Short Term Loans
Have you ever had to pass on an exciting business opportunity because your company didn’t have enough cash? If so, you know how frustrating it can be.
Like many small businesses, you may experience fluctuating revenues. Or maybe you’re unable to come up with large sums of cash on demand.
You could try your local bank. The challenge here is that traditional bank loans take forever to process. And worse forever to repay. That’s where short term business loan lenders like Sunwise Capital differ.
We provide short term loans and working capital for companies across more than 700 industries. Our process couldn’t be simpler. Find out how convenient it can be to obtain a short term business loan by reading on below.
Rates starting at 5.49% Loans up to $150K. To get a quote now, just fill the form below Have a new project? Perhaps you have a phenomenal opportunity that can read more…
How to Build a Business with Short Term Business Loans
This question usually arises when the demand for your product or service is greater than the supplies or inventory on hand. One challenge that business owners run into every day is when vendors do not allow for an extension of credit to cover this demand.
Short Term Loans and the Next Big Opportunity
What if you have the chance to bid on a project or receive a huge purchase order? The issue at hand is that you won’t be paid for 30, 45 or even 60 days.
The challenge is your vendors or supplier needs payment within 14 days. Naturally, if you don’t have the working capital or cash on hand, you might have to miss this golden opportunity.
Seasonal Businesses use Short Term Business Loans
Do you have a seasonal business that could use a short term business loan just before the holiday season? Do you need to add additional employees to handle sales? Maybe you need to restock your shelves with inventory?
Or maybe you need to increase your advertising and promotional expenses right before the holidays season?
For help feel free to fill out this short form or just give us a call at 888.456.9223.
Quick and Easy Short Term Small Business Loans
We’ve developed a streamlined approval process for our convenient business short term loans, so getting the money that you need to seize that great opportunity is as easy as can be.
Short Term vs. Long Term?
The only significant difference between short term small business loans and a traditional term loan is the duration of the loan.
When the payback terms are between three months and 12 months, this is a short term loan. Payments can be daily or weekly, and the longer term loan’s payment terms can be weekly or monthly.
Short Term Business Loans look like vs. a Long Term Business Loan?
Quick Short Term Loan
Loan terms range from three to 12 months
Small short term loans between $10,000 and $250,000
Short term bad credit loans – FICO 500+
We can approve your business loan in as little as 24 hours
Fund your loan in a day or two
Take advantage of business opportunities
Peace of mind. Keep your business running at full capacity
Unlike traditional bank business loans our short term loans offer:
- Straightforward and streamlined application process
- No assets or collateral,
- No traditional personal guarantees
- One page form
- Last three months of business banks statements
Once you are pre-approved and we give you an offer you need:
- Driver’s License
- Voided Business Check
- Proof of Ownership
Short Term Business Loans Working Capital:
- Securing the capital for growth or expansion that has an immediate Return on Investment (ROI)
- Inventory opportunities with return of capital
- Advertising or marketing campaigns
- Seasonal hiring or supplies
Sunwise Capital Long Term Business Loans
- 15-60 month terms
- $10,000 to $2,000,000
- Capital for projects that have a longer-term payback
- Growth & expansion including new locations
- Larger-scale projects or larger purchases of inventory and supplies
- Purchasing equipment
- Hiring staff or developing new technology
Apply for a Business Loan Short Term Today
Time to Funding
Avg. Interest Rates
Starting at 10%
7- 180 days
Starting at 6.5%
7 – 30%
2 days +
8 – 30%
7 to 25%
Approx. 3% + %/wk outstanding
1.14 – 1.48
7.9 – 19.9%
5.99 – 36% APR
You shouldn’t have to make a long-term commitment when you only need to borrow money for a short period–and you shouldn’t have to wait forever to get it, either.
Short term business loans from Sunwise Capital give you exactly what you need when you need it, so you can capitalize on that incredible opportunity without skipping a beat.
Our proprietary loan application process is handled entirely online and only takes a few minutes, and loan approvals are a day or less.
Like all financial decisions, getting short term loans for business has its pros and cons. The advantages include knowing that you have a set payment. It can be weekly or perhaps it’s daily.
We base the payment schedule on the risk associated with your industry, cash flow, time in business and average daily bank balances (there are well over 200 points that determine this risk).
Another benefit is the limited paperwork and the fact that there is no challenge with poor credit.
Perhaps the biggest pro is that the money or use of funds is for any business purpose. There is no need to get specific approval for the use of funds.
The cons are limited. As we address below, the annual costs of funds are potentially greater than the rates associated with a long term loan. The other challenge is your cash flow may make the payments challenging, especially if your revenue is inconsistent or spikes due to the nature of your business.
The best way to think of the benefits of this type of business loan is as follows. How long are you holding onto whatever the business loan is securing?
If you were going to buy a piece of equipment that lasts seven years, I would not want to have to pay a short term business loan off in 10 months.
On the other hand, inventory purchases that sell in the 30 to sixty days and this is happening on an ongoing basis; then I wouldn’t want a business loan for the next five years. Does this make sense?
Top Questions About Short Term Small Business Loans
Are they right for your business? The question about short term loans comes up often.
We hear it all the time. Business owners are often telling us, “I need a short term loan.” More often than that we get asked if we offer short term loans with bad credit?
Yes, we offer these short term loans for people with bad credit. In fact, there is a potential double benefit to using a short term business loan.
First, these loans report to the business credit bureaus. The benefit to you is that if your company has little to no business credit, this can get your business well on its way to begin the business credit building process.
Equally as important is that we do not report to the personal credit bureaus. Why is that so important?
For several reasons. First, most business owners will borrow money from themselves. It can be in the form of savings, a home equity loan of credit or even from their retirement funds.
Another popular option is the use of personal credit cards or the credit cards that are in the business name only and have your personal guarantee behind it.
The main reason you do not want to use personal funds is that it keeps undue pressure on your FICO score. By letting the business stand on its own, you treat it as a separate taxable entity.
Rather than use more “personal credit” you’re shifting the burden to the business. In turn, this reduces the amount of personal credit you are using which lowers your credit utilization rate.
Short term business loan rates naturally should be lower than a longer term loan. However, for those of you who need the short term financing but are credit challenges, you may pay a higher rate.
The reason why this is ok is that this minor shift in thinking enables you to increase your personal credit score. By raising your credit score, you now position yourself to be able to get better rates on your mortgage, car loans even your auto insurance.
This business loan also shifts the burden of financial responsibility to your business. In the offhand event that you run into financial challenges, why have debt collectors knocking on your front door? It is the business’ responsibility. Make sense?
Once you make the decision to shift the credit to your business it begs the question, “are these quick short term business loans good for my business?”
Take a step back by asking yourself whether you need working capital for your business? If you say “Yes” the next question becomes, how much, and what will it do for my business?
Miami, Florida R & D Manufacturing Company Sizzles with Short Term Financing
This technology company offers worldwide customer’s frequency components. The industries range from the medical, telecommunications, wireless, industrial, computer, consumer and many other segments of the electronic industry.
There were several challenges for this company doing $600 – $700K per year. They had erratic cash flow, daily bank balances that are below national averages for the industry, a significant loss in 2015, reasonable FICO and declining revenue over the past three months.
Working with a top 10 best business loans lender like Sunwise Capital enables them to get a $55,000 loan for 12 months.
Michigan Dentist Needs Major Fillings. His Toothache Disappears with a Short Term Bad Credit Loan
Dentists loans are just one of our specialties.
This dental practice sits 15 miles northwest of Detroit, MI. They offer comprehensive dental care to patients of all ages using cutting edge techniques. This dental practice provides a variety of services from TMJ treatment to cosmetic dentistry to snoring and sleep apnea treatment and more.
The challenge here is an IRS tax lien for $75,000. His revenue dropped from $520K to about $400K. His bank account showed negative balances and bounced checks.
There were outstanding invoices that needed immediate payment. We were able to fund the dentist and provided $60,000 for 12 months providing much-needed relief.
Philadelphia, PA Transport Company Rolls into Profits with Short Term Loans
This transportation and logistics company, founded in 2010, is a Northeast Corridor asset based provider specializing in refrigerated, dry van, and intermodal logistics.
Known in the industry as the top fruit and produce shipping company they are responsible for the delivery of a significant portion of imported fruit and produce to retailers and wholesalers in the region.
A slow winter and a personal bankruptcy just one and a half years ago brought this company to a near halt. He has excessive tax liens and various judgments. Not a beautiful picture. Do you agree?
Although they were doing $5M in annual revenue, the bank was a no-go for obvious reasons.
The owner felt very optimistic coming into the season, so he’s confident the payments are not an issue. The challenge is that the vendors wanted to get paid now and he needed to consolidate some debt with much-needed relief to his cash flow.
Although this is considered a bad credit short term loan we were able to fund this trucker $30,000 for six months.
UPDATE: Since our initial loan we provided the following short term loans.
Funded $17,140 for 7 months
Funded $85,000 for 9 months
In less than two years this transportation logistics company secured just over $132,000! We are helping them achieve their mission to be the fastest most efficient transportation and logistics solution in America.
Our long-term relationships with our clients give us great pride at Sunwise capital. We feel that the reason over 75% of our customers renew their loans with us is for several reasons. First and foremost is our straight forward, no B.S. approach.
We speak to everyone with the same respect we’d expect if the shoe is on the other foot.
We also see our client’s world from their perspective. As long time entrepreneurs and business owners we fully respect and understand the circumstances that bring our clients to Sunwise Capital.
Our commitment in return is to provide more money with better terms and better rates when they re-borrow.
Speak to us. We’d love the opportunity to review your options.