A guide to the best funding sources for your business in 2023
So, imagine this vivid dream that had been brewing in my mind – a groundbreaking mobile app, tailored to assist people in uncovering unbeatable travel deals. Oh, the sheer excitement that coursed through my veins as I envisioned its potential!
With a well-crafted prototype, an eye-catching logo, and a captivating slogan, my vision was taking shape, but there remained one crucial missing piece: funding, the lifeblood of any entrepreneurial venture.
Then, like a serendipitous whisper from the universe, my ears caught wind of "Spartan" through a dear friend's recommendation, a name that seemed to carry the promise of untold opportunities, a chance to make my dream a reality.
Eager to explore this newfound avenue, I swiftly arranged a Zoom call with one of their esteemed specialists, hoping they could be the catalyst for my entrepreneurial flight.
And lo and behold, the encounter surpassed even my wildest aspirations! Through their unwavering support and expertise, I gained access to a jaw-dropping $75,000 in business credit cards, all boasting the remarkable feature of 0% interest for an entire year.
But that was not all; their impressive repertoire also encompassed securing the esteemed SBA FastTrack Loan, a staggering $165,000 infusion into my venture. And if that wasn't enough to leave me in awe, they even orchestrated a Personal Term Loan, adding an additional $85,000 to my burgeoning arsenal of resources.
Now, you might think that was the climax of my remarkable journey, but it was their Business Credit Builder & Finance Suite that proved to be the masterstroke. A strategic move that opened the floodgates to a veritable treasure trove of opportunities, furnishing me with well over $100,000 in business credit, leaving me both astonished and immensely grateful.
This venture was no longer a mere dream but a tangible reality, fueled by the unwavering support of Spartan and the bountiful resources they helped me unlock.
It is with immense pride and gratitude that I stand today, a living testament to the power of strategic partnerships and the immense potential that lies within our grasp, waiting to be harnessed.
Are you looking for ways to finance your business in 2023?
Whether you need to start, grow, or acquire a business, there are many options available to help you achieve your goals. In this article, we will introduce you to some of the best funding sources for your business, including:
New SBA Expedited Loans
The Small Business Administration (SBA) offers several loan programs that can help you get funding for your business quickly and efficiently. These loans are backed by the SBA, which means they have lower interest rates and more flexible terms than conventional loans. Some of the new SBA expedited loans are:
SBA FastTrack 7a Loan: This loan can provide you with up to $100,000 in funding within 7 days or less. You need to have a minimum credit score of 675, one year of time in business, and $1 or more in profit on your last filed tax return. The loan has a 10-year term and a maximum loan amount of 50% of your gross revenue.
SBA Express Loan: This loan can provide you with up to $500,000 in funding within 30 days. You need to have a minimum credit score of 640, two years of time in business, and a debt service coverage ratio (DSCR) of 1.20x. The loan has a 10-year term and can be used for various purposes, such as working capital, inventory, equipment, or debt refinancing.
SBA Business Acquisition Loan: This loan can help you buy an existing business or franchise with as little as 5% down payment (which can be sourced from a gift). You need to have a minimum credit score of 700 and be able to demonstrate sufficient cash flow and experience to run the business. The loan has a term of up to 25 years and a maximum loan amount of $10 million.
SBA Startup Loans: This loan can help you start a new business or expand an existing one with up to $5 million in funding. You need to have a minimum credit score of 700 and a solid business plan and projections. The loan has a term of 10 to 25 years and can be used to purchase real estate, equipment, inventory, or working capital.
Buy Commercial Real Estate: This loan can help you purchase owner-occupied commercial real estate with up to 100% financing and zero money down. You need to have a minimum credit score of 700 and be able to occupy at least 51% of the property. The loan has a term of 25 years and a maximum loan amount of $10 million.
Business Credit Builder & Finance Suite
If you want to build and maintain strong business credit that can help you access more funding opportunities, you should consider the Business Credit Builder & Finance Suite.
This is a comprehensive online platform that helps you establish a PADEX score and a FICO SBSS score, which are the two most important scores for business credit.
It also helps you build business credit that is only associated with your business EIN number, not your personal SSN number. Most clients who use this platform can establish $50,000 to $150,000 in business credit quickly.
The Business Credit Builder & Finance Suite also provides you with personalized guidance and support from our team of expert business credit advisers and finance officers (no extra charge).
They will help you navigate the complex process of building business credit and securing loans and financing efficiently. You will also get access to high-limit business credit that reports to the business credit agencies, as well as unsecured business credit and business loans.
The Business Credit Builder & Finance Suite is the ultimate tool for building and maintaining strong business credit and lasting wealth from the ground up.
It gives you 24-hour access to the online platform and priority status with financing underwriters. Don’t struggle to secure funding any longer. Invest in the Business Finance Suite and take control of your future today. Learn more…
Personal Term Loans
Another option for getting funding for your business is personal term loans. These are loans that are based on your personal credit history and income, not your business performance. They can provide you with up to $300,000 in funding within 2 to 7 business days.
To qualify for personal term loans, you need to have a minimum credit score of 700, a credit usage of 30% or less, a debt to income ratio of less than 30%, and personal tax returns showing $50,000 or more in taxable income. You can use personal term loans for any business purpose, such as buying equipment, hiring staff, or marketing.
Personal term loans are a great option for business owners who have good personal credit and income, but lack business credit or financials. They can help you get funding quickly and easily, without requiring collateral or extensive documentation.
Business Credit Cards
The last option for getting funding for your business is business credit cards. These are credit cards that are issued to your business entity, not your personal name. They can provide you with up to $150,000 in funding within 10 to 15 days (instant approvals).
To qualify for business credit cards, you need to have a minimum credit score of 700 and a business entity that can be a day old. You don’t need to provide any financial statements or tax returns, as the approval is based on your personal credit history.
You can use business credit cards for any business expense, such as travel, supplies, or utilities.
Business credit cards are a great option for business owners who want to access funding without affecting their personal credit score. They also offer benefits such as rewards, cash back, and discounts. Plus, they can help you build your business credit score as long as you pay on time and keep your balances low.
Conclusion
As you can see, there are many ways to get funding for your business in 2023. Whether you need to start, grow, or acquire a business, you can find the best option for your situation and goals.
Some of the best funding sources for your business are:
If you need help finding the right funding source for your business, feel free to contact us today. We have a team of experienced and professional advisers who can help you get the funding you need quickly and efficiently.
We look forward to hearing from you soon.
