Find out Which Business Loan is Better for your Business
Business loans are a form of credit intended for business-related purposes like expanding a business, business equipment leasing, increasing the working capital, financing a marketing plan, increasing inventory, or paying other debts.
Like any other loan, the lender gives you some money, and you repay it back with interest. Ideally, the business loan can be secured or unsecured. A secured loan requires some form of security/collateral, while an unsecured loan is primarily based on your creditworthiness.
Who Can Qualify For Our Business Loan?
In general, any business, no matter its size can apply for a business loan. Some businesses that can apply for our loans include real estate companies, flipping companies, trucking companies, healthcare organizations, restaurants, and construction companies.
Different Business Loans Available To Our Clients
We have multiple types of business loan programs tailored to meet the unique needs of each entrepreneur. Below, we have explained each loan type and its minimum requirements with the aim of helping you find a financing program that meets your business’ financial needs.
1. Business funding
At GoKapital, we understand that companies need adequate and quick funds to support critical operations like advertising, acquiring new inventory, paying suppliers, or refinancing an existing loan. Your business will hardly survive in the competitive business climate with inadequate funds.
Application of our loans is open for any business with a minimum credit score of 500 and has been operating for more than four months. Furthermore, successful applicants must have annual revenue of $150,000. After a successful application, GoKapital will transfer funds into your business account within 1-3 days.
2. Commercial real estate
Our commercial real estate loans are intended for self-employed individuals looking to buy real estate property or refinance an existing real estate mortgage. This loan would also be an ideal option for businesses that want some finances using an existing property as collateral.
Business managers who want this loan should have a monthly revenue of at least $5,000, and a minimum FICO score of 550. Moreover, the applicants should be in a position to make a down payment ranging from 20 percent to 40 percent of the amount borrowed. Depending on your financial need, you can secure a loan of $50K- $50M within a period of three weeks.
3. Invoice factoring
Invoice factoring is a loan program in which you convert your current unpaid invoices into capital. This program is ideal for businesses who cannot meet the minimum requirements for a business loan, or those who lack collateral.
Unlike the conventional loan, invoice factoring is an easy and safe way to receive funds to meet your payroll, increase your inventory, or even expand your business. This is because invoice factoring is more of a sales transaction than a credit.
Your business qualifies for invoice factoring if it is more than four months old and it receives monthly revenue of not less than $50,000. The invoices should also be for services rendered to other companies who pay within 30 to 120 days. If GoKapital approves your application, you shall receive funds within 1-2 weeks.
4. Business cash advance
Also known as a merchant cash advance, a business cash advance is a type of credit meant for business enterprises that accept credit card payments. In this loan type, GoKapital will buy part of your business’ future credit card sales at a discount.
Unlike most loan types, a business cash advance is easy to apply, it requires no collateral, and loan repayment depends on your business’ credit card sales. Moreover, your funds can be processed for as short as one day. Therefore, a business cash advance is an excellent option for entrepreneurs who want financial resources to help them take advantage of an immediate business opportunity.
For your application to be successful, your business should be four months old, and your business should be making more than $150,000 of revenue. If your application is successful, GoKapital will fund you within 1-3 days.
5. Revenue-based business loan
As the name suggests, a revenue-based business loan is a type of credit in which your company agrees to share a percentage of your future income in exchange for a capital up front.
Like a business cash advance, the revenue-based business loan is unsecured, the application is easy, approval is quick, and loan repayment depends on your monthly income. Your loan limit will depend on your business’ monthly revenue rather than a FICO score.
Successful companies should have been running for more than four months and have monthly revenue of $5,000. Successful applicants can receive as much as 150 percent of their monthly revenue within a period of 1 to 3 days.
6. Unsecured term loan
GoKapital’s unsecured term loan has low monthly payments and a loan term of up to five years. Just like the conventional bank loan, your loan limit primarily depends on your FICO score. Therefore, this type of business loan would not be an option for entrepreneurs with a weak credit score.
GoKapital’s unsecured term loan is meant for businesses with a FICO score of more than 680, with annual revenue of $150,000. Moreover, the business should have been running for 2 or more years. Usually, this loan is processed in 1 to 2 weeks.
7. Equipment financing
GoKapital’s equipment financing is tailored for business enterprises like construction companies, trucking companies, or manufacturing plants that are looking to acquire new equipment to enhance their productivity.
This type of business financing has low monthly payments, and it has a quick approval process. This loan also lets you improve your credit score as well as receive various tax benefits.
Businesses looking to apply for this loan should have been running for more than six months, have a credit score above 500, and a monthly revenue of more than $10,000. Successful applicants will receive the funds between one and three business days.
8. SBA business loan
The small business administration business loan is a low rate and long-term loan intended for businesses with an excellent FICO score. The federal government secures this loan, and it entails hefty paperwork.
To qualify for this loan, your business should have been operating for more than two years and generate annual revenue of more than $150,000. Furthermore, successful applicants should have a credit score that is above 680. After a successful application, funds can take as long as three months to be transferred into your account.
9. Residential real estate
As the name suggests, GoKapital’s residential real estate loan is meant for residential real estate investors who are looking for adequate finances to purchase more property or to flip homes. You would want to apply for this loan because of the easy approvals and quick closings.
Investors who want to benefit from this loan must have monthly revenue of $5,000, and they should be in a position to make a down payment of at least 20 percent of the amount borrowed. GoKapital will transfer funds to your account within 1 to 3 weeks after application.
Why Choose GoKapital for Your Business Loan
GoKapital works with a mission of eliminating the financial barriers like cumbersome paperwork, strict credit approval requirements, delayed cash transfers, and unrealistic payment plans. These are some of the financial hurdles that prevent small business enterprises from succeeding in the competitive business climate.
Some of the reasons why we rank top in Florida’s commercial market include:
• You can apply for the loan online
GoKapital gives you the freedom to apply for your private business loans from the comfort of your home or office. Unlike those lenders with a complicated online application process, ours is straightforward, and it requires basic financial information only to complete the application.
• We have more loan options than our competitors
Unlike our competitors who offer basic loan types, GoKapital offers numerous loan types tailored to meet the unique financial needs of our clients. The multiple loan option gives you the freedom to choose a program that makes the most sense of your business’ financial situation.
• Flexible loan terms
GoKapital is one of the few companies with the most flexible terms in Florida’s financial industry. The terms are favorable for those with weak credit, new business enterprises, women, and even minority tribes in the United States. In fact, 95 percent of entrepreneurs who apply for our loans are approved for financing.
• We are conveniently located
Unlike some lenders whose services are limited to particular states, GoKapital serves customers in the entire United States, Puerto Rico, and Canada. You can check on our website to find a physical store near your location.
• GoKapital offers free financial advice
At GoKapital, we understand that our clients can face a problem when looking for the right type of business funding. If you face such a challenge, don’t hesitate to contact our team of financial experts that is always ready to explain all kinds of business loans, their benefits, limitations, as well as clarifying your concerns. The information will help you make an informed financial decision.