What is the Fastest Way to Get Funding for a Business?

Small business funding is a critical aspect of running and managing the finances of a small business.  Even with the best-laid plans and forecasts, there can be unexpected and urgent needs for financing when you are running a small business.  Having sufficient capital and the facility to manage these unexpected needs, preserve cash flow, and continue business operations uninterrupted can be the difference between success and failure.  When time is of the essence, you want to find fast small business funding options, that get you the small business funding you need right away.  You don’t have days or weeks to wait for money, after all. 

Below, we’ll explore different aspects of small business funding, and highlight some of the best ways to obtain fast small business funding – including business funding with bad credit.  We’ll look at secured vs. unsecured small business funding, fast merchant cash advances (often the best choice for getting access to cash ASAP), and also examine how to get a small business loan, a more traditional form of fast small business funding.  We’ll address some related questions, and highlight BizFly Funding, one of the best choices of lenders for fast merchant cash advances, fast small business funding, and quick and easy approvals in the US market.  

Unsecured Small Business Funding – The Fastest Choice

The first topic to consider when you need fast small business funding is whether to choose secured or unsecured funding options.  Secured funding – whether loans, lines of credit, or other financial products – requires you to put up collateral in order to secure the loan, and guarantee repayment to the lender.  This usually offers you a lower interest rate, since there’s less risk for the lender.  However, there is a considerable risk for you as the borrower.  If you default on the loan, the collateral will be forfeit.  Given the way collateral is valued, at fair market rates rather than what you paid, you can often end up having to put up collateral valued at 3 to 5 times the amount you are borrowing.  That can be a hefty loss to swallow if things go badly.

At the same time, secured small business funding options are usually not very fast ways to get the money you need.  The process of evaluating the value of collateral for a secured loan means the process can drag on for quite some time.  These downsides are why many small business owners in need of fast small business funding prefer unsecured financing, with no collateral requirements.  While the interest rates tend to be a bit higher, reflecting the higher risk on the part of the lender, they are much quicker to obtain for the borrower.  Fast merchant cash advances, small business loans, and other unsecured small business funding products are often the lowest risk and quickest way to go when you need cash fast for your small business. 

Merchant Funding – Fast Merchant Cash Advances

One of the fastest small business funding options of the unsecured variety is merchant funding via a fast merchant cash advance.  Merchant cash advances are a somewhat different form of small business funding, that straddle the line between a conventional small business loan and something altogether different in terms of how they work.  You receive the fast merchant cash advance proceeds up front, as cash or electronic transfers, just like with a loan.  But rather than having to pay back that amount with interest based on a fixed calendar schedule, the repayment is dynamic and automatic.  It’s based on the credit and debit card sales that your small business makes.  Therefore, the repayment term is variable, and the repayment itself is responsive to your sales. 

You won’t owe more than your sales revenue can support, since if you do less in sales, your repayment amount is less.  It’s an agreed-upon percentage of your credit and debit card sales.  This is one of the key benefits of merchant cash advances.  The drawback is that the interest rate (called a factor rate when it comes to a merchant cash advance) is typically higher than a conventional small business loan or other fast small business funding options.  That’s what you pay for the privilege of a responsive and dynamic repayment option, since the lender has less ability to know when they will receive their full repayment and interest due.  But if you need cash fast, and don’t want to be on the hook for a fixed amount of repayment, and do most of your business via credit and debit card sales, it’s hard to beat a fast merchant cash advance as a source of funding for your small business. 

Other Options – How to Get a Small Business Loan

Merchant cash advances aren’t the only source of fast small business funding, however.  Depending on your lender and how they operate, you can often obtain small business loans as a form of fast small business funding.  Most people automatically think that any kind of loan will take days, weeks, or months to complete.  Mountains of paperwork is the first thing that comes to mind – lots and lots of forms that do nothing but take up your time, and then you play the waiting game to find out if you’re approved, and for how much.  All of that waiting, paperwork, and time can cost you valuable money, and cause your small business to miss out on opportunities.  As we said at the start of this guide, when you need cash fast for your business, you don’t have time to wait around.

When you choose a non-bank, private, alternative lender, you can often obtain small business loans on a much faster schedule.  Indeed, top lenders like BizFly Funding can help you with fast small business funding with a lot less paperwork and stress, thanks to an online application process.  You can get pre-approved in just 30 minutes, and be approved for a small business loan in just hours.  Many customers can receive their small business funding by the next business day! 

So, how do you get a small business loan from BizFly Funding?  It’s very easy.  Just visit https://bizflyfunding.com, and fill out the online application.  One of their exceptional customer service team members will get back to you shortly, and within a few hours (for the vast majority of clients), you can be approved for as much as $1m in fast small business funding, available in your bank account the next business day!

Frequently Asked Questions about Small Business Funding

Do I need a down payment for a business loan?

Unsecured small business loans do not require a down payment of any kind, nor do they require collateral.  You simply have to meet the minimum eligibility requirements set up by the lender, fill out the online application, and provide the requested information and documentation about your business. 

Can I get a business loan with a 700 credit score?

Most of the non-bank, private lenders, like BizFly Funding, offer a range of fast small business funding products, and options for business funding with bad credit.  Bad credit small business loans, for example, can be obtained with credit scores significantly less than 700.  You should have no trouble qualifying for most of the different kinds of fast small business funding at BizFly Funding with a credit score of 700 or greater.  Companies with credit scores as low as 500 can still qualify for several of the small business funding products available from BizFly Funding. 

How to qualify for a small business loan?

At BizFly Funding, the minimum eligibility requirements for a small business loan stipulate that you have a credit score of at least 500, have been in business for at least 6 months, and generate at least $10,000 in monthly revenue.  The revenue requirements may be higher for larger loan amounts.  But provided you meet those minimum requirements, you have an excellent chance of approval for a small business loan. 

Where is the best place to get a business loan?

Private, non-bank lenders are the best choice for business loans, especially fast small business funding.  They can take on more small business clients, and tolerate greater risk than banks and traditional financial institutions.  They often have fewer hoops to jump through, resulting in the ability to provide truly fast small business funding in 24-48 hours, compared to weeks or months with banks.  BizFly Funding is one of those lenders, offering funds available within 1 business day to companies who qualify. 

How can I get a first time business loan?

Whether it’s your first small business loan, or your seventh, the requirements to qualify at BizFly Funding are the same.  Just meet the minimum credit score, time in business, and revenue requirements, and apply online.  You’ll get fast service, and have your answer for fast small business funding for your business. 

Small Business Funding Options from BizFly Funding

BizFly Funding is one of the premiere non-bank private lenders in the industry today.  They exclusively focus on providing small business funding solutions in the US.  Whether you need a fast merchant cash advance, are wondering how to get a small business loan, or are seeking some other form of fast small business funding, BizFly Funding has a solution that will work for you.  It’s easy to qualify for most of the merchant funding options at BizFly Funding, the application is digital, fast, and easy, and you’ll receive outstanding service from the BizFly Funding team.