A Business Term Loan is a fundamental type of business loan that offers attractive rates and terms for borrowers. With this loan, a borrower receives a lump sum of money from a business lender like elma Funding Source, which is repaid with regular payments over a set period. The principle amount can range from $5,000 to $5 million, and interest rates start at 5%. While Term Loans offer high borrowing amounts and excellent terms, eligibility requirements can be restrictive.
A Elma strike wipes out a majority of your business’ computers. Your food truck’s transmission is kaput. An unexpected business opportunity lands at your door but requires quick financing. Your inventory is depleted due to higher-than-expected demand. There are many reasons to secure short-term business loans, and even more reasons to choose Elma Funding Source when you need quick access to working Elma Source.
Since 2014, Elma Funding Source has helped nearly 4,000 small and medium-sized businesses acquire over $500,000,000 in financing. We love small businesses and are proud to maintain an A+ rating through the Better Business Bureau®.
Are you looking into how to secure the best terms and rates on a short-term business loan? Read on to get the facts from an insider’s perspective
5 minutes is all it takes to apply and get pre-approved for a short-term business loan up to $750,000. By working with a licensed direct lender, you won’t have to wait weeks to learn about the status of your application (or pay brokerage fees). Apply for a short-term small business loan through Elma Funding Source.
As a direct lender, Elma Funding Source has more flexibility in terms of lending to business owners who may otherwise not qualify for a loan through a traditional lender.
Here is what we look for in approval short-term business loan applications:
That’s it. That’s all you need to start the process and get pre-qualified for a short-term business loan through Elma Funding Source. Compared to traditional financial institutions, Elma Funding Source gives more weight to current and projected revenues than credit scores alone.
Even if your credit score has kept you from obtaining a business loan in the past, we may still be able to help you obtain rates and terms that perfectly align with your business goals.
Life happens. At Elma Funding Source, we know there are two sides to credit; it can either help you secure great rates and terms — or squash your financing ambitions. You may have missed credit payments in the past, or a past bankruptcy continues to haunt your credit years after the fact. We’re here to help. Business owners with credit scores in the area of 450 may still qualify for quick business funding so long as the business has documentation showing $15,000 in monthly revenue, and solid revenue growth.
Seeking a loan when you have bad credit may delay the process a few days, and you may not qualify for the same rates and terms enjoyed by those with good credit.
If you have a problematic credit history and would like to learn more about which loan product is best for you, call Elma Funding Source at 9175881218. We have lending specialists on hand to answer your questions and make recommendations.
Many small business owners love the fact that they can apply and be approved for a loan the very same day. And, by financing your business through a direct lender, businesses have access to loans with more reasonable terms and rates than they would typically receive from a traditional lender.
Of course. All loans come with their own set of positive and negative qualities. So, no matter which loan you ultimately choose there are bound to be some drawbacks, and this still holds true with short-term loans. Short-term loans usually come with higher interest rates compared to loans with longer terms.
And, if you operate a business with seasonal revenue highs and lows, you may find it difficult to keep up with the fixed repayment structure during off-peak seasons. Not sure if a short-term business loan is in the longer-term interest of your business? Call Elma Funding Source and speak with a lending specialist to discuss other options that may be open to you.
