Frequently Asked Questions

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A cost of capital calculation is based upon a variety of factors, including your month to month cash flow, your business type and years in business.  For instance, a dental practice that has been in business for 6 years, averaging $300,000 per year in sales, and with an owner credit score of say 650, has a greater likelihood of getting a lower and better rate than an automotive repair shop that's just 6 months old with inconsistent revenue.

The 4 greatest determining factors are your industry (as some industries are just too high risk and not qualifiable at all), your time in business, and the monthly or annualized net cash flow your business generates.   And although we can get you approved if all other factors are good, at a 500 minimum credit score, a higher owner credit score will get you better terms. 

As we outlined in Question 1, we do consider various factors, but in general you can expect to receive between 75% and 200% of your business's monthly deposits (as seen on your bank statements). 

As an example, if you show regular deposits of $100,000/month and your other business considerations are without concern, then you could get funded for amounts ranging from $75,000 to $200,000.

This does depend also on the type of loan you are seeking, as the direct lenders, investors or institutions we deal with all have their own lending criteria.

 What is an SBA loan?

An SBA loan is a business loan issued by a financial institution, usually a bank, and partially guaranteed by the U.S. government. There are many types of SBA loans that can be used for different purposes. In general, though, these loans’ low interest rates and long terms make them great choices for business owners who can qualify.

How do you qualify for an SBA loan?

You’ll typically need several years in business and a good credit history to qualify for an SBA loan. Exact requirements vary by lender. If your business is newer or smaller, SBA microloans may offer an SBA loan option that’s easier to qualify for.

Are SBA loans hard to get?

In general, SBA loans are not as difficult to get as business bank loans. Because they’re backed by the U.S. government, they’re less risky for banks than issuing their own loans. But SBA loans are usually harder to get than online business loans, which may require less time in business and lend to borrowers with lower credit scores.

Do you have to pay back an SBA loan?

Yes, you have to pay back an SBA loan. But the loan terms — the amount of time you have to pay your lender back — tend to be longer than other types of business loans. 

Answer Sources:

• U.S. Small Business Administration. 7(a) Fees Effective October 1, 2022, for Fiscal Year 2023. Accessed Nov 18, 2022.
• 2.U.S. Small Business Administration. Terms, conditions, and eligibility. Accessed Nov 18, 2022.
• 3.U.S. Small Business Administration. 504 Loans. Accessed Nov 18, 2022.
• 4.U.S. Small Business Administration. 7(a) & 504 Lender Report. Accessed Nov 18, 2022.

We are unique in our ability to cast a wide net of opportunity for you because of our 20 years in business, and the last 15 of which have been spent developing strong direct lending partnerships to best serve you.  

In this way we act as a lending broker for you, much like a real estate agent can find you the perfect house by narrowing down the key features and needs more quickly using their skills, experience, relationships, software and has access to open doors you could not (literally and figuratively speaking), we, too, can most quickly narrow the focus to meet your capital needs most quickly and with your operating budget in mind.

This allows us to achieve the best rates, the most flexible terms, and highest capital amounts for your particular business type from the lender that is most likely to approve you the fastest.   

Every business is different, and your cash flow, circumstances and needs are different from every other business, which means a one-size-fits-all approach won't work for you.   On your own, you can certainly locate direct lenders, but this requires that you blindly apply without an understanding of their process or even if you have a good chance of getting approved, and this wastes your time, and your energy - and can even damage your credit score if you apply in too many places.  

We can source and provide a variety of potential capital solutions that may even allow you to access more than one line of capital... for instance, you may be able to obtain a cash advance to pay a large tax bill, and obtain a commercial real estate loan or line of credit on a long-term funding deal to open a new location or expand your current one - both at the same time! 

Just call us at 404-282-2878 for more details.   

Or, to quickly and securely apply, click the link to our simple, 1 page application here...

  →  Click This Link To Access Funding Application

You'll then send your last 6 months of bank statements to lterry@ineedaloan.today and we can get your file reviewed and usually approved within 1 business day, and funded in 2-3 days.