Business Funding Companies
Below is a list of funding companies that directly provide financing to business owners. These companies are mainly offering merchant cash advances but also offer business Loans and Lines of Credit with amounts to $500,000 or more.
ISO partners can submit a review by clicking on any MCA funder name. Since funders will rate you on this site it would be beneficial to rate funders as well.
Business owners seeking a MCA, business loan or line of credit should click on the name to see the reviews or contact us for more information. A business owner in need of quick access to capital may be wondering if a Merchant Cash Advance (MCA) is right for your business. As opposed to a typical term loan, the approval process for an MCA is short, can be done online and the credit requirements are minimal. Although some providers may check your credit, having a lower than average credit or no collateral is generally not a problem.
You can apply for a merchant cash advance in minutes and get an offer within hours if not sooner. Businesses are typically required to provide documentation such as bank statements and if process credit cards then statements for the last 3 months among other essential documents. Terms of the offer enable you to repay the advance as a % of sales, or in a fixed amount, meaning its set based on an amount that won’t hurt your cash flow.
Funding approval could take place within 1-2 days once all contracts signed and any other documents verified.
A Business Line of Credit offers several advantages over other types of credit, especially since you can borrow as much as you need up to the maximum approved amount whenever you need it.
How does a business line of credit work?
A business line of credit allows you to borrow funds up to a predefined credit limit, and you’ll only pay interest back on the money you borrow. This flexibility means you can draw and repay your loan, similar to a credit card.
Most lenders allow you to make multiple draws, although there may be a fee for each one and interest rates tend to be much lower than similar cards. This allows you to access the amount your business needs without forcing you to pay interest on the money you don’t use. And since most lines of credit are revolving, you’ll have access to your full line of credit as you repay.
This added flexibility is what makes a business line of credit valuable and practical for business owners. You can use your loan funds for just about any business related expenses, like buying inventory or covering an unexpected expense. Most lines are available from $2,000 to $250,000. The interest and fees you pay will depend on your lender.
While a business line of credit can be convenient in its flexibility, it can be tempting to make a large draw that adds more debt than your business can afford. Carefully compare lenders, and be sure to consider all your business loan options before making a final decision.
For our Top 10 MCA Companies list click here .
This is not an endorsement for these companies so please perform your own due diligence before working with them.