Finance & Lending

 

09 30 2014

09 30 2014

What To Look For In Your Small Business Loan

Small business loans are seeing a bump in activity, as industry data shows lenders of all types are making more money available to small business owners.

This could help explain why small business optimism is on the rise.

“August’s Optimism Index rose 0.4 points to 96.1 making it the second highest reading since October 2007,” stated the latest National Federation of Independent Business (NFIB) Small Business Economic Trends report.

The report went on to state that capital spending saw increased activity, as did job openings.

“Spending and hiring seem to be driven mostly by population growth and the need to replace depreciated assets,” the report continued.

Any small business that counts itself among the ranks of those seeking working capital would be wise to explore all its options before making a decision. After all, there are many factors small business owners must account for.

Collateral risk

One aspect small business owners should keep in mind is whether or not they are required to pledge personal assets in order to obtain working capital loan. Finding a lender who will make money available without this requirement is obviously preferable to keep personal finances safe and separate.

Straightforward application

Running a small business is a time-consuming job. While it can certainly be both fulfilling and lucrative, it doesn’t leave many spare moments to go over long, complicated loan paperwork. That’s why business owners will want to seek out lenders who make simple, straightforward paperwork a part of the equation.

No obligation

Exploring your loan options shouldn’t have to mean being forced to follow through. Whenever you’re researching working capital alternatives, ensure it features a no-obligation application process. After all, the ultimate decision should come down to you and your needs, no those of your lender.

Flexibility

How you receive your money, and more importantly, how you have to pay it back, may be the most important factor when it comes to taking out a small business loan. No two businesses are the same, so a one-size-fits-all approach to repayment won’t work. This is why it’s vital to make sure variable payback terms are part of any working capital loan you borrow.

Speed

Finally, no matter what you plan on using your funds for, chances are you need them quickly. Waiting too long for much-needed working capital can be a big problem for businesses in need, so work with a lender who can get you what you need when you need it. Funding within 24 hours is much more effective than weeks of waiting, after all.

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Terms & Conditions

General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan. What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number. We will also ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

 

For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

 

Text Messaging:

By providing my wireless phone number to National Funding, Inc., I agree and acknowledge that National Funding, Inc. may send text and multimedia messages to my wireless phone number for any purpose. I agree that these text or multimedia messages may be regarding the products and/or services that I have previously purchased and products and/or services that National Funding, Inc. may market to me. I acknowledge that this consent may be removed at my request but that until such consent is revoked, I may receive text or multimedia messages from National Funding, Inc to my wireless phone number.

  
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121. Funding amount and credit approval is subject to a full credit profile review.