Small Business Loans by Sunwise Capital
Sunwise Capital is here to give you the best small business loans.
Our minimum qualification are less than those of banks. We’re focused on getting you approved so your business can thrive with a small business loan.
At Sunwise Capital we pride ourselves on our excellent service, superior knowledge and veteran expertise in the small business loans lending space.
The #1 question that we get asked a lot is:
“What are your rates?”
The #1 answer:“
How do we know that?
We put our money where our mouth is. We offer a $500 guarantee!
Every business needs money to grow, but getting that money can sometimes be challenging, right?
As you probably know, getting the right kind of financing can be a real challenge for your small businesses.
Between the time it takes to complete the bank’s applications to knowing where to turn, it can be an overwhelming process (all while trying to run your business).
Did you know that banks are denying 72% of business loan applications? It is no surprise that finding funding is one of the biggest challenges business owners face.
The best online lenders, like Sunwise Capital, are providing borrowers with alternatives to traditional bank loans. We will not give you a cookie cutter answer to your questions about rates and terms.
No baiting and no switching just to get you to apply. We give you simple and straightforward answers to all your questions.
SMALL BUSINESS LOAN TYPES
According to research from Pepperdine University there has been an improvement in access to capital for small businesses.
The surprise is that most small business owners are getting that money from personal assets and not banks or online lenders.
As of 2016 only 38% of the small business owners who applied qualified. Here is the more interesting note. The more recent historical high is only 46% approval.
That means over 50% of all bank loans get denied! Think about it.
Here’s a perfect example. We recently spoke to an electrician. He has been in business for close to twenty years. His annual revenue is just under $2M a year. His credit score is close to 780.
You would think this is the perfect borrower for a bank, wouldn’t you?
Let me tell you a bit more.
This business is set up as a sole proprietorship. It is also a home-based business.
Do you still think this is a perfect candidate for a bank loan?
If you are said, “NO,” you would be correct. No bank wants to touch this business loan application.
There are several factors.
One issue is the fact that the business is a sole proprietor.
What’s wrong with that?
If you want your company viewed seriously, you need to set your business up as an LLC at a minimum.
Listen to me. I am a lender. I am telling you what makes the difference between getting a business loan or not. Got it?
The reason it is important is that you need to demonstrate that you see your business as a separate entity. It must be clear to any lender that you take your company is a business and not a hobby.
From a bank’s perspective, you establish a sole prop when you have a hobby that makes some money. If you have a choice, the last thing you want is for a lender to think your business is a hobby, correct?
In this case, I blame the accountant for not suggesting the change in status.
Does that mean a sole proprietorship cannot get funded? No, not at all.
I could go on about this in more detail, but I suggest you read more on this by clicking here. http://sunwisecapital.com/building-business-credit-the-authoritative-guide/
The second issue here is the fact he is a home-based business. Again, there is nothing wrong with a home-based business. The challenge is with the banks thinking it is not a serious business.
The banks prefer to see a business at a business address and not a residential address. Alternative lenders like Sunwise Capital do not have this same issue.
I can tell you though, in this case, having a business address would qualify them for more money.
Lastly is the industry.
What can you do here? If this is your chosen profession and lenders are less optimistic or upbeat about its prospects, so be it.
Are there things I can do to make my business more attractive to a lender?
Yes! These recommendations are not merely putting lipstick on a pig.
By making a few very inexpensive changes, this is a business that could be bankable. Those same changes make this company highly attractive to the alternative lenders for sure.
How to get the Best Alternative Small Business Loans in 2017
First, you need to be prepared to answer the following questions:
- How much money do you need?
- Why do you need the money?
- How quickly do you need the money?
- How long will it take you to pay it back?
- How long have you been in business?
- What is your business revenue for the past 3, 6 and 12 months?
- How is your personal credit?
Sunwise Capital business loans are considered the best working capital loans. The reason is simple. We offer fixed rate loans up to $500,000 with annual interest rates starting as low as 5.49 percent.
Our quick one-page application takes less than 10 minutes to complete, and approvals are within 24 hours.
The qualification requires at least a minimum of two years of operation and annual revenue exceeding $200,000. Your personal credit score must be above 620.
To receive the best rates and terms you must be prepared to submit:
Sunwise Capital offers several fixed rate loans with business loan terms that range from 6 months to five years. What a fixed rate loan means to you as a business owner is that the business loan rate remains the same for the duration of the loan.
This fix rate loan enables you to manage your cash flow and expenses better.
These loans are for working capital, business growth, and expansion or inventory to name a few.
The challenge is letting you know how much the loan is going to cost you. There are far too many variables to consider. We can give you the best guesstimate without looking at any of your paperwork.
Also, we are not a one size fits all.
What this means to you is that we can usually customize a business loan to fit your immediate and long term needs.
Since we offer a $500 Price Guarantee, we know our current business loan rates are highly competitive.
Can I Get a Business Loan with Bad Personal Credit?
Our underwriters can help you manage how to get a business loan with bad credit and no collateral.
We can consider a file with a FICO score of 450. However, your chances improve dramatically with a credit score over 550.
BAD CREDIT LOANS
The research suggests that when it comes to alternative lenders, the merchant cash advance loans for bad credit tops the list. The MCA or cash advance is perfect for those that have bad credit and are looking for no collateral loans.
Small Business Loans Bad Credit No Collateral
Sunwise Capital offers fixed rate loans between $10,000 to $500K. There is a minimal amount of paperwork required for loans under $100,000.
For loan amounts over $100,000 there are additional financial documents needed like a current P&L and Balance Sheet and perhaps your last business tax return filed.
Your FICO score must be over 450 but realistically needs to be at least 550. These loans can range between six and twenty-four months. Most are paid back on a weekly or daily basis.
The downside to getting advance loans for bad credit means having to pay a higher interest or factor rate and having shorter terms.
Access to business cash loans is a constant issue for small businesses. Sometimes referred to as merchant cash advances (See Merchant Cash Advance below), the cash loan is perfect for owners looking to grow their revenue consistently.
Often, it is the business cash advance bad credit that is most appealing to the business owner.
Bad Credit Startup Business Loans Guaranteed Approval
Unfortunately, there are no guaranteed approvals in the business loan arena. The small business loans no credit check also does not exist.
Every lender looks at your personal credit. Any business loan broker that is telling you that they do “no credit check business loans” needs to be fired!
It depends whether the credit check is considered a “hard” or “soft” pull. The hard pull shows up as an inquiry on your credit report while the soft pull does not.
Think about it. Does it make sense that a lender offers you a loan without looking at your credit history? If the shoe was on the other foot would you?
Our best recommendation is if any salesperson tells you that they can “guarantee” you a loan or they can ensure that they will not look at your credit, do yourself a favor and run the other way.
Remember that small cash loans are perfect for those businesses that are tight on cash and need the money quickly.
The requirements are like the MCA, although a more traditional small business loan is available for qualified candidates.
Can capital loans help you pay for everyday expenses like rent, payroll or other debt?
The term working capital which can be synonymous with capital loans covers just about every aspect of your business financial needs.
The bottom line is you need it to keep your business operating.
Can capital cash loans provide the following?
Money to businesses with high cash flow
Ideal for smaller purchases
Companies with little revenue
Companies with large unpaid customer invoices
Low rate SBA loans
YES, they can!
Capital cash loans can provide the perfect option for borrowers with poor credit who need fast cash
High borrowing amounts of up to $500,000; minimum personal credit score is 450 (but most borrowers have 660 or greater)
Lowest APRs on the market for a 10-year repayment term through SBA loans
Competitive APRs for borrowers who want cash fast
Funding in a day or two
Great way to leverage owner’s strong credit score
APR’s can reach 99%
Maximum to borrow up to 10% of your annual revenue (up to 20% for well qualified)
Significant funding can take longer than other online alternatives
Not for startup businesses loans
Payments may be daily or weekly
In today’s marketplace, everyone wants quick, easy small business loans. It is not unusual to hear clients say they want, “quick loans for bad credit same day.”
Business Loans Fast Funding
Sunwise Capital can get you funded the same day for loans between $10,000 and $50K.
Apply for Small Business Loan Online
Just fill out our one-page application for a small business loan and provide us with the last three months of bank statements and let the underwriter know that you need a business loan fast and need quick business funding as well.
HIGH RISK LOANS
Let’s play a little word association game. Tell me the first thing you think of when someone says, “High Risk Business Loans?”
a. Startup business loans bad credit no collateral
b. High interest business loans
c. Unsecured start up business loans
d. Small business startup loans for minorities
e. All the Above
If you chose “e,” “All the Above,” you would be right.
In general, these are extremely high risk loans. That means you need a high risk loans direct lender. You need Sunwise Capital.
The fact is that nobody does an adequate job providing capital to startup businesses. Until you are in full operation, your startup is just an idea. Lost’s of people come up with good or even great ideas.
It is the execution that makes a difference.
Show me the Money
As much as we would like to offer true startup business loans, they are too risky.
Fortunately, today’s technology, with the customized algorithms, enables top 10 alternative lenders like Sunwise Capital to look beyond just your FICO score.
Social media, vendor payments, cash flow and other nontraditional metrics give us greater breadth and scope of the types of borrowers and industries who can qualify.
However, if you are just starting your business you probably won’t qualify.
If you do not offer real startups the money, who does qualify?
Look we could lie to you. We can give you whatever you want to hear, right? Alternatively, we can offer you the truth. It is up to you.
Is your business less than a year old?
If it is, then you are technically in the startup phase. If you have made it past six months and can demonstrate growing revenue and cash flow we can help you.
Remember you must be able to repay the loan, so it will help if you leave money in your business bank account every day.
Higher risk loans typically range in the $10K to $100K range with terms from six months to one year. Credit scores can be north of 450 however, the lower the score, the higher the risk.
If your credit score is above 620 more attractive rates and terms are available. Now it is a matter of time in business and your industry type.
Since these are just a few of the components of the decision-making process, other factors will contribute to the acceptability of your business.
The good news is that all of our high risk business loans are no collateral loans.
That is right. These are small business loans with no collateral.
SHORT TERM LOANS
Term loans are a type of debt financing. Historically you could find short term, intermediate term, and long term loans.
In today’s market, we no longer see the intermediate loan term.
Most small business owners need short term loans versus long term debt financing.
You will find that short term loans range from three months to about twelve months. These are designed to meet an immediate financial need without having to commit to a long term.
How Seasonal Business Short Term Loans Can Help You
The best example of short term credit is for retailers in a seasonal business who needs inventory for the holidays. This short term business financing allows the owner to secure their inventory in advance of the holidays.
This loan allows for the business to repay the loan until after the holidays.
Other short term financial needs result from shortages to cover payroll or other expenses.
These short term business financing options help relieve cash flow shortages when your customers do not pay their bills on time or maybe to pay your accounts payables.
Do I Qualify
Qualifications are the most liberal for short term loans. Shorter terms and lower dollar amounts minimize the risks when compared to long term financing options.
When the terms are shorter, the rates are usually lower, even for short term loans with bad credit.
LONG TERM LOANS
Every business owner wants long term small business loans from one of the top business loan companies.
Sunwise Capital offers some of the best business loans for small businesses in all 50 States making it a top 10 lender, annually.
Traditional long term business loans are three years to 10 years in length. These loans usually required monthly and even quarterly repayments. Some of the traditional bank loan offers went out as much as twenty years.
These loans required some form of collateral or assets to guarantee the loan personally.
You will always get certain covenants that stipulate how the money is used and what the company can and cannot do financially. It almost always prohibits taking on more debt without the express written consent of the bank.
Lastly, these loans almost always required the business owner to set aside a certain percentage of profits to pay down the loan as well as using current cash flow.
What Makes Long Term Business Loans Work
Banks and traditional lenders are all but gone from this market. Business loans are now predominantly provided by the best online lenders.
Three to 5-year loan terms are the “new” long term loan. The SBA loans go to 10 years if you qualify.
Startup business loans and business loans with bad credit rarely if ever qualify for long term business loans.
How Long Term Business Loans Can Keep You Out of Trouble
Think of it this way. The length of financing should be equivalent to the duration of the asset you are financing.
As an example, you do not want to borrow $50,000 long term for an ad or marketing campaign you are running for the next 30 days.
Naturally, the reverse is true, and this can keep you out of trouble.
Obtaining a Long Term Business Loan by the Numbers
These loans go up to $500K. You need a 620-credit score or better. Lenders like to see a minimum average daily balance of $3,000 or more. Three plus years in business is an advantage with annual revenue more than $200,000.
Just to put it in perspective our average customer (and I stress average) has a FICO of 675 with seven years in business. Their annual revenue is $750,000.
MERCHANT CASH ADVANCE
Business owners rely on the MCA when they need quick funding with an easy application.
Since personal credit is not a top consideration for approvals, this is perfect for those who seek the merchant cash advance with bad credit.
Many will call these merchant loans, however, technically these are a cash advance and not a loan. The money comes to you as a cash advance as a result of selling your “future” receivables at a discount.
Sunwise Capital has a straightforward and short one-page application. We will need your last three months of business bank statements along with your merchant account statements.
Once you submit your information and we confirm the information provided we can offer up to $150,000 as quickly as tomorrow. Unlike the fixed payments of a loan, this is paid back daily based on your daily credit card transactions.
Basic Minimum Qualifications
• You have a physical location.
• Your business is at least three months old.
• You process at least $2,500 a month in Visa and MasterCard.
• You have at least one year left on your lease.
Other Business Loans
Sunwise Capital wants you to know the types of business loans in banks as well as the various types of commercial loans.
Sunwise Capital services a broad range of industries and can customize loans from doctors and dentists to restaurants, health services, and trucking.
We can accommodate a variety of loans:
Commercial real estate loans
Small Business Loans, Rates and Terms
The loans, rates, and terms you receive reflects the risk to us (the lender) and how much skin you have in the game.
We have an internal score with over 200-point checklist that helps determine your rate and terms. This analysis determines whether you receive your small business loans with:
• No Personal Guarantees (PG’s)
• Personal Guarantees
• No Collateral
Other loan factors include:
• Time in Business
• Type of Business
• Cash Flow
• Bank Statement
• Personal Credit Score
• Business Credit Score
• Web Presence (social media, company website, etc.)
The stronger the file, the better the case and the better the rates on your small business loans. We request minimum paperwork initially.
Our different loan programs have different paperwork requirements.
Small Business Loans – Minimum Paperwork
• One page application
• Three months’ business bank statements
As soon as we receive ALL the above, we will have an approval for you within 24 hours of your request.
Incomplete submittals will create a delay in approval.
All small business loans fund within 1 to 3 business days.
Call us at 888.456.9223 for a free consultation to find the best fit for your small business loans at the best rate and terms.
Thank you for the opportunity to help your business continue to succeed and grow.