Easy Small Business Loans

If you want to expand your business or face some challenges, you may need quick cash to cover the expenses. There are several loans available in the market. Some business loans are easy to apply for as compared to other loans. 

The chance for accessibility entirely depends on the type of loan you want to secure. Easy small business loans give you the cash you need to solve your problems.

Getting easy Small Business Loans to help you maintain business operations and gain complete control of its functions. However, you need the right loan for your business to achieve this.

So, let's jump into it and briefly explain the core details of easy small business loans.

What makes an Easy Small Business Loan is a Smart Option?

An easy small business loan is just like a small investment for your future business because there is more to a small business loan than meets the eye. The best small business loans help to grow your business without any obstacles. Thus, you get flexibility in managing your daily operations.

Additionally, this loan helps your business run smoothly, and as a result, you see massive growth in your industry.

Can a Small Business Qualify for an easy small business loan?

There is no doubt that many business holders rely on the borrowed capital to start, maintain, grow, or run their business; still, they believe they don't have sufficient credit to get a loan.

Now, there are more options than lenders or banks consider while offering a loan, such as revenue, proper collateral, time in business, and the business's credit profile. Consequently, every lender gives importance to the factor that suits them best.

Types of an Easy Small Business Loans

There are different small business loans available for the borrowers, but here is the list of the loans people usually prefer.

Unsecured Easy Small Business Loans

An unsecured loan is one in which the lender doesn't ask for collateral from the business owner. This is entirely dependent on the creditworthiness of the borrower.

Sometimes, small business owners need loans for their business, but they don't have collateral that is the main requirement for the loan by the lender or the bank. Collateral can be a property, asset, or inventory.

Luckily, some lenders do not require any collateral to offer the loan. So, this is the best option for those who don't have collateral.

Secured Easy Small Business Loans

If you want to take a loan from a bank, they will prefer secured business loans, which means that they would ask for collateral like real estate, equipment, or any other valuable asset.

The purpose of the collateral is to secure themselves. For instance, if the borrower cannot pay the amount, then the bank or the lender can seize and sell their property.

SBA Loans

The Small Business Administration loan offers only a few loans directly through the loan programs. This loan works with the traditional lenders, namely, banks and credit unions. A government guarantee backs these loans, planned out to make it simple for the bank to approve loans.

This loan offers different plans to have options and thus choose any method that suits you and your business best. This loan requires a thorough application process, credit check, and collateral; therefore, it is not suitable for everyone.

Benefits of Easy Business Loan 

(a)   Enhancing Growth

Business holders want to grow their company, but for that purpose, they need cash investment. An easy small business loan allows you to invest in your business without binding your cash. Moreover, it makes it easy for you to finance expansion to a new place.

(b)  Dealing with challenges and opportunities

There is no doubt that in your business, you will meet different challenges. Accordingly, it would be a bit of bad luck for you if you do not avail any business opportunity just because you don't have the money. For instance, a short-term small business loan can be an excellent chance for purchasing equipment that will allow your business to grab extra profits.

(c) Investing in Other Projects

Small business loans help you to invest in renovations and other essential projects. Sometimes, when you ramp up a new project that requires extra cost, that leads the business in a position to cover with the cash flow. But, it can cover it in 60 or 90 days.

In such a situation, the capacity of a business to get in and out of the financing at a lower cost makes more sense than making payments on longer-term loans for years.

Concluding Remarks!

To sum up, we can say that no matter which loan suits you the best and fulfills your business requirements, if you get a consultant, you can choose the right loan for yourself. Hence, BitX Funding is the proper palace where you can get the best loans. Our financial experts will listen to you and suggest the best loans that your business requires.

What is a Small Business Line of Credit?

Small business owners need to adapt to change if they want to grow or expand their business. To fulfill the need for cash, you should have access to money with flexible repayment terms, which is an ideal solution for an unsecured line of credit.

A flexible line of credit is beneficial and a good choice in supporting your small business. There are different lines of credit, but in this discussion, we will discuss all the small business lines of credit. So, let’s jump right into it.

 What is a Small Business Line of Credit?

 A Small Business Line of Credit is similar to a small business credit card to a small business loan.

 Like a small business loan, a small business line of credit provides a business with easy access to money. Business owners can use this cash to address any business expense.

 A small business line of credit revolves around a credit card. If I put it in simple words, then it means that interest will begin when you start drawing your funds, and the money you pay is available to borrowers as you pay off your balance. The lender or a bank will set a limit on the amount that you borrow.

 How can you use a Small Business Line of Credit?

There are several reasons that why you should get a small business line of credit? One of the top reasons is to gain access to short-term funding. Many business owners use this type of funding to manage their business expenses like increasing inventory or payroll.

As with many other business loans, a business line of credit is not for a specific purpose. It is the best option for those who are looking for better ways to manage their cash flow. You can quickly draw funds from a small line of credit by using a business checking account or any mobile banking app.

Secured and Unsecured Business Line of Credit

When it comes to a small business line of credit, it counts in unsecured debt, which means you do not have to set up collateral for this. Therefore, unsecured business lines of credit come with variable interest rates.

How can you get a Small Business Line of Credit?

When you want a business line of credit, you first have to decide from where you want to get that, either from a bank or from an online lender. Everyone has their requirements to qualify for this credit line. For instance, many banks require that the borrower's business should be under current ownership for some specific amount of time.

Concluding Remarks!

Getting and maintaining a business line of credit may help you build your business credit rating and make a good position for you in future funding. Business professionals suggest that if a borrower gets a small business line of credit the first time and then pays off that debt quickly, it will build a good credit profile. So, if you want to get a business line of credit, you should contact BitX Funding. Our experts will listen to you and recommend the best loan that suits your needs. 

What is meant by Small Business Cash Advance?

A business cash advance is an advance on future sales where the borrower agrees to pay back the amount at a specified percentage of your future sales. But people generally do not consider this as a loan.   

How Does a Small Business Cash Advance Work?    

A borrower can repay the small business cash advance other a daily or weekly basis through a debit from your bank or business merchant processor.

The repayment amount depends on the percentage of daily sales, and as a result, there is no set term for this repayment.

The total repayment amount may range from 9% to 47%, which is more than the funded amount. This is known as a factor. This factor is based on several business attributes; some of these factors include: 

●      Stability of revenue 

●      Seasonality of business

●      Length of time in business

How to qualify for a Small Business Cash Advance?

To qualify for a small business cash advance is pretty easy and fast. Bit due to its nature and terms, the requirements for small business cash advance are lenient. 

●      A borrower has to provide 4-6 months of the bank statements

●      Fill out the small business cash advance application 

But, while applying, you can skip the following things such as:

●      A credit pull

●      A collateral

●      A pile of paperwork

How is a Small Business Cash Advance different from a business loan?

Whether it is a small business cash advance or a small business loan, both will provide capital to a business holder. Although, with a business loan, the borrower has to pay back the required amount within a specified period. But for the ease of the borrowers, lenders and banks allow them to repay in monthly instalments.

Moreover, a traditional business loan also requires some form of collateral. This is like security for the lender. When the borrower cannot repay the loan, the lender can take possession of and sell the collateral.

But for a small business cash advance, there is no need for collateral.

The rationale to Apply for a Small Business Cash Advance

After applying for a small business cash advance, the borrower should consider using it to improve the business operations in the following ways:

Business expansions

If a store is going well but wants t to expand, it will need some cash. According to the 2021 survey, approximately half of the small business owners plan to remodel their businesses.

Advertising and Marketing

So your new business is open, and its layout is ideal. Now, it is time to get your marketing going. So, advertising includes marketing through social media, local newspapers, or printing. For that purpose, business holders need a small business cash advance.

Equipment and Supplies

A small business cash advance can fulfil the equipment and other supplies for your business operations. Furthermore, they can also help in upgrading the high-tech equipment.

A Quick Round Off!

Small Business cash advances provide cash that is an alternative tot he traditional bank loans. The business holders receive capital from a small business cash advance provider and then repay that amount with the percentage of the business sales. This way, it will help you to fulfil your business needs and expand them with this amount. So, get this loan from BitX Funding which will provide you with the best funding options according to your requirements.

Long-term Personal Loans for Business

Earning some extra money can completely change your life and transform your lifestyle. For example, you can pay your debt, or you can invest your money in business, and then you will get your share every month. But if you don't have extra income but want to earn, then there are different types of loans that work for people like you. One of them is the "Long Term Personal Loans."

A long-term personal loan is a loan in which you can repay the loan in at least five years. Usually, people prefer more to long-term loans to short-term loans because of the high-interest rates. The amazing fact about the long-term business loan is a lesser monthly payment; that's why borrowers can afford these loans easily. In addition, the span periods of these payments are more extended than the short-term loans. Long-term business loans allow the borrowers to manage their prices because the payback of these payments can extend to an extended period.  

                     When there is a need to get a Long-term Business loan?   

Whenever someone borrows money for any purpose, he needs some time to repay that. Long-term business loans are suitable for such borrowers. In this way, they will get a lot of time to repay, and the installments long-term business loans offer are lower, which the borrower can quickly pay every month. 

If you ever get a chance of getting some extra income or some commission, then you may opt for the payment as much as you can afford. There is no strict rule that you can't pay the lender all the money before the due date. If you want to clear your payments, you can spend all the money whenever you want.

                                     Pros of Long-term Business Loans

Less Monthly installments: The amount you borrowed from the lender will be a low monthly installment to pay back the money. You can wisely choose the monthly payment you can easily afford by keeping in mind the interest rate.

A large amount of loan: The benefit of getting a long-term business loan is that you get more significant amounts for loans. When you need a large sum of money, there is always an option of a longer-term to pay back the money. 

                                     Cons of Long-term Business Loans

 More Interest: In a long-term business loan, unless you pay the loan off early, you have to pay more interest in the loan's life compared to short-term business loans.

High-interest rates: Lenders can change the interest rates for long-term business loans. The reason behind this is they considered these loans riskier.

Changes in Finance: The progress of your financial picture is likely to develop in seven to eight years. While you are carrying long-term business loans, it means that you might have to make a balance with your future decisions.  

So, you can find the best and suitable loan for your business and which you can quickly pay back in monthly installments. Of course, it all depends on what and how you will manage all of these things. After getting a complete understanding and guidelines, you can apply for long-term business loans.

Business Invoice Funding

What Is Invoice Financing?

Invoice financing, also known as accounts receivable financing, is a type of resource-based financing in which business proprietors get a loan of capital in return for their unpaid invoices. Ordinarily, invoice financing organizations can propel you up to 85% of the worth of your invoices, and you get the excess 15% (minus the fees) when your invoices are paid.

Since the actual invoices fill in as security on the capital you get, invoice financing is frequently simpler to meet all requirements for than different sorts of small business loans. Along these lines, invoice financing is a great funding alternative.

How Does Invoice Financing Work?

Invoice financing is a type of resource-based financing in which you get an advance of capital for your unpaid invoices. This is not the same as numerous business financing products, which are organized as term loans—which means you get a single amount of capital that you repay, with interest, over the long run.

Despite the fact that it's feasible to get up to 100% of the worth of your unpaid invoices, most invoice financing organizations will propel you up to 85%, holding the leftover 15% until the invoices are paid.

At the point when your client pays the invoice, you get the excess 15%, short the lender's fees. Normally, you'll be charged a preparing fee (about 3%), just as a factor fee. The factor fee, which is typically about 1% to 2%, is charged on the absolute value of the invoice for every week it takes the client to pay.

With invoice financing, you pay for quick and prompt admittance to your capital, opening up your income that is being held up in unpaid invoices.

Sorts of Invoice Financing

There are a couple of varieties of invoice financing, including invoice factoring and accounts receivable line of credit.

Invoice Factoring

Invoice factoring and invoice financing are regularly utilized conversely; notwithstanding, there are contrasts between these funding types.

With conventional invoice financing, you repay the advance of capital you acquired, in addition to fees. With invoice factoring, you really offer your invoices to the invoice factoring organization at a markdown.

Much of the time, this likewise implies that the invoice factoring organization is the one gathering installments from your clients.

Accounts Receivable Line of Credit

An account receivable line of credit is a sort of invoice financing wherein you utilize your unpaid invoices to back a credit line. For this situation, the line of credit is upheld by your invoices, and the sum you get on the line is typically up to 85% of the value of those invoices.

Dissimilar to conventional invoice financing or invoice factoring, where you're provided with an advance of the worth of your invoices, an account receivable line of credit allows you to draw capital on a case by case basis.

Advantages of business invoice funding

Here are some of the benefits that you will get from business invoice funding:

1.     Quick admittance to working capital

2.     Eases income issues because of unpaid invoices

3.     Simpler to meet all requirements for than different kinds of business financing

4.     Invoices themselves fill in as a guarantee

5.     Ease if your clients pay on schedule

Business invoice funding through BitX Funding

BitX Funding is an online marketplace that helps the business owner to match the best loan option. If you don’t wait to fund projects and purchases, BitX Funding is where you need to be, as they understand that these forces drive your business forward. With business invoice funding from BitX Funding, You don’t need to wait for invoice payment; invoices serve as collateral and are based on the credit of the invoiced business. To get the business invoice funding that fits your need, you need to follow three simple steps:

1.     You can apply online in just a few minutes through our website or call directly at 800.824.2407.

2.     As soon as you get in contact with us, our loan specialist will guide you and will find the appropriate loan. You will be able to make a decision in minutes.

3.     After signing your contract, you can receive money in as fast as 24 hours.

Ultimate Guide to Understand 2020 SBA Loans 7(a)

SBA (Small business Administration) is a terminology of business loans which are often granted by lenders to small business owners for their startups. Now there is another type of SBA loans are introduced in the market known as SBA 7(a) loans. It is one of the most advanced and fast ways to get finance for your enterprise. All SBA 7(a) loans are approved by the federal agency in the USA and they are as secure for the lenders as they are with for borrowers. This characteristic allows traditional lenders to provide different kind of small business loans on easy installments and flexible terms. These loans are one of the best ways for giving a head start to your business.

In 2020 SBA loans term 7(a) has become one of the most popular types of small business financing in SBA business line of credits. There are some strict criteria and lots of paperwork involve in the proceedings of these SBA 7(a) loans but still, they are one of the smartest choices for your business loan.

If you want your business to get that initial financial boom SBA programs are perfect because of their low-interest rates and flexible conditions. So, if you have the opportunity then go for SBA 7(a) loans. Unfortunately, if you are not qualified for SBA loans then there are many other fast ways to borrow money for your business as like online small business loans.

Types of SBA Loans

There are a few types of SBA loans are available other than 7(a) and they are following.

●        504 loan program

●        Microloans

●        SBA disaster loans

All these loans are related to small business and these loans are mostly given by banks. In an organization, SBA can take guarantee of 80% loans that are given and the amount is less than 150,000 dollars. In 2018 the maximum amount that a borrower can apply for was about 400,000 Dollars but now you can apply up to 5 million Dollars. All in all, SBA loans are one of the best choices that you can make to boost your business.

Interest rates of SBA

The SBA interest rate is unique than any other lenders that you are going to apply for. It is based on the prime rate plus and markup rate.

7(a) loan interest rate

SBA 7(a) loan interest has based the duration in which you are going to pay off your loan. There are some different rate of interest-based on the amount that you borrowed through SBA loans.

Price	Loan paid in 7 years	Loan paid after 7 years
25,000 $	9.5%	10%
25,000-50,000$	8.5%	9%
More than 50,000	7.5%	8^%

So if we calculate it now with the current prime rate it remains 5.25%.

APR rate on 7 (a) loan

APR rate on a loan differs from organization to organization and amount of the loan. APR percentage is measured after including loan fees along with the fixed interest rate of an organization. Nowadays, online SBA loan lenders are more efficient and flexible when it comes to APR rates on an SBA loan.

If we do a comparison between online lenders and traditional lenders than online lenders offers an APR rate of 9.7 to 11,04% for regular on 7(a) loan and if you are applying for commercial SBA loans than the ratio will be 7.38% to 7. 43%. On the other hand Bank SBA loans, APR rates vary between 5.5 to 8.25%.

Most common repayment terms of SBA 7(a) loans

The main benefit that you get from SBA loans along with low-interest rates and APR rate is that you get more time to repay that loan. SBA 7(a) provide a long repayment time and it is very convenient borrowers.

All the term and conditions of SBA loans depends upon the amount of money you are applying for and what is your business.

●        If you apply for Capital or daily operations you will get the time duration of 7 years to pay off your loan.

●        If you are purchasing new equipment with loan money than you get 10 years.

●        For real estate purchases, you will get 25 years to repay your loans.

For SBA advances, a more drawn out term implies a lower loan cost and lower customary installments. That implies you'll have more cash accessible for different business needs.

SBA advances likewise can give an exit from a harming monetary circumstance. Terry Trumbull, proprietor and leader of Trumbull Meats in Hamburg, Michigan, got an SBA advance through Smart Biz that enabled him to renegotiate substantially more difficult subsidizing. It was "executing me," he says, and the SBA advance gave help. Be that as it may, he had to hold up a few months and manage numerous prerequisites, he includes.

What is an SBA Loan assurance?

Banks give the assets that make up an SBA credit, yet the organization ensures a bit of the sum, up to a $3.75 million assurance. That implies in the event that you default on the advance, the SBA pays out the insured sum. This assurance lets moneylenders offer longer terms for reimbursement than they generally could, which implies your regularly scheduled installments will be lower.

Steps to get SBA 7(a) loans

To get SBA loans you guys first have to study about them and the best way is to explore SBA website. There is a checklist to get your loan approved by SBA and you need following documents to apply for SBA line of credits.

●        SBA information form of the borrower fully filled.

●        Personal history statement

●        Financial statements

●        Income tax returns

●        Tax return of your business

●        Business license

●        Lease papers

●        History of previous loan applications.

You have to submit all these papers at the lender office of your choice and after that agency will match you with lender by a special tool. With newly launched SBA express service you application will be answered within 36 hours.

How would I pick the correct bank?

In case you're applying through a conventional bank, it works with one that has a reputation for handling SBA advances. Patty Staples, the senior VP and boss credit official at Evangelical Christian Credit Union, proposes you ask your potential loan specialist these inquiries:

1. What number of SBA advances do you make?
2. How regularly do you support SBA credits?
3. How experienced is your staff all the while?
4. What is the dollar scope of the credits you make?

When all is said in done, a manage an account with different long periods of involvement with handling SBA credits will have the option to give you direction, including telling you your odds of being endorsed.

Bitxfunding believes business owners drive the economy, and they are passionate about helping the potential company to reach its peak point. The quick small business loan range starts from $5,000 to $25,000 and max from $500,000 to $5,000,000 with 9.99% lowest annual interest rate. You'll get the money when you qualify!

Small Business Loans to Reopen Your Business

We all know that Small businesses are the backbone of the US economy. They generate over 60% of the annual revenue for the state. In the last three months these businesses have taken a great hit due to COVID-19 pandemics. But now the dynamics are shifting and we are on the backside of Corona Virus Curve.

All small businesses are reopening their doors once again. Many analysts are predicting that bringing employees back to work can put our economy in a critical condition. So, we can simply not count on the Disaster loan programs that the government is offering which include PPP and EIDL. After a few days these programs will not be available.

So, we need to get back to previous ways of getting a loan and utilizing them in ineffective ways. Now, when you are going to reopen your business you will need cash to purchase inventory, pay rent, and fix its backbone. Most of the businesses gathered very little revenue during the lockdown and without loan they cannot support their businesses now. For these kinds of businesses, Bitxfunding is providing three kinds of small business loans.

1. A business line of credits

The business line of credit is not like business loans (one time use); they're something you get before you need it. They are obtained for your business in case of any unexpected cash flow issues, which is common in the industry. It keeps you safe from searching for financing in a hurry and making wrong decisions (fraud or higher interest loan services, etc.). With a business line of credit, you pay only what you use, allowing you to keep a line open with the lender at a minimal cost.

BitX Funding offers a simple application process, all you need is some information about your business, like name, address, and monthly credit volume, etc. Fill up those easy fields with the amount you want to borrow and apply online. Their team will analyze your application and get back to you in a few minutes.

2. Equipment Financing

Equipment financing is the purchase of business equipment as its owner. You'll get the finance to make purchases, and once the debt is repaid, you own the equipment free and clear. The lender may assume ownership of the equipment if you are unable to pay the loan. You also required a personal guarantee in the equipment loan. So, whatever option you opt, make sure you understand what you agree to before you borrow.

 

Generally, you need to provide your credit score and show the financial history of your business, including bank statements and tax returns. You may ask for a quote because some lenders may ask for information about the equipment you're purchasing.  When your selected lender finishes analyzing your application based on the information you have provided them, you'll get to know whether you are qualified for the loan or not.

3. Personal loans

The most popular types of loans include home loans, personal loans, auto loans, student loans, cash advance, financial obligation loan consolidation financing, and so forth. The lenders have actually likewise introduced great deals of subtypes of these lending’s, to satisfy the requirement of a certain group of individuals. The factor basically needs to be kept in mind is that these lendings have various prices and also repayment track. Each type of financing will certainly be structured according to the requirements of those lending. In case of a specific lending type such as a home mortgage, the repayment track will certainly be longer as well as the interest rates will certainly be fairly more affordable.

4. MCA (Merchandise Cash Advance)

MCA (Marchant cash advance)  is a kind of fund which you take to increase or start your small business. There are many benefits of taking a merchant cash advance over other loans but still, you have to be careful. First, let’s talk about the benefits that you get with a merchant cash advance.

A merchant cash advance (MCA) can be a timesaver while looking for proper financing for your

small business. It is a convenient option to grow your business and sustain cash flows

temporarily. In spite of acting as a conventional type of loan, which requires a long and hectic

method of application submission and credit score checks, besides usually complicated and

perplexing reparation terms, Merchant Cash Advances or MCAs tend to be short-termed and

keep businesses sailing in the case of any original damage they may have to face. Merchant cash

advances are an especially beneficial funding alternative for small and medium businesses that

manage a considerable percentage of their sales through credit and debit cards. For example, If

you’re looking for a funding opportunity for a restaurant business, merchant advance funding

(MCA) would be worth recognizing as a possible funding method in the matter of a bumpy fiscal

Point.

So these are some of the most popular loans that you can get to reopen your business after lockdown.