Fast Working Capital For Businesses. All industries - No Collateral! $10K-$500K
Instant Pre-Approval On $20,000-$5,000,000
Our easy application process only takes 3 minutes and can be done online.
Receive an Offer
You will receive an offer within 24 hours after we receive your documentation.
Accept Your Loan
After accepting your loan, a loan specialist will assist you in understanding your options.
With minimal documents, funds in your account the same day you accept!
GoKapital Makes It Easy to Apply
Whether you’ve been in business for years or are just starting out, running a successful company requires capital. Not only can we help you find the right loan for your business, but we will also guide you throughout the entire process and review all parts of the application with you in order to quickly secure capital. Our lending network is made up of many financial institutions that focus on providing small business loans, which include:
SBA loans: Equipment Financing | Microloans: Asset-Based Loans | Acquisition Loans: Franchise Loans and more
Small Business Administration Loans
The Small Business Administration (SBA) offers a variety of loan programs to small businesses. The SBA doesn’t disburse loans directly; rather it provides lenders with a Federal guarantee for a defined maximum and minimum amount. Because of this, the terms of an SBA loan will vary based on lender-specific guidelines.
For the most part, these loans have lower down payments and longer terms. One of the most popular programs is the SBA 7(a) loan, which was established to assist existing small businesses and start-ups obtain financing for various general business purposes.
The most common uses of loans under this program include working capital, machinery and equipment, and commercial real estate.
For aspiring entrepreneurs, buying an existing franchise has many advantages versus starting a new business from the ground up. Lenders are also more willing to approve a loan for an existing company with a proven track record, than for a new business. Having a strong business plan, liquid assets, and good credit history will increase your chances of getting approved for a franchise loan.
Commercial banks, alternative financing companies, and the SBA offer funding programs for the purchases of franchises. When reviewing a loan application, they’ll analyze the financial stability, business model, and overall financial performance of the parent company.
For this reason, it’s important to do your research before applying for a franchise loan. Most successful franchises will have an established history of profitability, effective internal management systems, and a strong demand from a large target market.
Small Business Loan Requirements
- The business must be active at least 4 months
- Monthly income of $20,000 or more (reflected in business bank statements)
Necessary Documents For Small Business Loans
- Signed GoKapital Application
- 6 months of bank statements
- 2 Years of Business Returns
- 1 Year of Personal Tax Returns
- If Loan request above $150,000
- Year-to-date financial statements (Profit & Loss Statement and Balance Sheet)
Important Factors To Consider When Applying For A Small Business Loan
1. DO A CHECKLIST OF ALL DOCUMENTS REQUIRED
Having an organized mind can be beneficial in order to save time and resources, prepare a checklist where you include all the requisites and the places where you need to go in order to collect all issues and documents that are necessary at the moment of applying for a loan. sometimes this only requires a simple phone call to the financial institution where you are planning to get your small business loan.
2. SET A TIME LAPSE
This depends on the financial product and the time while your paperwork and solicitudes are processed by the financial entity. you’ll have to establish variables on your plan, suddenly you have to change something on your paper or so. Have always destined a longer time lapse for getting the funds for your business.
3. CONTACT A FINANCIAL ADVISOR
Remember that your financial statement must be on rule, an easy way to achieve this is by collecting your bank statements monthly, this way your will get deeper into you financial state, also it’s necessary to remember most small business loans requires a loan application, fill this information carefully so you will avoid eventual changes and delays on the processes.
4. SET A SCHEDULE
You can easily go through this step by taking a calendar as a time tracker and circle up the days on you’re committed to pay your small business loan. By having tools like a simple calendar always handy you can boost your productivity and will help you setting your next goals and more coming business opportunities.