Need fast cash for your business, consider applying for a short-term business loan. We’ve got answers to the most frequently asked questions below.
What Is a Short-Term Business Loan?
A short-term business loan is considered a term loan because of the repayment terms and the upfront issuance of a single lump sum amount of money to the borrower. They typically only require smaller capital investment and are often used for urgent or unexpected needs.
Most businesses will eventually encounter an unexpected event only to realize they do not have the funds available to accommodate this sudden need. In this situation, a short-term business loan is the perfect flexible solution to solve a problem or support whatever opportunity has arisen.
What Can a Business Purchase with This Type of Business Loan?
This popular business loan is extremely versatile and can be used for a variety of reasons. It could be used to fund payroll in the event of a lull in sales. Or, imagine having to close the doors temporarily because of damage from a hurricane or perhaps even an unexpected global pandemic. This type of loan would help in both of these situations.
The need for a loan of this kind doesn’t have to stem from a crisis. Suppose your business encounters a unique opportunity to significantly increase profits, but only if you can make an immediate investment. This small business loan is a quick solution to solve this dilemma. Take a look at some loan examples below.
Examples of Uses for a Short-Term Business Loan:
- Updating or replacing essential business equipment
- Paying an unexpectedly high utility bill
- Purchasing additional inventory
- Paying storage deposits and fees
- Auto purchases or repair
- Hiring new staff
- Renovation
- Advertising
- Expansion
- Training
What Is the Required Repayment Schedule?
These types of loans can range anywhere from 3 to 18 months in length (can be flexible based on the client’s needs), but most have a repayment schedule of 3 to 6 months. Unlike the long-term financing for major equipment purchases or real estate, this loan has a limited duration and short-term financing, just as the name implies.
How Quickly Can This Loan Be Set Up?
An experienced lender like Affinity Beyond Capital (ABC) can give you a decision in one day, and if all appropriate documentation is received early enough, funding can happen on that same day! A short-term small business loan from ABC offers working capital when you need it.
What Loan Amount Short-Term Business Loans Are Available?
Short-term loans for your business can help fund small projects such as cosmetic issues or major ones such as new construction. ABC offers these loans in amounts up to $2 million.
How Do I Start the Loan Process?
Affinity Beyond Capital has a staff of seasoned professionals ready to help you understand what is needed to obtain this type of loan. They will quickly make a decision, so you don’t have to wait. You can also complete the loan application process online.
What Are the Steps to Take to Obtain This Loan from Affinity?
- Apply for a Short-Term Business Loan: Business must have been in operation for 3+ months with $8000+ monthly revenue.
- Application Review: Once received, your application will quickly be processed and reviewed.
- Get Approved Fast: With complete documentation, you can learn if funding is approved in as little as one day.
Why You Should Use Affinity Beyond Capital to Get a Short-Term Small Business Loan:
- Easy to Use Application
- Rapid Same Day Approval
- Rapid Delivery of Funding
- Honest Terms
- ABC Serves Thousands of Clients Across the Country
- ABC Establishes Long-Term Relationships with Clients