small business funding
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SMALL BUSINESS FUNDING OVERVIEW
*rates depend on duration of funding
Comparing Your Small Business Loan Options
Short Term Business Funding
Short-term business Funding is for business owners that are looking for immediate funding that will be paid back over a short period of time. These deals are structured where the business receives funding, and the payback amount and any fees is determined up front. As far as rates and terms this is the best alternative financing option for business owners that do not meet bank requirements. This type of business funding is short term so the payment plan will be spread out anywhere from six months to three years.
Short Term Business Funding
*Rates and fees depend on the duration of funding.
Bad Credit Business Funding
Bad credit business Funding are for business owners with poor personal credit or weak business financials. This type of funding features daily or weekly payments and the fees are determined before funding takes place. This product has very few document requirements and funding can take place as fast as the same day. This financial product is a great option when traditional financing is not a possibility.
Bad Credit Business Funding
*Rates and fees depend on the duration of funding.
Same Day Business Funding
Experience quick and hassle-free solutions with our same day business funding. We understand the urgency of your financial needs, which is why we have streamlined our application process to ensure minimal paperwork. With flexible qualification criteria, you can access funds within hours. Our reliable service has empowered countless entrepreneurs to seize new opportunities, address unexpected emergencies, and keep their business operations running smoothly.
Same Day Business Funding
*Rates and fees depend on the duration of funding.
Unsecured Business Funding
When it comes to financing your small business, look no further than our fast and hassle-free unsecured business funding. Whether you need funds to expand your inventory, upgrade your equipment, or invest in marketing, our loans provide the flexibility you need without requiring collateral. With quick approval and funding in as little as 24 to 48 hours, you can seize immediate opportunities and take your business to new heights. Say goodbye to long waiting times and mountains of paperwork – apply now and experience the speed and convenience of our unsecured business funding.
Unsecured Business Funding
*Rates and fees depend on the duration of funding.
Business Lines Of Credit
Business Line of Credit
*Rates and fees depend on the duration of funding.
Merchant Cash Advances
A Merchant Cash Advance provides a flexible financing solution tailored for borrowers who prefer the freedom from fixed payment schedules. With this option, repayments are seamlessly deducted from a small percentage of the credit card revenue as transactions are processed, until the advance is fully paid off. This unique feature empowers merchants to pay less during slower business cycles and contribute more during prosperous times. Experience swift funding within just 3 business days, thanks to minimal document requirements. Explore the best-in-class Merchant Cash Advance solution today!
Merchant Cash Advance
*Rates and fees depend on the duration of funding.
Working Capital Loans
Looking for funding to support your daily operational expenses? Our Working Capital Loans are the perfect solution for small business owners. With flexible payment structures, you can choose daily, weekly, or monthly options that suit your business needs. Say goodbye to lengthy documentation as our streamlined application and funding process can get you the funds as quickly as the same day. Take advantage of this resourceful loan option to keep your business running smoothly.
Working Capital Loans
*Rates and fees depend on the duration of funding.
Business Loans Consolidation
Are you drowning in multiple lines of credit and various business loans or merchant cash advances? Don’t worry, Black Tie Funding is here to help you consolidate your business debt. We understand the importance of competitive rates, flexible terms, and working with a trustworthy lender. Take control of your finances and streamline your business with our business loans consolidation services.
Business Loan Consolidation
*Rates and fees depend on the duration of funding.
Discover Your Path to Exclusive Small Business Funding
Which Small Business Funding Solution is Right for You?
Are you a small business owner looking to take your company to the next level? We understand that securing funding is a crucial step in achieving your goals. While it’s tempting to borrow as much as possible, it’s essential to consider what payment plan is manageable for your business and how the funds will be used.
Every business is unique, and that’s why we offer flexible payment options to suit your cash flow. Whether you receive small inflows of cash frequently or larger payments less frequently, we have a payment plan that works for you. Need a short-term loan to cover immediate expenses or funding for a longer-term project? We’ve got you covered.
Understanding your business’s payment capabilities is vital in choosing the right loan for your needs. Discover the possibilities today!
What are the Payments for Small Business Funding?
The amount of each payment depends on your funding amount and the rate you receive. With various payment options available, your payments can be tailored to fit your preferred frequency.
How Often Do You Make Payments?
At our company, we offer a wide range of small business loans, each with different payment options. Whether it’s daily, weekly, or monthly payments, we’ve got a solution that suits your business’s unique needs. Explore our payment options now and find the perfect fit for your loan. Please note: Merchant cash advances have a slightly different payment structure, with a percentage taken out of your sales as they are processed. Get started on your journey to financial growth with us today!
Daily Payments
With this payment option, funds will be withdrawn daily, Monday through Friday excluding holidays, until your account is fully settled.
Weekly Payments
Monthly Payments
Insight Into the Actual Costs of a Business Funding
Factor rates might seem a bit elusive at first glance, presented in decimal form rather than the more familiar percentage. However, to streamline the process, we’ve tailored our calculator to work with percentages. For instance, a factor rate of 1.17 translates to a 17% cost on your borrowed amount, while a factor rate of 1.45 equates to 45%.
Consider this scenario: If you secure a loan of $5,000 with a factor rate of 1.125 (a creative adjustment from the original 25%), you’re looking at a repayment sum of $6,250. This total is fixed, irrespective of how swiftly you choose to repay the loan—even if you opt for an early settlement.
It’s essential to note the stark difference between factor rate and APR. Factor rates are determined up front utilizing the original borrowed amount whereas APR is continuously calculated on the outstanding debt.
Calculating the Cost of Your Small Business Funding
As a business owner, you possess the keenest insight into your company’s financial landscape. Determining the affordability of a deal requires a thorough analysis of your business’s operational margins. Whether you’re gearing up for a promotional drive to boost sales or strategizing to reduce debt financing costs, it’s imperative to project the revenue that the additional capital will generate.
Before taking on a deal, it’s wise to consider every angle of your business plan, including the potential risks and the impact of additional debt on your company’s future. Use the provided calculator to estimate the repayments and total payback amount. Weigh your current and projected cash flow against the debt to ascertain the feasibility of the loan. These considerations are vital in deciding whether a business loan is a prudent financial move for your company.
Additional Fees From Lenders
When planning the repayment of a small business loan, it’s critical to account for all the additional fees in your calculations. It’s worth noting that each lender operates differently, with their own unique set of fees that may differ significantly from others in the market. Although Black Tie Funding typically does not charge many of the fees that are common among other lenders, being aware of these potential costs is essential for accurate financial planning.
Origination Fee
Application Fee
This fee is required for processing your application, regardless of whether it is approved. It covers the expenses associated with conducting credit checks and basic administrative tasks to initiate the small business loan process. While some lenders may waive this fee when funding is provided, many lenders do not charge an application fee at all.
Late Payment Fee
This fee is applied when a borrower fails to make a payment on the due date. Many modern loan programs offer automatic payment options, where borrowers do not need to manually submit payments. However, if there are insufficient funds in the account, some lenders may charge a late payment fee for each unsuccessful attempt to withdraw the payment.
Pre-Payment Fee
We Will Help You Get Your Small Business Loan Application Ready
Does My Credit History Matter
Your credit score is a key factor in obtaining small business Funding. While it may not be the sole determinant of approval—since we facilitate loans for clients with FICO scores as low as 500—it does significantly influence the rates and terms of your loan. A lower credit score suggests a higher risk, which can affect the cost of your deal. If favorable rates and terms are essential for your business funding to be viable, it’s advisable to take certain measures to improve your credit beforehand. We recommend reviewing our guide to repairing credit or possibly our guide to understanding the different types of credit history for more information.
What are Lenders Looking for in an Application
The Debt Service Coverage Ratio (DSCR) is a way for lenders to figure out what kind of loan payments your business can afford. It’s a simple math problem: you take the money your business makes before expenses (cash inflow) and divide it by your yearly loan payments (debt expense). This shows if your business earns enough to pay back the debt. For example, if your business makes $140,000 a year and owes $100,000 in loan payments, your DSCR is 1.40. Lenders also look at other money sources, what you own, how your business does throughout the year, and other things. But how much money your business brings in is a big clue to what it can pay back. Here’s a quick look at the DSCR calculation.
Bank Payment History Your business’s banking track record is scrutinized through your bank statements. Frequent negative balances can be a red flag, making it tougher to secure funding. Ideally, lenders prefer to see fewer than 3 to 5 days with negative balances per month. They also evaluate the number of deposits you make, which reflects your cash flow. Additionally, lenders assess whether your business’s revenue is on an upward or downward trend and the recency of your last revenue generation.
Outstanding Loans Existing small business loans can influence your eligibility for additional funding. While some lenders may offer additional financing, your Debt Service Coverage Ratio (DSCR) will be a critical factor in their decision-making process.
Business Industry The sector your business operates in matters to traditional lenders. Industries known for robust cash flow are typically favored. On the other hand, industries with weaker cash flow patterns may face more rigorous underwriting standards and can be more challenging to finance.
Rent/Lease Agreements Timely payments on your business’s rent or lease, as well as the duration remaining on your lease, are details lenders consider important. These factors can affect the terms and approval of your funding.
What are Common Documents Required for Small Business Funding
The financial industry now provides a diverse range of small business funding products to cater to different needs. Being prepared when you apply ensures optimal funding results for your business. The documentation required by lenders depends on the chosen loan type and your company’s financial health. For instance, bad credit business loans require minimal paperwork, while prime business loans may necessitate a more extensive list of documents due to the favorable rates and terms they offer. Read our guide on the most common types of documents required when applying for business loans for more information on the topic.
- Bank Statements. A typical application requires the submission of 3 to 4 months of bank statements. Larger loans may require up to 12 months.
- Business Licenses. Certain business licenses or certifications may be required depending on the state.
- Proof of Business Ownership. Typical documents like articles of incorporation or related documents depending on your business structure may be required.
- Lease Agreement for Business Property. If you pay rent or utilize a location for your business you may be required to submit a copy of your lease.
- General Identification. Your personal identification is required. Be prepared to submit a copy of your driver’s license or the equivalent.
Possible Additional Documents Required for Small Business Loans Above $150,000
- Personal Tax Returns. The application process for larger loans will also require that you verify your personal income with personal tax returns for up to 2 years
- Business Tax Returns. The application process for larger loans will require up to 2 years of the most recent tax returns for your business. If you do not have business tax returns because of the way your business is structured then other forms of supporting documents may be required.
- Balance Sheet. The application process for larger loans may require a look at your most recent balance sheet to determine the financial health of your business.
- Profit and Loss Statement. To complete your application for larger loans you may have to provide Profit and Loss statements (P&L) for the two most recent years. This insight will help determine what type of payment structure is viable for your business.
- Business Debt Schedule. For larger loans you may be required to submit a business debt schedule. This is more insight for determining what type of payments can work for your business.
Apply Directly to One Small Business Loan Source
How to Get Funded by Black Tie Funding
Submit Online Application
Complete our simple online application by answering a few straightforward questions.
Choose Funding Option
Talk with our team of experienced business loan experts to find the perfect funding option for your needs.
Get Your Funds
Typical Uses for Our Business Funding
- Expand your business and reach new heights
- Boost profits with immediate opportunities
- Acquire inventory or equipment for excellence
- Attract new customers through powerful marketing efforts
- Enhance your online presence with a stunning website upgrade
- Invest in impressive construction or location upgrades
- Settle outstanding debts for limitless potential
- Unlock a world of immediate profit opportunities
- And so much more…
Typical Black Tie Funding Applicants
- Small Business Owners in Every Industry
- Denied for a Bank Loan
- Bad Credit Problems
- Need For Immediate Business Funding
- Current Lender Cannot Fund You
- Need A Big Business Loan
- Need A First Time Business Loan
- Much More…
Frequently Asked Questions
How fast can I get a business loan or funding?
How will this affect my credit?
Can I use the funds for anything I want?
Do I need good credit?
Will my information be sold or traded?
Black Tie Funding is committed to protecting the privacy of our customers. Unlike other companies, we do not sell your information to third parties. When you choose us, you can rest assured that all your loan applications and inquiries are handled internally. With us, there will be no unwanted phone calls from multiple lenders bothering you. Trust Black Tie Funding for a secure and hassle-free lending experience.
Do you need 100% ownership?
How many months in business do I need?
Is there a prepayment penalty?
No, in certain instances, you may actually be eligible for a discount. In fact, our company goes above and beyond to provide our valued customers with potential savings. By carefully assessing your unique circumstances, we aim to offer tailored discounts that suit your needs.
Our Clients Love Us
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Compare Black Tie Funding Business Loans vs Traditional Bank Loans
It is widely recognized that alternative business funding and bank business loans differ significantly. While banks generally offer lower rates over a longer repayment period, they have a lengthy approval process and a high rejection rate, with only about 1 in 4 applications being accepted. On the other hand, alternative options like Black Tie Funding business loans may come with a higher rate, but they make up for it by providing quicker approval, greater loan amounts, and speedy funding deposit to your account, among other advantages. Check out our complete guide on the differences between bank loans and Black Tie Funding business loans If you seek a deeper understanding of this matter, we have thoughtfully compiled a concise table of the widely acknowledged differences below.
BANK
BLACK TIE FUNDING
Small Business Loan Application Checklist
- Choose the appropriate loan tailored to your needs, evaluating different loan categories and financial institutions
- Assess optimal repayment schedules, whether it’s daily, weekly, or monthly, ensuring it aligns with your budget
- Examine the processing time, associated fees, and total repayment amount for each borrowing option
- Review your credit report and take steps to enhance your credit score if needed
- Compile all required paperwork for your loan application; thorough preparation can streamline the process
- Complete and submit your loan application along with all necessary documentation to receive your funds
- Expand Your Enterprise
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Business Loans for Various Industries
Capital for Enhancing Menus, Upgrading Kitchen Equipment & More.
Business Loans for Medical Practices
Financing for Practice Growth, State-of-the-Art Medical Gear & More.
Small Business Loans for Doctors
Investment for Expanding Offices, Modern Medical Instruments & More.
Business Loans for a Purpose
Revenue Based Business Loans
Commercial Financing Pegged to Your Firm’s Earnings.
Business Loans for Debt Consolidation
Corporate Lending Solutions to Streamline Debts into a Single Reduced Installment.
Fast Business Loans
Swift Commercial Financing with an Online, Hassle-Free Procedure.
Additional Information
Hard and Soft Credit Pulls Explained
Discover the distinction between soft and hard inquiries on your credit.
A Guide to Private Business Loans
Access the comprehensive manual on private financing for businesses.
Small Business Loan Rates
Find out about the actual interest rates on business loans.
Top 10 Reasons for Business Loans
Explore the top reasons why business owners opt for loans.
Why Small Business Loans Matter
Understand the significance of business loans for companies and the broader economy.
Avoid Business Loan Traps
Educate yourself on how to steer clear of the pitfalls of business loan dependency.
Business Loan Economic Data
Delve into key statistics of the business financing sector within the economy.
Business Loan Credit Score Guide
Grasp the nuances between business and personal credit scores.
Stop Unwanted Solicitation Calls
Tips on avoiding unsolicited calls post business loan application.
How to Get a Business Loan
A detailed walkthrough for securing a business loan.
Small Business Borrower Bill of Rights
Inform yourself about the rights you have as a small business loan borrower.
Small Business Loan Fee Guide
Get to know all the fees that come with business financing.
Small Business Loan Rate Guide
Insights into understanding the costs involved in business funding.
Guarantee Business Loan Approval
Learn the measures to ensure your loan application is successful.
Compare Bank and Alternative Lender Loans
Comparison between traditional bank loans and alternative lending options.
What to do When Denied a Business Loan
Strategies to follow if your business loan application is rejected.
How to Choose a Lender
Criteria to consider when selecting a lender for your business.
Managing Your Loan After Approval
Advice on managing your finances following a loan approval.
What if I Don’t Repay My Loan
Understand the consequences and options if you default on a business loan.
Documents Required to Get a Business Loan
A list of documents you may need to apply for a business loan.
When Should You Take a Business Loan
Guidance on the optimal timing for taking out a business loan.