Business loans for working capital, equipment and growth

Which kind of business financing fits what you need, how long each takes to fund, and what lenders will ask for.

Amounts: Business loan amounts are set by each lender and depend on revenue, time in business and the type of financing.
How cost is set: By the lender, from revenue, time in business, the owner’s credit and the type of financing.
Terms: From a few months for working capital to several years for term loans and equipment.
Time to fund: Depends on the product. Online term loans are often faster than bank and SBA loans.
Who you’re dealing with: FastLoan is a matching service, not a lender.

Loan availability, amounts, rates and terms vary by state and lender.

Business financing compared

Speed and cost usually trade off: the fastest products tend to cost the most. Times below are typical ranges, not promises, and depend on how quickly you can provide documents.

Online term loan
Typical time to fund
Often a few business days after a complete application
Documents usually asked for
ID, business tax ID, three to six months of bank statements; sometimes tax returns
What slows it down
Missing statements, a very new business, details that don’t match
Business line of credit
Typical time to fund
Often a few business days to set up; later draws are usually quicker
Documents usually asked for
Bank statements, and sometimes financial statements for larger lines
What slows it down
Uneven revenue, a recent drop in deposits
Equipment financing
Typical time to fund
Often a few days to two weeks, depending on the seller
Documents usually asked for
A quote or invoice from the seller, bank statements, sometimes tax returns
What slows it down
Seller paperwork, title transfer for vehicles, custom equipment
Short-term working capital
Typical time to fund
Often within a few business days
Documents usually asked for
Recent bank statements, card processing statements
What slows it down
Existing advances or liens on the business
SBA loan
Typical time to fund
Weeks, and often longer for larger loans
Documents usually asked for
Business and personal tax returns, financial statements, a business plan, SBA forms
What slows it down
Incomplete documents, lender underwriting and SBA review

Types of business financing: typical time to fund, documents and common delays
Product	Typical time to fund	Documents usually asked for	What slows it down
Online term loan	Often a few business days after a complete application	ID, business tax ID, three to six months of bank statements; sometimes tax returns	Missing statements, a very new business, details that don’t match
Business line of credit	Often a few business days to set up; later draws are usually quicker	Bank statements, and sometimes financial statements for larger lines	Uneven revenue, a recent drop in deposits
Equipment financing	Often a few days to two weeks, depending on the seller	A quote or invoice from the seller, bank statements, sometimes tax returns	Seller paperwork, title transfer for vehicles, custom equipment
Short-term working capital	Often within a few business days	Recent bank statements, card processing statements	Existing advances or liens on the business
SBA loan	Weeks, and often longer for larger loans	Business and personal tax returns, financial statements, a business plan, SBA forms	Incomplete documents, lender underwriting and SBA review

What lenders look at

Revenue and cash flow, usually from recent business bank statements.
Time in business. Many lenders want at least several months of history; banks often want two years or more.
The owner’s credit, especially for newer businesses.
Existing debt, including other loans or cash advances.
Collateral, such as the equipment being financed.

Personal guarantees and liens

Most lenders to small businesses ask the owner to sign a personal guarantee, which makes you responsible if the business can’t repay. Many also file a lien (a UCC filing) on business assets. Ask about both before you sign, and read whether the guarantee is limited to an amount. If you’re deciding between borrowing personally or through the business, see personal loan or business loan.

Cost disclosures for business credit

The federal Truth in Lending Act covers consumer credit, not business credit, so business lenders don’t have to give you a standard APR disclosure everywhere. California and New York require an estimated APR on many commercial financing offers, and several other states require other cost disclosures. Wherever you are, ask for the total you’ll repay and every fee in writing.

Short-term products are often priced with a factor rate. Use the factor rate to APR calculator to compare one with a regular loan.

Guides for business borrowers

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