Fast Business Loans: How and Where to Get One

No matter how much you plan for the future, some opportunities come up that require fast funds. Here are national funding options that offer fast cash you need to run your business.

See if you pre-qualify!

When is a Fast Loan a Good Option?

Here are some reasons you might need to act fast to secure a loan.

You Need Equipment

Do you need expensive equipment to keep your business running? Even if you have strong revenue, the cost could be beyond your reach because of the equipment cost or a seasonal dip in cash flow. From cars to software to a copier, a fast loan can solve your financing issue.

One SmartBiz Loans customer needed funds to jump on an opportunity to expand. Randy Jacques owns Southern Utah’s The Tree Guy. Jacques needed additional equipment immediately to keep up with his current customers and take on new ones. SBA loan was the right choice for his business and he’s now successfully expanding to other parts of the state. Read his full story here.

You're Drowning in Debt

Using cash flow to pay off high interest debt can put you in a perilous position. You might find yourself unable to pay vendors or struggling to make payroll. It might sound crazy to take on more debt but it’s a strategy that can actually save money.

SmartBiz customer Milton Martinez owns Triple D Towing in Texas. By paying off two small loans with low-cost funds, he’s saving between $15,000 to $18,000 dollars. That’s money he can put back into growing his business or into savings.

You’re Running Out of Inventory

SkateXS is a successful skateboard business in Southern California. Owner Bryan Tracey tells when he discovered that he needed extra funds.

“Our big challenge with SkateXS is the holidays. During Christmas, we can get over 10 times our normal orders in a single day. Somehow we had to come up with significant cash flow in August and September to get inventory ready.”

Tracey had to turn off Amazon sales, as they couldn’t keep up, hurting revenue and the ability to stay afloat during slow times. He came to SmartBiz and got a great rate on a $150,000 10-year SBA loan. He was able to keep up with demand, attracting new customers and strengthening his bottom line to prepare for the slow season. Learn more about SkateXS here.

You Need to Hire Quickly

If your business is getting busy, your staff might be overloaded. This isn’t good for productivity or morale. Even if you’re a sole proprietor, a freelancer or contract employee can get you through tough times.

Fast funds can help you bring on an employee to help with logistics, marketing, sales and more. Since the hiring process can take some time, it’s a great strategy to quickly get funds so you can start a search.


What are the Fastest Loan Options?

Your Business Bank

Banks are notorious for turning down owners who need a smaller loan amount. This is because it costs banks the same amount to process a small loan as a large one. Obviously, the large loan is more profitable for the bank.

But if you need a larger amount, you might get approved quickly. Your bank already has some of the required information and paperwork so the process can move swiftly.

Credit Cards

The right credit card can give you immediate funds. It’s fast to qualify and you can use your card immediately. The better your credit, the better chance that you’ll get a good deal.

Because credit cards are a revolving line of credit, you can continue borrowing without dipping into cash flow. If you have good credit, you’ve got a better chance of getting a card with a low rate along with discounts and rewards.

A credit card cash advance is another option but can be costly.

For more information about credit cards and credit, check out these posts on the SmartBiz Small Business Blog:

Your Payment Processor

If you use PayPal, you can take advantage of their Working Capital program. This option grants funds quickly. Repayment is required through an amount of each sale you process through PayPal. Your credit line is determined by recent sales.

If you're in a slump, you may need to wait for a spike in sales to get the best rates and terms. Learn more about PayPal’s loan option here.

Merchant Cash Advance

A merchant cash advance (MCA) is a quick solution for short-term financial assistance. MCAs are also a good option for business owners who’ve been denied a traditional loan from their local bank. They require little paperwork, no collateral, and can be approved and funded within a day or two, even for business owners with a low credit rating.

Unfortunately, the convenience of cash advance loans comes with a catch—mostly in the form of high rates and hefty fees. If you’re considering applying for one, make sure you fully understand the downsides of merchant cash advances. Check out this article for more information: Merchant Cash Advances: What You Need to Know

Short Term Business Loans

You can go to a bank or an online facilitator to get a fast loan with short terms. SmartBiz offers term loans for business owners that need funds quickly. These types of loans are meant to be repaid in 2 – 5 years and SmartBiz offers an option with a fixed interest rate and no pre-payment penalties.

Loans offered through SmartBiz bank partners can be used for working capital, debt refinance and new equipment purchase and are available from $30,000 - $200,000.

To learn more about non-SBA loans through SmartBiz, check out in-depth information here.

SBA Loans

You might be inclined to pass up an SBA loan because of the strict requirements. SBA loans are guaranteed by the government so additional paperwork might be required. However, if you have strong credit, the rates and 10-year term of an SBA loan is hard to beat. As a matter of fact, SBA loans are known as the “gold standard” in small business funding. When you work with SmartBiz Loans, funds can be in your account in as fast as 7 days after your paperwork is completed.

If you have a time constraint, it’s a good idea to find out if you qualify for an SBA loan before you apply. SmartBiz Loans has a free, online tool that lets you know in minutes where you stand on the seven factors banks consider when you apply for an SBA loan. Sign up here to discover your “Loan Ready Score”.

For more information on SBA loans, visit the SmartBiz Loans website here.