If you are seeking additional working capital for your healthy business, the answer could be a Fast Track SBA loan for financing up to $350,000. At last, there is a single page loan application for businesses where the owner has a personal credit score of at least 620, the business is at least two years old and shows some positive cash flow. In addition to the easy application, to apply for this loan you will need to furnish
- Business financial statements for the past year
- Personal and business tax returns for the past year
- Your credit report*
- After the initial review, you may be asked for one or two items
SBA Fast Track loans benefit businesses
This loan can fund in as little as 7 to 10 days, not taking the normal months and months of waiting for regular loans. The interest rates on the Fast Track loans run between 6% and 8% with a 1% to 2.5% line fee. The loan is for up to 10 years, with no pre-payment penalty.
For loans under $150,000 there is no need for one-to-one collateral. For larger amounts up to $350,000, if the conditions for underwriting are met, collateral will come into play.
One of the best things about the Fast Track loan, is the lenders will take a second position behind an existing loan or line of credit holding a UCC-1 filing.
A Fast Track loan is much, much less expensive than maxing out credit cards or a cash advance loan that is paid back daily out of your checking account. With the barriers of entry removed, and you need extra funds to grow your business, a SBA Fast Track loan is something to definitely consider for your business.
*A note about your credit report: We like you to pull your own credit report, because we understand if lenders or others outside of yourself pull the report, it hurts your credit score. https://www.freecreditcheck.com/