Nearly every business faces cash flow challenges at some point in its operation. You may find yourself grappling to pay your employees, purchase new inventory, cover operating costs, or even pay taxes. This is when most businesses turn into small business loans.
Online platforms like National Business Capital offer loans to small businesses with unexpected expenses or seasonal cash flow. Keep reading to learn more about National Business Capital business loans and how you can easily apply for one.
What Is National Business Capital?
National Business Capital is an Online Lender Marketplace founded by Joe Camberato and headquartered in Hauppauge, New York. The lending advisory company connects small business owners who want both short-term loans and long-term loans with over 75 lenders. It offers competitive financing options, including term loans, equipment financing, and business lines of credit.
The company has a streamlined approval process that matches you with the right lenders based on your business needs. All you need to do is submit your personal and business information and wait for National Business Capital to connect you with their matching lending partner, which can happen in minutes.
The service comes at a fee, but the trade-off is worth it since the application process and funding is faster. Plus, National conducts a soft credit pull, which doesn’t affect your credit score. The company is also BBB (Better Business Bureau) accredited with an A+ rating.
Types Of Business Funding Solutions National Business Capital Offers
National Business Capital offers various financing solutions to small businesses. So whether your business is growing or facing a financial challenge, there’s always something for you.
Small Business Loans
A small business loan gives you access to a lump sum amount of money. The funds can be used for various purposes, including filling cash flow gaps, purchasing new inventory, or covering unplanned expenses.
Your business must be at least one year in operation and generate at least $120,000 in annual revenue (or $10,000 per month) to qualify for a small business loan with National Business Capital. Additionally, you must have at least a 580 credit score to be eligible, but they work with other platforms that can accommodate lower credit scores.
Both unsecured and secured small business loans. The latter requires collateral to get approved, and you could lose your asset(s) if you default on the loan payments.
Business Lines of Credit
A business line of credit is a flexible form of financing that functions much like a credit card. When needed, businesses can draw money from the credit line and pay interest for the amount drawn.
National Business Capital’s business line of credit starts at $25,000 and can go up to $10,000,000. The business line of credit has flexible, revolving terms and can be funded within one to three days after application. To qualify, you’ll need at least a year in business, a 600 credit score and at least $10,000 in monthly revenue.
You should also know that the online lending platform boasts a 90 percent approval rate.
National also offers financing to help you purchase the equipment you need to grow your business. There’s no minimum time in business to qualify for equipment financing as long as your credit score is 650 and above. Plus, you don’t need excellent credit if your business generates at least $120,000 in annual gross sales.
You can get funded $10,000 to $5,000,000 in equipment financing within one to five days, with repayments terms of one to five years.
SBA loans are loan types guaranteed by the Small Business Administration, meaning you’ll get better rates than you’d qualify for otherwise. National Business Capital offers SBA loans ranging from $50,000 to $5,000,000, funded in as little as 45 days and repayable in 10 to 45 years.
Your business has to be at least two years old, generate $100,000 in annual gross sales, and have a credit score of 685 and above to qualify for an SBA loan with National.
Asset Based Lending
You can also take out a loan or line of credit using your business asset as collateral. Such assets can include real estate, receivables, inventory, purchase orders, and equipment.
A couple of its advantages are that there’s no time in the business requirement, no minimum credit score, and you can access 50 to 95% of your collateral.
Accounts Receivable Financing
You can also turn your business receivables into cash with National Business Capital. The financing amount starts from $100,000 and can go to $25,000,000 and is funded as fast as five days. Loan terms for accounts receivable financing are flexible and revolving, meaning you can find terms that best fit your business needs.
The minimum requirements for this type of small business financing include at least six months in business, $40,000 in monthly receivables, and no minimum credit score.
Purchase Order Financing
If your customer’s invoices are due soon and you don’t have enough cash, purchase order financing allows you to get the funds you need to cover such payments. You can get a loan amount of up to 90% of your purchase orders within three to seven days.
The upside of purchase order financing is that it has no minimum credit score requirement, no time required in business, and no annual revenue.
Merchant Cash Advances
You can use future sales to secure a loan, provided that you’re at least three months in business and generating $120,000 in annual gross sales. The financing amount starts from $25,000 to $5,000,000, funded within one to three days. The loan term is flexible and tailored to your needs but is generally between 6 and 24 months.
Franchise financing is a good option for small businesses needing cash to expand their operations or cover necessary renovations. With National, you can get up to $5,000,000 in franchise financing, funded in two to seven days. This type of financing has flexible terms ranging between one to 10 years.
To qualify for franchise financing, you need to be in at least six months in business and bring about $120,000 in gross annual sales. There’s no minimum credit score requirement.
Commercial Mortgage Financing
If you want to own commercial real estate apart from your business, commercial mortgage financing can help turn your dream into a reality. You can get anywhere between $100,000 and $5,000,000 in commercial mortgage for your business, funded within 30 to 90 days. The loan term for this funding option is 10 to 25 years.
The requirements for a commercial mortgage include at least two years in business, $250,000 in annual gross sales, and a FICO score of 620 and above.
Startup Business Funding
Business owners can also get startup funding to kickstart their entrepreneurial journey. The financing amount ranges from $10,000 to $5,000,000, which has flexible, custom loan terms of six months to 10 years and takes one to three days to fund.
What do you need to qualify for startup business funding? You need to be in business for at least six months and spawn $10,000 in monthly receivables. There’s no credit score requirement for this financing option.
Exclusive Funding Solutions
National Business Capital also features other exclusive financing solutions that could be ideal for your small business:
- Hybridge SBA Loan: Get access to capital – between $50,000 and $5 million – in just one to three days. This loan product features an expedited SBA process, and most borrowers complete the SBA application and funding process as quickly as 45 days. You’ll receive a loan term between 10 and 25 years if you’re approved for funding. Regarding eligibility criteria, the Hybridge SBA Loan is accessible to businesses that have been operable for at least two years and generate $120,000 or more in gross annual sales. A FICO score of 685 or higher is also required to qualify for a loan.
- eQuickment Financing: Access between $10,000 and $250,000 to purchase the equipment needed to keep your business moving forward. If approved, you’ll receive the loan proceeds in two to five days and a flexible loan term between two and five years. Loans that do not exceed $75,000 only require a 600 FICO score to qualify. But if you’re seeking a higher amount, you’ll also need six months in business and $120,000 or more in gross annual sales.
- CannaBusiness Financing: If you operate in the Cannabis Industry, you may be eligible for $10,000 to $5 million in funding to level up your business. The funding time for this loan solution is between one and three days, and you’ll get six months to 10 years to repay what you borrow. Use the loan proceeds to expand operations, cover business expenses or capitalize on lucrative opportunities. Many borrowers invest in biotechnology, consumption devices, cultivation, growing, farming, industry-specific marketing resources and ancillary cannabis companies.
Benefits Of Working with National Business Capital
Here’s why you should work with National Business Capital to get your small business loan:
- Access $25,000 to $10,000,000 in small business financing
- Multiple loan options through over 75 reputable lenders in their online lending marketplace
- Get larger amounts with longer terms and lower rates
- No minimum credit score requirement for many options
- A personal guarantee is not required for some funding options
- No collateral needed
- Flexible financing programs
- Expert Business Financing Advisors work hard to match you with creditors and provide a
- great experience
- A simple and fast application process and rapid real-time lending decisions to get you funded in as little as a few hours
National Business Capital Fees and Costs
Since National Business Capital is a FinTech marketplace that connects and matches you with a lender, fees and costs vary depending on the lender. While each lender has its own fee schedule, interest rates start from as little as 6%.
Some lenders consider credit scores when determining the interest rate to offer you.
How To Apply for a Business Loan from National Business Capital
The application process is straightforward and can take you less than 60 seconds to complete. Here’s a step-by-step guide on how to apply for a business loan:
- Gather your personal and business information, along with three months of bank statements.
- Complete an online application form found on the National Business Capital site in under 3 minutes.
- Choose an ideal funding solution and finalize your application.
- Get connected with a matching lender from their network of over 75 financial institutions.
- Get funded in as little as a few hours, depending on the loan product you select.
Are you ready to apply for a small business loan? Submit an online application form to start your stress-free loan application process today.