Business Loans in Albuquerque
Small businesses in Albuquerque require business funding just like any other business would. Typically, when a small business requires a loan they approach their bank. However, banks do not provide loans easily to small businesses. The primary reason banks are hesitant to provide business funding to small businesses is to protect their investment from going south.
Banks require generally, business statements with healthy deposits and ending balances reflecting on it. Banks also require collateral, security and guarantees, in addition to this a high credit score is mandatory as well. Apart from this banks may want other documentation to be sure they are making the right decision, this documentation could include personal financials of the business owner, tax returns etc.
There are various kinds of business loans available to small business owners, however the quickest of these is the merchant cash advance, which a small business owner can receive very quickly. Banks do not process loan applications or dispatch funds so quickly to any business, however a private lender such as Funding Easily can and does.
The typical time frame required to process a business loan application at the earliest is 48 to 72 hours, and at most a month’s time. This is very different from banks who have a different procedure and take anywhere from 2 to 6 months to process a loan application.
Business loans for professionals are also available for self-employed professionals easily. There are many professionals who have a very tough time when they apply for a loan to their banks. The reason for this is simply because banks have a list of criteria which they follow strictly. These procedure are not friendly toward service professionals and small businesses.
As a private lender our criteria to provide loans for professionals, we require basically the following as criteria; the business should be at least 12 months old, the approximate gross sales need to be at least $15 thousand or over, and the business owner should not be in bankruptcy.
Contact us for more information regarding a business loan. Our funding team will assist you with the information and provide you with assistance filling in the application form if required.