Hey everyone, this is Erik Johnson, Business Funding Specialist. Today I want to talk about how to expand your business with a $100,000 Working Capital business loan. I am going to go over the requirements and why it is crucial to have working capital to expand your business.
$100,000 Business Expansion Loans in 24 Hours
There are a lot of struggling businesses that can use this capital and 80% of businesses cannot get approved by a bank loan and we can help those businesses.
But I want to talk about the requirements first. Businesses are always looking for capital. They are barely breaking even six out of 10 businesses are barely getting by, and if you get a working capital loan that can do so many things for your business, you can expand your business, you can get a new location, you could add on a new patio to your restaurant and add 100 new tables.
There are so many different creative ways that business owners are using these working capital loans. I am going to go over the requirements right now.
Business Expansion Loans Requirements
So if you have a credit score of a 500, and you’ve been in business for the last four months, and you are doing about $20,000 a month in revenue, then you could probably get up to about $40,000.
But since this article is for $100,000, you’re going to need to generate $50,000 a month with your business, you’re going to have a business checking account, and this revenue has to be solely from your business. It can’t be transferred from your personal account over to your business account. It has to be 100% business revenue.
I want to talk about what people are doing, what types of businesses we are getting approved. So obviously there are over a million restaurants in America, and many of them are struggling. But there are a lot of restaurants that do have a good cash flow.
Who Benefits from Business Expansion Loans
We have revenue-based loans. We do not care so much about your credit, we care about your cash flow. So if you are making money every single day, but you are just barely breaking even and you need to buy a new hood fan or expand your restaurant, or get 10 to 20 new tables, you can do this with this loan.
This loan is perfect for expansion. That is why this blog post article is called business expansion loans. People are looking for these all the time. So restaurants are really good, Trucking companies are really good. There are over 144,000 trucking companies just in Texas alone. There are over 100,000 trucking companies in Pennsylvania, and I know there are about 80,000 in Ohio.
So Trucking is what makes America go around. And it is what keeps America going. Many trucking companies use this working capital to get more fuel for their fleet. They use it to buy more tractor trailers, they use it to get caught up on bills, and so forth.
Another one is auto repair shops. There are so many different auto repair shops in America. I found there are close to a million auto repair shops as well, and they can use the money to get a new lift for cars, a car lift is $20,000, they can use it to get a new garage and so forth.
Salons and spas can get a new salon chair put into their salon or whatever. So the expansion is great. That is if you are going to borrow this type of money. This money is primarily high risk, these are unsecured, no collateral business loans.
Business Expansion Loan Factor Rates
A factor rate is a little bit different than an interest rate but our typical factor rate range is 1.19 to 1.30 for good credit – for bad or fair credit and bad credit the factor rate is 1.30 to 1.49.
So for example, if you borrow $100,000 and you lock in a factor rate of 1.25 that means that you are going to pay back a total of $125,000 – and this is a no brainer.
If you are looking to expand your business, guess what? That money can be used to not only double but possibly triple your business revenue. So it is truly a no brainer for a lot of people that understand Working Capital Loans.
Again, it is based on your cash flow. You might be making good money every single day but you don’t have that extra working capital to expand. So for instance, my girlfriend’s uncle has a restaurant here in Texas. He got a business loan to put in a huge back seating area and a stage for bands.
He basically added 150 chairs or seats into the back of his restaurant and didn’t take a lot of the land up. Now he can have shows twice a week, and it has brought in a tremendous amount of revenue, and he can pay off that business loan and get another business on if he wants and keep expanding.
He has a couple of acres out there for his restaurant. And the people are coming because the bands are top notch A+ entertainment and so it made sense to him to get a business loan and it makes sense for a lot of business owners.
So let’s talk about some issues people are having, why they are not getting a business loan through us. Again, we approve 80% of businesses that apply that meet the requirements. So our approval rating is very high. Whereas banks are only approving about 13% of business loans.
Early Pay Off Discounts for Expansion Loans
So we approve 80% of all businesses that meet the requirements. Again, these are no collateral unsecured loans and we have early discount payoffs, early payoff discounts, so if you have great credit and you pay off your loan early, you can get up to 30% reduced business loan amount – the interest and the principal would be reduced by up to 30%.
If you have fair or good credit, you could get up to a 12% discount if you pay it off early. There are no prepayment penalties and there is no application fee. It is free to apply and see if you get approved.
Again the requirements are you have to generate, if you want a $100,000 business expansion loan, you need to be doing about 50,000 a month, at least the last three months.
Now why people are not getting approved are very basic, obvious reasons. They don’t put in their social security number on the application. They don’t sign the application. They have a past default. Their business revenue is not what they said it was.
We are going to have a team of underwriters that are going to look at your application. It is going to start with our junior underwriter and then it’s going to pass over to our senior underwriter and we are going to look at your bank statements.
If you want $100,000 or more, we’re going to look at your profit and loss statement. We are going to look at your accounts receivable statement. And you’re going to have to give us your last year’s tax return.
So there is some additional documentation you need for a business capital loan over 100,000 But that ensures that you are not fraudulent that you won’t just run with the money because that does happen with our smaller $5,000 loans. There is a lot of fraud in business lending so we have to be careful who we lend to. We have helped over 2,000 businesses get the working capital they need to stay in business.
I am very honored to be part of the company that has helped so many businesses and we can get you the money within 24 hours if you have your three months of bank statements ready. You have a voided a business check and your driver’s license ready and you receive the application and you sign it and send it back as soon as possible. You can get the money within 24 hours .
We’ve funded businesses within two hours before over $25,000, which is unheard of with bank loans. So these are bigger loans. We do have a smaller loan that you can get funded within the same day under $25,000. Again, a lot of businesses are expanding right now it’s the pandemic is over. Things are starting to uptick and get a lot better out there.
Small Business Expansion Loans
There are over 32 million businesses in America alone, and many of them need working capital, and so I am honored to be in the lending space and to provide capital that is accessible and and we approved like I said, you know 80% of the businesses that apply that do meet the requirements again, we can loan up to two times your monthly revenue.
How to Pay a Back Expansion Capital Loan
So if you are doing 25,000 a month, we could probably get you up to $50,000 within 24 hours. If you need the $100,000 expansion loan you’re going to have to do about $50,000 a month in revenue and you pay it back daily through ACH through your business checking account. Or you can recommend or I mean, you can ask if you want to have it withdrawn weekly instead of daily. So those are our two options for pay back.
Business Expansion Loan Rates and Terms
Again, factor rates are 1.19 to 1.49 if you have bad credit, and the terms are four months to 24 months, now the better that your credit is the longer that term can be in the better the rates so keep that in mind. So again, apply under this video.
It takes five minutes to fill out the application and have all of those things ready and it will make it a lot easier and you can get the money within one business day. Apply through the link. It only takes 5 minutes and won’t affect your credit score. We use your soft pull only once to find the best loan from over 80+ lenders. So make sure to apply now!