How Long Does it Take to Get Approved?

The time it takes to get approved for an unsecured business loan can vary depending on several factors, including the lender, the completeness of your application, and the complexity of your business's financial situation. 

Here are some general guidelines :

1. Online lenders : 

Online lenders typically have a streamlined application process and may provide quicker approval compared to traditional banks. In some cases, you can receive a decision within hours or even minutes of submitting your application. Once approved, funds can be disbursed within one to three business days.

2. Banks and credit unions : 

The approval process for unsecured business loans from banks and credit unions can take longer compared to online lenders. It often involves a more extensive review of your financial documents and credit history. Depending on the institution and the complexity of your application, it can take anywhere from a few days to several weeks to receive a decision.

3. Small Business Administration (SBA) loans :

If you're applying for an SBA loan, the approval process can be more time-consuming. It typically involves several steps, including completing the application, providing supporting documents, and waiting for the SBA's review and approval. The overall process can take several weeks to a few months.

To expedite the approval process, it's important to ensure that your application is complete and includes all the necessary documentation. This may include financial statements, tax returns, business plans, and any other information that the lender requires. Being proactive in providing requested information and promptly responding to any additional inquiries from the lender can help speed up the approval timeline.

Keep in mind that these timelines are general estimates, and the actual time to approval can vary based on individual circumstances and the specific lender's processes.

Read More

What Kind of Resources does the U.S. Small Business Administration Provide to Women Entrepreneurs?

The U.S. Small Business Administration (SBA) provides a range of resources and support to women entrepreneurs. 

Here are some key resources offered by the SBA :

1. Business Counseling and Training : 

The SBA offers counseling services through its network of Women's Business Centers (WBCs) located across the United States. WBCs provide one-on-one counseling, training workshops, and educational programs specifically tailored for women entrepreneurs. These services cover various aspects of business development, including business planning, marketing, finance, and access to capital.

2. Access to Capital : 

The SBA provides loan programs that can benefit women-owned businesses. The most prominent program is the SBA 7(a) Loan Program, which offers loans for various business purposes, such as working capital, equipment purchases, and real estate acquisition. The SBA also operates the SBA Microloan Program, which provides small loans to startups, newly established businesses, and underserved communities. Additionally, the SBA offers resources and guidance on accessing capital from other sources, such as traditional lenders and community development financial institutions (CDFIs).

3. Government Contracting Assistance : 

The SBA has programs and resources to help women entrepreneurs navigate the government contracting process. The SBA's Office of Government Contracting and Business Development provides counseling, training, and support to women-owned businesses seeking government contracts. This includes assistance with certification as a women-owned small business (WOSB) or economically disadvantaged women-owned small business (EDWOSB), which can provide access to set-aside contracts and other opportunities.

4. Online Learning and Tools : 

The SBA offers a variety of online resources and tools to support women entrepreneurs. The SBA Learning Center provides free online courses, videos, and webinars covering various business topics. The SBA website also features tools such as business planning guides, financial calculators, and market research resources that can help women entrepreneurs make informed decisions and develop their businesses.

5. Advocacy and Policy Initiatives : 

The SBA's Office of Women's Business Ownership (OWBO) advocates for women entrepreneurs and works to promote their interests at the federal level. OWBO represents women-owned businesses in policy discussions, provides input on legislation, and collaborates with other organizations to support the growth and success of women entrepreneurs.

6. Resource Partner Network : 

The SBA works with a network of resource partners that provide additional support to women entrepreneurs. These partners include SCORE, Small Business Development Centers (SBDCs), and Women's Business Centers (WBCs). These organizations offer counseling, mentoring, training, and other resources to help women entrepreneurs start and grow their businesses.

These are just some of the resources and support services that the SBA provides to women entrepreneurs. The SBA's website (www.sba.gov) is a valuable source for accessing these resources, finding local assistance, and staying informed about programs and initiatives that specifically benefit women-owned businesses.

Read More

OnDeck Term Loan

An OnDeck term loan is a type of small business financing that provides a one-time lump sum of cash with a fixed repayment term and interest rate. It is suitable for larger investments in your business, such as purchasing equipment, expanding or renovating, or consolidating debt. 

OnDeck offers term loans from $5,000 to $250,000 with repayment terms up to 24 months. To qualify for an OnDeck term loan, you need to meet the following minimum requirements:

• 1 year in business

• 625 personal FICO® score

• $100K business annual revenue

• Business checking account

If you are interested in applying for an OnDeck term loan, you can complete the online application in minutes and get a decision quickly. If approved, you can receive your funds as soon as the same day.  You can also check your eligibility without affecting your credit score.

Some benefits of choosing an OnDeck term loan are:

• No hard credit pulls

• Fast funding

• Build business credit history with on-time payments

Option to repay early and have all remaining interest waived

Lower origination fee for renewing customers

If you have any questions about OnDeck term loans or other financing options, you can call their U.S.-based loan advisors at (888) 269-4246 or visit their website.

I hope this information was helpful. 😊

Read More