October 2023

Why Bridge Loans Are Needed.

Often referred to as Gap Financing, Bridging Loans and swing loans, a Bridge Loan is a form of short-term financing used until a business or person/persons secures the permanent financing they need. This type of loan is designed to help businesses with their immediate financial needs as they are waiting for other funding sources. Bridge loans can be an excellent source for covering unexpected costs when a business is waiting on long-term financing. Bridge Loans are subject to credit underwriting and approval.

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SBA Micro Business Loans.

A Microloan can be good for a business that is struggling to qualify for traditional bank financing. The (SBA) U.S. Small Business Administration Microloan program provides loans of up to $50,000 to help small businesses and start ups expand their operations.

The average Microloan is about $13,000 yet smaller-size loans of $5000.00 up to $50,000 are provided through SBA funding intermediaries. A Microloan is a short-term loan (six months to five years) up to $50,000. SBA 504 Loan or Certified Development Company program is designed to provide financing for the purchase of fixed assets, which usually means real estate, buildings and machinery.

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Business/Commercial Lines of Credit.

A Small Business Line of Credit gives businesses flexibility and access to cash as needed. As a (RLC) Revolving Line of Credit, more financing becomes available as the business pays down its balance.Mandatory Loan Requirement: 600-650 FICO Score or higher.
A business must have been in business for no less than two years. A Business/Commercial Line of Credit allows businesses to borrow funds up to the amount of their working capital. For Business/Commercial Lines of Credit Lenders use no hard credit pulls, only soft pulls when they check for credit eligibility, thus doing this without affecting any credit score.

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