small business’s needs and expectations of incoming cash. It’s important to remember these are short-term loans that are repaid within months instead of years.
How to Get a Short Term Business Loan With First Down Funding
At First Down Funding, they make it easy for you to get the short-term business loan you need. Their goal is to support you to get the funds you need as quickly as possible. After funding approvals, you can get the money as quickly as 72 hours. You will need to complete the following steps:
- Complete online application: Provide all the information requested on the online application. It is designed to be user-friendly.
- Application review: After you submit your application, a credit specialist will begin the review process. In most cases, application approvals are communicated within 24 hours.
- Receive funds: Once your business loan receives approval, the funds are deposited directly into your bank account for immediate access.
- Collaborate: After receiving your funds, you’ll work closely with First Down Funding to determine a feasible repayment schedule. They will also routinely review your account to ensure that you’re taking advantage of the best program for your company’s needs.
First Down Funding’s primary goal is to quickly and easily provide you with the funds you need to scale your business instead of inundating small business owners with paperwork. As fees, they charge a percentage of the total loan amount.
Benefits of Choosing First Down Funding for a Short Term Small Business Loan
When you need a short-term loan, you have your choice of institutions to apply for a loan. You want to choose a company that partners with you to get you the funds you need and offers flexibility in credit and repayments. It’s also beneficial to find a company that offers many financial services. Here are a few benefits of choosing First Down Funding for your next short term business loan:
- Fast approval: They approve most short-term loans within 24 hours.
- Receive funds quickly: After you receive approval, they immediately send the funds to your bank account.
- No credit check: They do not run credit checks. Instead, they look at the overall health of your small business to make a decision. This allows them to approve around 75% of applications.
- Flexible repayments: They will work with you to create a repayment schedule that you can easily meet.
- Online application: Apply online in just a few minutes.
- Many funding options: They offer many programs, in addition to short-term loans, to provide funds to small businesses.
You do not need to go the traditional route by going to the bank, filling out lengthy applications, and waiting weeks for approval. When you choose First Down Funding, you get the cash you need quickly.
Additional First Down Funding Options
- Small Business Funding: Small business funding provides cash when your company experiences a shortfall in its cash flow. You can use these funds for various reasons, and the repayment schedule depends on the type of funding you use. It can come from a variety of loan types with varying terms and amounts of funding.
- ACH Business Loans: Also referred to as Bank Only ACH Program, these loans provide your company with immediate cash based on your company’s daily or weekly sales. It’s similar to a cash advance, and it offers the quickest access to money when you need it. Your business can also expect to repay it quickly too.
- Working Capital Loan: This loan provides your small business with the cash it needs to cover its operational costs. These are very specific expenses, such as rent or mortgage payments, utility bills, and payroll. Many small businesses that rely on seasonal sales turn to this type of loan to cover cash flow in the off-season or downturn in the cycle of sales for their industry.
- Bridge Funding: Sometimes referred to as swing or gap funding, bridge funding provides you the funds you need to meet your expenses during the period between expected funds. These loans are for lower amounts and quickly provide cash to your small business.
- Next-Day Funding: When you need cash fast, next-day funding is essential. This type of funding comes from various loans, but all of them place a lump sum of cash into your business’s bank account within 24 hours. These loans are usually for smaller amounts with quick repayment schedules.
- Merchant Cash Advance: A merchant cash advance (MCA) offers you a lump sum payment while taking a percentage of your business’s daily credit card sales directly from the company that processes your credit card payments. They continue to take the percentage until the full amount plus any interest is repaid.
- Long Term Business Loans: Your business can apply for a long-term business loan in amounts between $2,000 to $300,000. When you secure this type of loan, you enjoy a repayment schedule over a longer time than the others. In some cases, you have years to repay the full amount. These loans are usually used to invest in your company and not to shore up cash flow issues.
At First Down Funding, they want to be your partner when you need cash now to meet operational needs or to help your company grow. You can easily apply for your short-term small business loan online now.