We help entrepreneurs reach their financial goals. Next Step Funding LLC is a values-driven consulting agency.
Discover answers to frequently asked questions regarding interest rates, qualifications, and additional details; it's important to note that applying won't impact your credit score.
The interest rates on business loans from National Business Capital vary depending on the specific lending product. Traditional banks typically offer rates around the prime rate plus 2%, but stringent eligibility criteria often limit businesses from securing approvals aligned with their objectives. National Business Capital provides a diverse range of financial solutions, including SBA loans, equipment financing, business term loans, lines of credit, inventory financing, A/R financing, and asset-based lending. Each of these products carries different interest rates, subject to regular fluctuations. For equipment and SBA funding, businesses can expect interest rates in the single digits, typically ranging from 6% to 8%. A/R and asset-based lending, on the other hand, involve high single-digit interest rates, especially for businesses with high-quality receivables or collateral. In cases where B2B receivables or collateral are unavailable, rates start at around 1% per month, translating to an annual rate of 12% to 18%. National Business Capital acts as a comprehensive platform, bringing together various lenders to secure the best possible deal and the most competitive interest rates tailored to the specific goals of the borrowing business.
National Business Capital conducts soft credit pulls as part of its evaluation process. This approach allows us to assess your credit profile and determine which lenders are likely to approve your application. Utilizing our advanced lender matching technology and the expertise of our Business Finance Advisors, we streamline the credit assessment process. A significant number of lenders on our platform also utilize soft credit pulls. In the event that a hard inquiry is required to provide you with a loan offer, we will promptly inform you upfront, ensuring transparency in the credit evaluation process.
Securing a business loan with our streamlined digital application process and providing 6 months of bank statements can result in obtaining up to $250,000 within a few hours! For amounts exceeding $250,000, the approval process may take a bit longer. Transactions ranging from $1 million to $5 million typically require 3 to 7 business days for completion. The speed of funding is also influenced by the type of financing solution sought. Equipment financing, on average, takes 3 to 10 business days, while SBA loans can be processed in a remarkable 45 days. It's crucial to note that traditional bank financing, regardless of the loan amount or type, typically takes an average of 90 days to complete. At National, our team is committed to swiftly identifying the best options for you, ensuring we navigate the process according to your timeline.
Not all our business loan options necessitate personal guarantees. If you prefer a financing solution without this requirement, be sure to discuss it with your Business Finance Advisor. Our team can provide detailed information about the specific funding products that do not require personal guarantees. We will explain the terms associated with these options and assess your eligibility based on the information provided about your business. Feel free to inquire about the available alternatives that align with your preferences.
Our diverse range of lending products offers flexibility in payment frequencies, with options for daily, weekly, bi-weekly, or monthly collections. Monthly payment options are specifically available for our SBA loans, equipment financing, and business term loan products. If you have a preference for a particular repayment frequency, feel free to inquire. Our team is here to discuss and explore all the available payment options to tailor the repayment schedule to your specific needs.
A prepayment penalty is a fee imposed on borrowers who settle their loans before the agreed-upon term. Certain products, such as SBA loans, may carry prepayment penalties. In the case of equipment financing transactions, prepayment penalties may apply in specific situations. Similar to a car lease, the borrower is responsible for repaying the full amount. Conversely, some products come with prepayment discounts. Borrowers can secure funds at a specified cost, and early repayment results in a reduced total repayment amount. It's essential to inquire about prepayment terms, as our team may be able to incorporate prepayment discounts into your loan offers based on the specific product you are interested in.
Qualification requirements vary among lenders, making it challenging to provide a straightforward answer. Upon your application with us, our team engages with a diverse marketplace of lenders to identify the most suitable match for your business. Whether your credit is less than perfect or impeccable, our dedicated team ensures to connect you with the right lender. By drawing in the appropriate lending partners for each client, we strive to present the best available options that align with your qualifications.
Our financing options extend to businesses in all 50 states!
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