202: Business Development

Some small business owners in need financing seek out a conventional bank loan, where they are turned down. However, entrepreneurs also have the option of using nonbank lenders for short-term loans or merchant or ACH cash advances.

Although these alternative lenders typically have higher interest rates and larger or more frequent payments, they also tend to have less strict requirements and more loan term flexibility, making them attractive options for for your SuperSites.  This affiliations can provide exceptional income opportunities as your grow you social media marketing programs.

Fundbox

Fundbox is an online lending platform offering short-term lines of credit and loans. Business owners make weekly payments based on term lengths of 12 or 24 weeks for lines of credit and 24 or 52 weeks for short-term loans. 

Fundbox doesn’t charge a penalty if you pay off your loan early and there aren’t any origination fees. The application process is more accessible than some alternative lending platforms because applicants connect their accounting software or business checking account. Fundbox uses this information to approve or deny your application within minutes.

Once approved and finalized online, nonbank lenders may transfer funds to the business account as soon as the next business day.

The minimum requirements include:

• 100,000 in annual revenue.
• Six months in business.
• A personal FICO score of 600 or higher.
• A business checking account

Fora Financial

Fora Financial is a direct lender of working capital and provides two products: small business loans and merchant cash advances. Loan terms may extend up to 15 months, whereas the MCA terms and payment amounts vary based on the business’s revenue. Fora Financial stands out from other lenders because it offers early payment discounts.

Business owners must complete a one-page application and upload three months’ worth of credit card statements through the online portal. The approval process takes 24 hours or less, and business owners can receive funds in as little as 72 hours.

Companies can’t have any open bankruptcies to secure funding and must have been in business for at least six months. Additionally, the company needs either $5,000 in credit card sales or $12,000 in gross sales to qualify.

BlueVine

BlueVine is a financial technology company that provides banking services such as invoice factoring, lines of credit, and the Small Business Association (SBA) Paycheck Protection Program (PPP) loans. Revolving lines of credit terms are for six or 12 months, while PPP and invoice factoring (aka factoring receivables) terms vary.

The applications take five to 10 minutes to complete. Companies can connect their accounting software or business checking account, or they can upload invoices to the online portal. Approvals occur in 24 hours or less.

Business to business (B2B) startups with at least three months in business, a minimum FICO score of 530, and $10,000 in monthly revenue can apply for an invoice factoring loan. Lines of credit require a minimum FICO score of 600, six months in business, and $10,000 in monthly revenue.