Tag: Small Business Loans

Categories
Uncategorized

Pros & Cons of Bridge Loans for Small Businesses

Bridge Loans for Small Businesses in a conference room

At a certain point, you might need to start spending more money on your business in order to make money in your business. But acquiring the capital for your growth plans can be difficult. With daily operating costs and other expenses, you need to find a new source of income or financing.

Borrowing money is nothing new in the world of business. Many do this to start an entrepreneurial career, while others do so to fund their expansion. No matter why you decide to take out a loan, you have to choose it carefully.

Bridging the Gap between Financing & Business Growth

Many financing solutions have become available to business owners recently. One of them is the bridge loan. But what is a bridge loan?

A bridge loan is a short-term loan that provides quick funding while you look for a more permanent solution. Business owners use it to handle an existing obligation and reduce their obstacles in the long run. It’s becoming common among small businesses, but before you take out a bridge loan, it’s essential to study its benefits and terms.

Here are the advantages and disadvantages of a bridge loan.

Benefits of a Bridge Loan:

Bridge Loans are a fast way to get funding for your immediate needs.

The whole process—application, approval, and funding—is faster than most other types of loans because our bridge loans have fewer requirements. This gives you the capital to purchase new or additional equipment, pay for inventory, or meet your payroll needs without affecting your bottom line.

Bridge Loans give you full control over your business.

For most loans, you have to sign over a portion of your business as collateral. But a bridge loan from Probably may only last a year, meaning you can quickly pay it back without having to relinquish control over your business.

Bridge Loans give you a safety net for other expenses.

As a small business, you are often at risk of running out of cash. Our bridge loans give you access to money that can be used to cover pertinent expenses. It’s a practical and valuable solution for businesses that have long payment cycles.

Potential Cons of a Bridge Loan:

It might have larger payments.

Since a bridge loan runs for a shorter period, you might be charged more during monthly repayments if you don’t choose a good company to work with, and understand their terms. Late payments will be met with penalties and higher interest rates as well. Make sure you work with someone trusted and transparent, like Probably, to ensure you get the best deal!

It could be risky for your short-term bottom line.

Business owners who take out a bridge loan while waiting on an extended payment cycle are at risk of failing to see that long-term money at the end. And when payments fall through, you will have to make your loan payments out of pocket. This is the risk with any loan, but is still worth mentioning. As always, only borrow what you expect to be able to pay back.

Work with Probably for a Trusted, Transparent Bridge Loan

Probably is dedicated to helping small business owners transform their start-ups into strong and sustainable organizations. Our bridge loans are customized to each client, giving them what they need without causing disruptions in their operations and cash flow.

If you need additional capital for your business, consider applying for a bridge loan from Probably today!
Categories
Uncategorized

Small Business Loan Success Stories During a Pandemic

man applying for a Small Business Loan on a laptop

The COVID-19 pandemic has affected schools, healthcare, restaurants, small businesses, and our economy as a whole. But not every company is suffering, or in a slump, in fact, there are many business industries and ideas that have taken off or seen an uptick in business in 2020!

So, from our Probably team to you, here is some much needed good news in our latest article on small business loan success stories during a pandemic!

Apply Now!

Small Business Loans Can Help Your Business Pivot & Succeed

Restaurants Have Gotten Creative:

Many businesses had to get creative this year, from pickup and delivery options to outdoor seating in areas that usually do not allow it or have limited space.

Some cities implemented ‘outdoor refreshment areas’ where open container avenues were put in place, allowing for bars and breweries to serve to-go cocktails and beers as patrons stayed outside or walked around the city.

Other restaurants created take-home meal options and kits so their loyal customers could still enjoy their food, hot and ready, in their own homes with little preparation or labor.

Still, other restaurants created to-go cocktails, gift packages, or pivoted from only dining to utilizing their ingredients for other creations – like using kitchen stables to create bat bombs or incense cones.

Many Other Industries Have Stepped Up As Well:

Moving to remote work or utilizing virtual assistance in therapies, education, even training programs – online and teleservices have grown hugely in the past year due to shutdowns and social distancing guidelines.

And while this is amazingly creative and shows the flexibility and resiliency of our small business owners – this type of strategy change requires equipment and inventory or additional capital to get off the ground.

Unfortunately, we have seen many small businesses that were denied the initial funds to get the equipment needed – but not from Probably!

We always work hard to be able to say “yes” to your small business and equipment loan needs!

A Small Business Loan From Probably Can Get You the Capital You Need to Reach Your Customers, Even During a Pandemic

Simple, fast, and flexible – our small business loans were designed to help you get the capital you need to reach your new goals and implement your new ideas right when you need to!

We believe cash flow or long applications and waiting shouldn’t keep you from reaching goals, especially in trying times like now. That’s why we made our small business loans and equipment financing options quick and easy, because with Probably, we give you the freedom to grow your business the way you want, with the funding you need right now.

Our clients can use their funds to invest in equipment, creative new developments, online and traditional marketing, and more. Plus, unlike traditional lenders, we want to help you grow your business fast, which is why we have always offered lightning fast small business loans, as well as alternative business funding solutions.

Probably Small Business Loan Benefits

  • Receive funds as quickly as one business day, up to $500,000*
  • Simple application process
  • Use your business loan as you see fit
  • Build your credit profile
  • No prepayment penalties

Apply Now!

Three More Ways to Succeed in 2021 & Beyond:

1. Remember That Your Most Valuable Asset is Your People

Your greatest asset is your team, so make sure you let them know and keep your strong, loyal team happy and safe. Having a team who cares, is invested, and believes in your business’s services, products, or mission can get you and your business over almost any hurdle.

Take care of your employees and they will care for your customers, clients, and ultimately, your business. At Probably, we believe that a strong team wins every time.

2. Listen to What Your Customers Say

The best way to plan for what your clients and customers want from your business, or how you can alter your services to meet their needs, is by asking them and then listening.

Don’t just guess at what you should do, be social and ask exactly what people want to see. This can be as in-depth as a survey email campaign, or as simple as asking your regulars what they would like to see in a friendly conversation.

If you take care of your team and listen to your customers, then you are already set up for a successful 2021.

3. Plan for the Future, But Stay Flexible & Creative

Still have your strategic planning meetings and layout for 2021, but remember to stay flexible and open to market changes, as we aren’t out of the woods yet from COVID-19, and there may still be some curveballs at the beginning of 2021.

If you fail to plan, then you plan to fail, but if you are too set in your ways to see opportunities or to swerve when needed, you may be caught flat-footed as well. This year (and next) is all about balance and finding your equilibrium between stability and flexibility.

Probably & Our Small Business Loans Are Here to Provide Stability & Flexibility into 2021!

Contact Probably to learn more about our equipment loans and small business loans
Categories
Uncategorized

Startup Business Loans Without Collateral: Take Your Pick

Startup Business Loans on a laptop

Borrowing money is a sensitive matter, especially for banks that will always look for a guarantee that borrowers will repay them, plus interest. Without that guarantee, banks have little reason to grant a loan if they consider a borrower as a high risk.

Unfortunately, “high risk” is a stigma attached to startups; it doesn’t help that the statistics seem to agree with it, too:

Here’s the rub: most startups have little capital and no valuable asset to put up as collateral, and yet, they are the ones most in need of financing.

The Non-Traditional Route: Unsecured Business Loans for Startups

If you own a startup that needs an influx of cash, but you don’t have anything of value to offer as collateral, you can forget asking for a loan at a bank. Your best bet would be to apply at private lending institutions that provide startup business loans with no collateral. There might be compromises, like interest rates that are slightly higher than bank loans. But the payoff is getting the cash you need to keep the business running now so you can implement those plans to increase your revenues.

What are your options for unsecured loans for startup businesses? Take your pick from the following:

1. Working Capital Loans

These loans are meant to sustain a business’s daily operations by providing much-needed cash flow that owners can use to pay off working capital costs and operating expenses. Examples of these are inventory acquisitions, taxes, payroll, overhead, and accounts payables.

2. Financing for Equipment Leasing

Leasing agreements don’t need collateral. This is a sound alternative to financing for buying brand-new equipment: the loan and interest are much more affordable and the terms more flexible. There will be less pressure for the startup business to perform exceptionally high on year one because there are no absurdly high fixed dues to pay each month.

3. Merchant Cash Advance

You may qualify for a merchant cash advance if a large chunk of your revenues come from credit card sales. This loan is essentially an advance on the income you expect to get. There’s no need to repay or offer anything for collateral, too, because the lender will automatically deduct the payments (a specified percentage) from your future earnings. 

What if your startup hasn’t been in business long enough to have substantial historical data on monthly revenues? You may not qualify for a merchant cash advance, but you can certainly apply for a working capital loan. Moreover, if your need is specific to equipment upgrades, you can take the strategic route and seek financing for equipment leasing instead of the two other options.

Enjoy Collateral-Free Loans from Probably

All of the loans discussed above are available at Probably. We specialize in affordable financing solutions for small businesses and startups. Choose from the options above if you have no assets for collateral. If you have further questions, contact us through phone or email.

Categories
Uncategorized

The Limitations of Government-Funded Loans for COVID Relief

small business loans at an office

The coronavirus pandemic has left an indelible mark on the global economy. Thousands of small and medium businesses immediately felt the crunch when cities all over the country imposed a two-week or longer mandatory quarantine and closed down all commercial establishments, to stop the spread of the COVID-19 virus.

Many would have recovered if they were able to return to business as soon as city-wide quarantines ended, but state governments deemed it best to lift restrictions by stages: essential services first (e.g., food and drink, personal care) and least essential businesses last (e.g., entertainment, museums, concert events).

Small businesses that belonged to the less essential categories had to wait longer to reopen, but bills from creditors and landlords did not stop. By the end of September 2020, nearly 100,000 establishments that were shut down because of the pandemic closed for good.

Poor Dissemination of Stimulus & Financial Aid Funds

Acknowledging that small businesses are vital to the economy and therefore need assistance during the pandemic, Congress passed a stimulus package in March to provide emergency financial relief for workers and small businesses. The CARES Act established four temporary loan options:

  • Paycheck Protection Program (PPP)
  • EIDL
  • SBA Express Bridge Loans
  • SBA Debt Relief

Small business owners looked forward to these programs. Unfortunately, the needs outweighed the available resources as the initial funding ran out in only days.

The Challenges Small Business Owners Face When Applying for Aid

In California, small business owners jumped at the chance to get affordable and lenient loans from the government. They might have found more success, however, if they sought small business loans from private California lenders.

The government-funded loan programs had numerous snags, which made it more challenging for business owners to apply. Here are some of them:

  • The programs all have limited funding, and the availability of the funding depended on whether Congress could agree on the budget, among other things.
  • The debt relief programs were meant to provide aid for small businesses, but loopholes in the section identifying the criteria for qualified applicants allowed large businesses and franchises to avail of the financial aid as well. Many big companies received millions in assistance, while the smaller businesses were left with little to zero funds as a result.
  • Businesses with long-established relationships with banks and lenders seem to have had an advantage even though the loan programs were meant to be awarded to qualified businesses on a first-come, first-served basis. This reportedly disproportionate prioritization led to manufacturers and construction firms getting approved for loans first, and restaurants, bars, and hospitality businesses last. There are also data to support this observation: Yelp’s recent Economic Impact Report revealed that approximately 163,735 businesses have reported to Yelp that they have closed for good. The restaurant industry had the highest number of permanent closures at 61%.
  • For the first rounds of the stimulus package, the funding went to the country’s largest banks, and not enough went to the smaller, rural banks that also served the smaller, rural business owners.
  • The small business owners who did get approved for these loans received just enough to see them through in the short term. In some cases, business owners were doubtful that, even with loans, they would be able to keep their business open for long.

Contact Probably Yes for Your Small Business Funding Relief

The pandemic has created unprecedented scenarios for which many of us, including the federal and state governments, were unprepared.

In the middle of all this uncertainty, reliable and indubitable solutions can give you financial relief and peace of mind.

That’s what we offer here at Probably. We offer working capital loans and small business loans to small business owners in California. Browse our website to learn more about what we do.

Contact us to apply for a small business loan today!

Categories
Uncategorized

What Makes the Best Small Business Loans for Startups

Group of startup owners applying for small business loans

At Probably, we believe cash flow shouldn’t keep you from reaching your business goals – no matter the size of your business or its age. Small business loans and startup loans through Probably are meant to give you the freedom to grow your business the way you want.

Our customers can use their small business loans to invest in equipment, bridge gaps in payroll, new developments, marketing, expansions, and more. Unlike traditional big bank lenders, we want to help you grow your business faster without all the hoops to jump through. That’s why we offer quick small business loans and alternative business funding solutions for startups, expansions, as well as small and medium businesses.

Learn about how we’re different, and how we put you first with our easy application, our speed and communication, and our approval ratings!

Our Easy Application:

No endless hours of signing your name here! Probably made the conscious decision to be an easier and better small business loan option, and we started it by making our small business loan application just one page.

That’s right, one page. Our application can be filled out in just a couple of minutes. Then, we will contact you to get to know your business needs and how we can best help you.

Just fill out our application, speak with one of our team members, and be on your way to the small business loan you need. Short, simple, and sweet, just like we think it should be. Every step of our process was created to make applying for a small business loan simple, transparent, and accessible. Because we believe that simplicity and clarity are the best practices in any industry, but especially when it comes to your money and your business.

1. Fill out our online 1-page application.

2. Provide three months of your business’s bank statements

[Not 6-18 months like most big banks require]

3. Talk with us so we can get to know you and your business.

Our Speedy Credit Decisions:

Probably has always worked hard to be a fast and reliable option for small business loans.

After all, what’s the point in waiting weeks or months for a credit decision or your business funding when you need it now? Instead of the runaround and waiting game, Probably can fund your business in as little as one business day!

We didn’t just come by our reputation of providing quick small business loans by accident. Our credit decisions are always rendered quickly, so you can get the working capital you need when you actually need it.

What good is a small business loan if it comes too late?

Our Credit Decisions & Approvals:

We want to partner with you and your small business to find the perfect loan or financing products for your funding needs. Whether you need a working capital bridge loan or something more unique for equipment or expansion, our small business loans can get you the working capital you need with much higher approval rates than the ‘big banks.’

Banks often refuse to help small businesses and startups, or they say they will help but have such lengthy, complicated processes and applications that they still really aren’t trying to help.

We decided to offer small business loans and financing options that actually work for small businesses.

We want to drive small business growth through our small business loans, startup loans, and working capital loans, and that means we want to approve your request! Unlike banks who refuse most applications, we pride ourselves on working with every application, business, and client on an individual basis to find the best financial product, service, or option that will work for them.

Contact Probably for Your Small Business Loan or Startup Loan Today!

If you need working capital or a small business loan quickly, and you don’t want to spend a whole workday filling out paperwork just to get denied, then contact Probably for your small business loan today!

Categories
Uncategorized

The Probably Process For Your Small Business Loan

Small Business Loan on a business computer

Probably’s small business loans were born online, which means we understand the number of claims out there on the internet. Every website and alternative lender is saying they are the best, with the best rates, terms, and the simplest process – but then how can you know who to trust? They cannot all be the best choice for you and your small business loan needs.

But just because we began online, doesn’t mean we aren’t willing to show true, concrete proof of our superiority over other online business lenders out there. In fact, we’ll show you how simple our process is step-by-step.

Because plenty of companies say they are the best, but we want to prove it!

The Probably Process Couldn’t Be Easier!

We’re sure you’ve heard it all before ‘5-minute application’, ‘easy online application’, ‘simple process’, but our small business loan process is just three steps!

1. Click

Fill out our online application with just a few clicks

2. Call

Talk to us about your business and needs

3. Capital

Get you small business loan fast – in as little as one business day

Probably wants to make loans for small businesses simple, easy, and successful. We believe in clear, transparent small business loans for all. Which is why we keep our process transparent, our terms, repayment, even early repayment simple and transparent.

We know you have a business to run, so our application process was made to be fast and hassle-free, and credit decisions are rendered quickly – so you aren’t waiting for weeks just to be denied.

How Easy Is The Probably Application? See For Yourself!

Just Three Steps:

The Amount Required

A Little About You

A Little About Your Business

And You’re Well On Your Way to Your Small Business Loan!

We Want to Be a Better Type of Lender & an Asset to Your Business

Simply apply online (or contact us by phone) to start the conversation and begin the discussion about your working capital or small business loan needs. We will review the overall health of your business with you and talk through your needs, timeline, amount, and more.

Once we have all of this information, we can identify the best solution or service, along with the best terms for your specific business needs. We make sure that even with our personalized process, we still render quick decisions to ensure our clients are never waiting on us!

After your application is submitted along with 3-month bank statements (not 6+ like big banks require), then your application is approved, you accept the agreed upon terms, and your funds are delivered!

It truly is just click, call, capital!

Contact Probably for Your Small Business Loan Today!

If you need working capital or a small business loan fast, and you don’t want to wade through piles of paperwork just to get denied by the big banks, then contact Probably for your loan today!

We look forward to working with you and helping your business grow!

Categories
Uncategorized

Benefits of Non-Traditional Business Financing Options

People talking about Non-Traditional Business Financing Options at a table

When banks let you down, Probably is here for you with our non-traditional business financing options. With a non-traditional business financing option, like a working capital loan, you spend less time wading through red tape and big-bank paperwork to get the capital you need faster! This is especially helpful if you are using your business financing to help bridge a capital gap in your day-to-day or weekly operational needs.

Waiting weeks for approval or spending hours filling out paperwork just to get denied the capital your business needs is hardly helpful. And that’s why Probably decided to be different – the better alternative to traditional business funding.

Benefits of Non-Traditional Business Financing & Working Capital Loans

Probably knows that a working capital loan is a great choice for bridging any gaps in operational day-to-day needs, but only if it is through a great lender. Unfortunately, big banks usually aren’t the ‘great lender’ you are looking for. In fact, most big bank applications are long, confusing, time-consuming, and will still deny you even after the hard work of filling it all out.

Working capital loans through Probably are based on your current business performance, not a requirement of years of credit history. Plus, your on-time payments help build your business credit! Here are more benefits of non-traditional business financing through Probably:

  • Approval in as Little as One Day
    • At Probably, you could receive your business funds as quickly as one business day, up to $500,000! Because we know that unexpected expenses or business opportunities don’t wait around for paperwork to slowly go through, they often require a quick business loan! We move fast to provide you access to the working capital you need, when you actually need it!
  • Our Simple Application = Your Simple Solution
    • One of the reasons we can have such fast approval is because we have streamlined our application process. This makes it easier for you to fill out, and easier for us to go over. You have a business to run, so we didn’t want to make an application that felt like a second (or third) job! We know you are busy, and that’s why our application process is fast, hassle-free, and credit decisions are rendered quickly. In fact, most of our clients complete their online application in just minutes!
  • Flexibility in Your Business Financing Uses
    • Unlike the big banks, we let you use your non-traditional business financing or working capital loan as you see fit. Buy inventory for a big order, bridge payroll gaps, pay taxes, or pull the trigger on exciting opportunities in expansion and growth. Our working capital small business loans meet you and your business right where you’re at – whatever that may be.
  • Build Your Credit, Don’t Hurt It
    • Building your credit profile for your business is important, which is why we give businesses the opportunity to improve their credit profile with each and every on-time payment we receive. Our small business loans are based on your current business performance and help build your business credit for future needs.
  • Small Business? New Business? That’s OK!
    • Probably even has non-traditional business financing options for new businesses and startups. Most lenders refuse to help new businesses, but we provide alternative business funding and financing options for startups to help you grow. Every business was ‘new’ at one point, and we want to help each one reach their full potential!
  • Repay Up to 18 Months + No Prepayment Penalties
    • We think that prepayment penalties aren’t fair. Not only will we never charge you a ‘prepayment fee’ or a fee for paying off your loan ‘too quickly’, we actually offer prepayment (or early payment) discounts on our loans and non-traditional business financing options.
  • Business Loans from $5,000 – $2,000,000
    • Whether you need a little or a lot, Probably can probably say ‘yes’! And with over 40% of small business loan applications being rejected by the big banks, non-traditional business financing options are becoming more and more popular! Don’t get stuck with your second or third choice when the big banks deny your business loan application, choose a lender who will truly partner with you.

Working Capital Loans from Probably

A survey from Richmond’s Federal Reserve Bank found that banks have an approval rate of only about 58% for small business loan applications. However, alternative lenders have a 71% approval rate for small business loans – and Probably works to get that number as close to 100% as possible!

Our working capital loans can help you finance your everyday operational needs. From purchasing additional inventory to helping with payroll, investing in new equipment, paying taxes, or other fees like rent, marketing efforts, or even general cash flow needs, our working capital loans are meant to bridge the gap between what your business needs right now and what it currently has.

Working capital loans are usually short term (not multi-year loans) however, that doesn’t mean you won’t get a great rate that works with your budget. We offer repayment terms of up to 18 months for our working capital loans, instead of the industry standard of 12 months or less. Plus, we have no prepayment fees – so you can pay it off as fast as you like!

Our working capital loans don’t require equity transactions, which means you still have complete control of your business. Plus, our working capital loans are ‘unsecured’, so they don’t require any collateral.

Contact Probably for Your Non-Traditional Business Financing Option Today

Categories
Uncategorized

Step-by-Step Guide: How to Get a Small Business Loan for Your Startup

startup funding on a computer at a desk

A small business loan for your current business, or even your startup can seem near impossible to tackle. Especially now as the US is still reeling from COVID-19 and many businesses are trying to find a way to keep their doors open and weather the storm.

However, we don’t think that cash flow should ever stand in the way of your business growing, which is why we offer small business loans for established businesses, startups, expansions, and more!

Alternative business funding through Probably gives you the ability to reach your business goals and grow the way you want. Many of our clients use their business funding to invest in equipment, employees, marketing, construction costs, rent, and more. Because we don’t attach strings to your small business loan – we let you use it exactly how you want and how you need it.

Probably Makes the Small Business Loan Process Short

1-Page Application

If you have heard horror stories about stacks of paper and hours of signing your name, don’t worry! Probably wanted to be a better business funding option, and we started with our small business loan application.

Our application is just one page and can be filled out in just a few minutes. We will then contact you to get to know your business, your needs, and how we can best help your business. And our name doesn’t just come from anywhere, we are called Probably because we can Probably help you get the small business loan you need.

Just fill out our application, speak with one of our team members, and be on your way to the small business loan you need. Short, simple, and sweet. Every step of our process is meant to make applying for your small business loan transparent and easy, and credit decisions are always rendered quickly. We think that’s how business funding should be.

Probably Makes the Small Business Loan Process Simple

3 Months of Business Bank Statements

We don’t require mountains of paperwork in our application, and we don’t require you to show us mountains of past bank statements either. Instead, we made our small business loan process simple too.

Simply 3 months of business bank statements if you are an existing business or contact us if you are a startup. Every business got its start at some point, and we want to help you on your business journey by getting you the small business loan you need today. Most banks refuse to consider startups or new businesses, but Probably will work to help you grow regardless of your age.

Plus, we offer no prepayment penalties, and instead offer prepayment (or early payment) discounts on our small business loans. These prepayment discounts can be anywhere from 6 to 25% off the original cost of funds depending on your business loan amount. Do the banks do that?

Probably Makes the Small Business Loan Process Fast

Funds as Quick as 1 Business Day

Probably can fund your business as quickly as one business day! From quick business loans for startups to equipment loans for existing businesses, we have an option that will perfectly fit your needs. And we will get you the funds right when you need them.

Whether you need a small business loan to bridge a payroll gap, buy more inventory, rent, taxes, or other periodic charges and fees, we can get you the funds your business needs immediately. Because what good is a small business loan, if it comes too late?

We look forward to making your small business loan process short, simple, and fast with Probably.

Contact Probably Today for Your Small Business Loan

With an easy application process, fast approval in as little as one business day, repayment for up to 18 months, and small business loans anywhere from $5,000-$2,000,000 – we can most certainly work with you.

Or, better said, we can Probably work with you!

Contact us today or apply online to get your small business loan underway. We cannot wait to partner with you and your business.

Categories
Uncategorized

Loans for Small Business [8 Questions to Always Ask]

woman applying for a small business loan at a desk

Loans for small businesses can seem difficult and complicated, but they don’t have to be! In fact, we think that with a few simple questions, just 4 for you and 4 for your lender, you can find the perfect small business loan for your needs.

Questions for Yourself

1. Why Do You Need the Capital?

In other words, why do you need a small business loan? Knowing and being able to articulate the loan purpose will help answer some other questions about which loan option might be best, timelines, and more!

The purpose of your small business loan will help you identify if you want a short-term working capital or bridge loan. Knowing these basics, how much you need, and timeframes are essential to getting a loan that will fit you and your business needs.

What are the benefits of a short term loan versus something long term? Generally, the shorter the loan term the higher the payments, but the lower the total cost. As longer-term loans typically have lower payments, but the total cost includes more interest accrued over the life of the loan.

2. What Size Small Business Loan Do You Need?

No, ‘as much as I can get’ is not the right answer. The right answer is “just enough.” Strategically borrowing “just enough” will allow you to pay it back within your means. Look at what your needs are and consider your return – how much more money can you make with additional capital?

Also, knowing how much capital you need can help you narrow down your lender options, as some lenders may specialize in larger or smaller loans than your need. Many lenders may specialize in certain loan sizes or in certain industries. Alternative lenders offer more flexibility with loan amounts, while banks typically lend much higher amounts.

3. What Is Your Credit Profile?

Your credit profile can really make a difference – and this includes your personal credit score and your business credit score, coupled with your business’ cash flow. We call this the “health” of your business. Many business owners do not even know their business credit profile, so it’s important to understand how it works and how it can be improved.

Your business credit profile is important because your personal credit score might not always be an accurate measure of your business. Also, remember that different lenders have different scales for creditworthiness.

4. How Quickly Do You Need the Capital?

Again, this is a straightforward question that can have a large impact on what type of loan you get for your small business. Do you need capital now or want the relief of knowing you’re approved for capital? Then a working capital or bridge loan may be best, as these have faster turnaround times. Timely access to capital is valuable.

Understanding not only why you need a loan, or how much you need, but when you need it is the last foundational question you should ask yourself before moving into any application process.

Questions for Your Lender

1. Do You Work with My Business & Industry?

Some lenders specialize in specific industries, or, they may have industries they do not work with. Just like knowing the loan amount you need can help you narrow down who you work with, knowing what industries they have experience with can help your process as well.

Ask this question early so you don’t waste your time with lenders who do not have the experience or expertise working with companies like yours.

2. What is Your Application Process & Timeline?

If you need the capital quickly and you find the perfect lender with competitive rates, great communication, and the perfect terms, but they cannot get you the loan you need in the timeframe you need – then they really aren’t the perfect lender for you. Be sure you ask about their application process and its timeline in the beginning, so you know if they fit your basic requirements even before you get into the deeper details.

3. What Are Your Small Business Loan Terms?

This, and the next question, are some of the most important, as the length of time you have to pay back your small business loan amount, and what the total price will be, are paramount.

Ultimately, shorter terms equate to paying more over a shorter period of time, while longer terms equate to paying less over a longer period of time. And though paying off your loan as quickly as possible saves you money in the long run, you have to make sure it is realistic too. A working capital loan for inventory can be paid back quickly, while a small business loan for an expansion or second location will most likely have a longer term.

4. What Are Your Interest Rates & Total Costs?

Make sure the communication on interest rates and total costs are clear and the lender is transparent, as good communication is key in any business transaction, but especially when loans, terms, due dates, and fees are involved.

Contact Probably to Learn More About Working Capital Loans & Small Business Loans

We look forward to partnering with you, your business, and helping you reach your growth and goals! Contact us today to learn more or apply online today!

Categories
Uncategorized

Fast Small Business Loans | The Probably Difference

man applying for a fast small business loan

Probably provides fast small business loans to help your business grow and make your goals a reality! We make small business loans fast, easy, and simple with our clear application process, flexible options, and quick access to the funds you need.

We listen to our customers to truly understand your goals and strengthen your business with convenient access to capital. Because at Probably, we want to say yes – and we probably will!

The Probably Difference

Fast Funds

Probably works hard to move quickly and provide you with the best working capital loans, so you can invest and grow your small business.

We don’t see the point in having to wait weeks or even months for the funds you need now. That’s why we try to get you the funds right when your business needs them, often in as little as one business day!

Flexible Options

Probably truly partners with you to find the perfect loan for your small business or startup. Whether you need a little or a lot, our business loans deliver the working capital you need.

We want to see small businesses grow and succeed, and we want to be right along with you for the journey! Our flexible options, repayment terms, and early repayment discounts are meant to be an asset – saving you money and hassle!

Simple Process

We make sure to keep our loan applications simple, clear, and easy!

We don’t want to win business by tricking or confusing our clients with lengthy processes or mountains of paperwork – instead, we want to communicate clearly from start to finish. Because we think simplicity and clarity are the best practices.

Transparency

Probably isn’t just the best option because we listen, or because we are fast, or even because our process is simple. Our transparency also sets us far apart.

When most traditional lenders refuse, we will work with you to help you grow – because at Probably, it’s probably a yes! We will never over-promise just to under-deliver on your expectations. Probably wants to build long-lasting relationships with our clients and be there for the long run to grow beside you.

We promise to work closely with you to select the program that best fits your business or industry’s specific needs. This includes reviewing your budget, projections, transparently, and openly discussing how we can best help you grow your business.

We succeed when small businesses succeed!

Fast Small Business Loans For Funding at the Speed of Now From Probably

Probably can get you the capital your small business needs in as little as 24 hours – that’s fast by any standard. You can have up to $500,000 in one business day, helping your business gain the financing and funds you need right when you need it!

We are named Probably because we can almost certainly help you get the fast small business loan you need. Our only requirements? Fill out our simple, online 1-page application and provide 3 months of your business’s bank statements. Then, simply talk with us so we can get to know you and your business better. Apply online and one of Probably’s representatives will immediately give you a call.