Easy Business Loans for Small Business Financing

Generally, the process of obtaining small business financing is long and challenging. Conventional loans require a solid credit history, excellent financials, and a minimum of two to three years in business. Even if a business meets the strict requirements, it could take weeks to months to get funded. Not all business owners can wait that long to get approved. 

Technological advancements have made it easier for some lenders to offer easier options and faster decisions. Instead of weeks or months, these lenders can offer credit decisions in less than an hour. They also typically require a lot less documentation. Let’s take a closer look.

Uses for Easy Business Loans

The great thing about easy business loans is that business owners can use the funds they receive in a variety of different ways. Some of the most common uses include:

  • Working capital to keep business running smoothly
  • Meeting payroll or paying regular expenses such as rent, utilities, and more
  • Covering emergencies without hurting the bottom line
  • Refinancing debt
  • Growing the business 
  • Purchasing new equipment
  • Running new advertising or marketing campaigns

Easy Small Business Financing Options

Business owners have several options when it comes to securing a fast, easy loan:

SBA Express Loans

For businesses that don’t quite meet conventional loan requirements, SBA loans offer an alternative. One of the fastest options available is an SBA Express loan. With this option, business owners can typically get a decision within 36 hours of submitting their documents. The entire process takes about a week.

Alternative Loans

If conventional loans aren’t an option, there are plenty of online fin-tech lenders that fund loans through investors. Business owners can get preapproved with a quick, simple application, and the entire process takes about one week.

Invoice Factoring

Invoice factoring isn’t a loan. Instead, business owners sell their unpaid invoices to a company in exchange for fast working capital. These companies typically provide up to 80% of the total upfront and give the rest (minus fees) after receiving payment from customers. 

Merchant Cash Advance

For businesses that do a lot of debit and credit card transactions, a merchant cash advance might make more sense. The difference here is how business owners repay the funds. MCA companies take a percentage of the daily or weekly sales rather than a set amount of money. So, the more money a business makes, the bigger the payments. On the flip side, poor sales mean that a business pays less. 

With easy loan options, small businesses can get the financing they need when they need it. As with conventional lending, business owners still need to compare their options closely to ensure they find the right fit for them.