Small Business Loans
Small Business Loans
Business Loan makes financing easy and straightforward.
The Small Business Administration (SBA) provides small businesses with a range of loan programs. The SBA does not make direct loans; rather, it gives lenders with a Federal guarantee for a set maximum and minimum sum. As a result, the terms of an SBA loan will differ depending on the lender.
These loans, for the most part, have smaller down payments and longer terms. The SBA 7(a) loan, which was created to assist existing small businesses and start-ups in obtaining funding for a variety of general business purposes, is one of the most popular programs.
Working capital, machinery and equipment, and commercial real estate are the most frequent applications for loans under this program.
The SBA Paycheck Protection Program (PPP) is also available, with a 1% fixed APR rate for the life of the loan, payments deferred for 10 months, and debt forgiveness possible.
Easy Application
Our easy application process only takes 3 minutes and can be done online.
Receive an Offer
You will receive an offer within 24 hours after we receive your documentation.
Accept Your Loan
Receive Funds
How small business loans work
Requirements for Small Business Loans:
- The company must be in operation for at least 12 months.
- Monthly gross salary of at least $30,000 (reflected in business bank statements).
Documents Required:
- Application for Onkoure Financial Services has been signed.
- 6 months’ worth of bank records.
- Returns on Investment in Two Years.
- Personal Tax Returns for One Year.
- If the loan proposal exceeds $150,000.
- Financial documents for the current fiscal year (Profit & Loss Statement and Balance Sheet).
Revenue-Based Loans and Equipment Leasing
Equipment Leasing:
Vehicles, restaurant freezer/ovens, industrial machinery, building equipment, and pretty much any other necessary machine can be purchased with equipment financing. This type of transaction has a wide range of advantages, including tax deductions, increased cash flow, and the ability to always have the newest technology, which keeps you one step ahead of your rivals.
Apply online, give us six months’ worth of bank statements, and an invoice for the equipment you want to finance, and Onkoure Financial Services will quickly determine your eligibility for equipment leasing. In 24 to 48 hours, we should have a response. All industries are invited.
Revenue-Based Loans:
Due to the ease with which businesses can obtain capital through revenue-based financing, it has become more and more popular. This kind of financing considers the company’s historical success rather than just the owner’s credit score. allowing access to small companies that would normally be denied by a conventional bank. Simple revenue-based criteria apply as long as your company has been in operation for a year and your average gross monthly deposits total at least $30,000.
All industries are qualified, there is no minimum credit score requirement, and funding can start immediately after approval.
Important Considerations For Business Loan Applications
papers that are required at the time of applying for a loan can help you save time and resources.
Compile a Checklist Of All Required Documents.
Preparing a checklist with all the requirements and the locations you need to visit to gather all the issues and
In some cases, all it takes is a quick phone contact to the bank where you intend to get your working capital.
A Time Lapse Is Set
This is dependent on the financial product and the length of time the financial institution needs to handle your paperwork and requests. You’ll need to add variables to your plan in case you abruptly need to alter something on your paper.
Speak With a Financial Advisor.
A simple method to ensure that your financial statement is complete is to simply log into your online bank account or to collect your monthly bank statements. By doing so, you can gain a deeper understanding of your financial situation. Additionally, keep in mind that the majority of small business loans require you to complete out a loan application. By doing this carefully, you can prevent changes and delays in the process down the road.
BUILD A SCHEDULE
Using a calendar as a time tracker and marking the days you’ve committed to repaying your small business loan will make it simple for you to complete this process. By keeping tools like a basic calendar close at hand, you can increase your productivity and set yourself up for future success.
QUESTIONS?
Call us for a free consultation if you’re still unsure how to apply for a company loan. Our team will assist you and simplify the decision-making process for you.