We recommend reading about the new Coronavirus Emergency Aid Package to see if your company meets the requirements. Yes, SBA Loans are considered long-term loans. Small Business Loan Financing A small business loan refers to receiving a lump sum of working capital to use for business purposes. It offers a variety of financing options, including loans, merchant cash advances, and SBA bridge loans. Rapid Finance In addition to small business loans between $5,000 and $1,000,000, Rapid Finance offers MCAs between $5,000 and $500,000. Lender Highlights. This program works with other financial institutions to help give small businesses access to working capital that has longer terms and lower interest rates. How To Accept Online Credit Card Payments? Increase in equipment, this is particularly true for many healthcare providers including hospitals and urgent care facilities. Over $2 billion has been lent to small businesses across a wide range of industries. The SBA currently is still accepting loan applications for this type of loan, however, this is subject to change at any given time depending on the funds available. How Can A Small Business Survive The Coronavirus? User name or email. Rapid Finance. The need for social distancing has caused the economy to have a major shift. As the pandemic continues, businesses are still being affected by this pandemic. Rapid Finance rates, fees and terms. Explore our COVID-19 blogs. For more information regarding financial relief during the Coronavirus pandemic, please visit their website. Disaster Loan Assistance Federal Disaster Loans for Businesses, Private Nonprofits, Homeowners, and Renters Monthly payments from an account on file. The SBA offers disaster relief programs such as the 7(a) Paycheck Protection Program and 7(b) Economic Injury Disaster Loan (EIDL), to help businesses who suffering financial loss due to COVID-19. In addition to offering multiple financing solutions, the company offers a simple application process, opportunities to borrow even with bad credit, quick approval and funding times, and respectable customer support. Learn about Economic Injury Disaster Loan, PPP 7(a) loan forgiveness as well as the application. We make sure we provide your business with the resources it needs to come out on top. While most lenders and loan programs offered by the SBA have different eligibility requirements, the majority of the time these requirements are centered around the products or services the business provides, character of its ownership, and location of operation. This program was originally designed to provide small business with funds to pay up to 8 or 24 weeks of payroll costs, costs related to group health care benefits during periods of paid sick, medical or family leave, and insurance premiums. Rapid Finance offers lines of credit, merchant cash advances and Small Business Administration bridge loans from $5,000 to $1,000,000. Rapid Finance business loans cover a range of options for up to $1,000,000 in financing including SBA loans, lines of credit, invoice factoring, and asset-based loans. Instructions on how to apply for the PPP 7(a) First Draw and other information is now available. Please visit their website for up to date information and open registration. Here at Rapid Finance we are dedicated to the success of each of our clients. Rapid Finance small business loans include the following features: Available in amounts from $5,000 to $1 million; Terms available from 3 to 60 months; Fixed fee factor rates (instead of interest rates), which set your total repayment at the amount borrowed plus a fixed percent of the amount borrowed Business Profile. Looking for revolving credit and quick access to capital? Are SBA Loans considered long-term loans? It offers merchant cash advances(MCAs) and short-term business loans to small businesses seeking short-term funding. That’s why we’ve created this page to help you find information about government financial relief programs, as well as other resource guides to help navigate your way through the outbreak. How to protect your credit score during COVID-19, FAQ’s About The COVID-19 SBA Disaster Loans, Non-SBA small business coronavirus relief options, A Complete Guide To The Paycheck Protection Program, Additional funds for the Paycheck Protection Program. Recently additional funds have been authorized for the Paycheck Protection Programs and business are able to apply for either a First Draw Loan or a Second Draw Loan. Need Financial Help to Reopen Your Business After COVID-19? This is a type of loan provided by the Small Business Administration which provides low-interest loans with long-term repayment options to businesses who have less than 500 employees, are non-profits, sole proprietors, or independent contractors that have been impacted by a major disaster. Want to receive funds in one lump sum with fixed terms and payments? Instructions on how to apply for the PPP 7(a) Second Draw and other information is now available. At Rapid Financial Solutions we specialize in the following: Finding You a High Risk Merchant Account also known as Merchant Credit Card Processing or merchant payment gateway. With the passing of the CARES Act, the SBA has created new processes where you can quickly apply for both the PPP (7a) and EIDL (7b). Rapid Finance is a simple and fast way to get a small business loan. Founded in 2005, Rapid Finance is a non-bank online lender based in Bethesda, Maryland. The company offers finance options to small business owners, in which the funding process is kept direct. MORE. Loan terms ranging from 1 year up to 30 years. *Small Business Financial Solutions, LLC offers term loans (pursuant to its California Lenders License No. SBA Loan amounts typically range from $500 to $5.5 million dollars upon approval. Whether you’re looking to purchase an existing business, buy out a partner, start or expand a franchise business, or expand your business with a commercial real estate loan, our team of SBA experts can help you navigate the lending process. We understand that sometimes the loan process can take time, and securing long-term financing can be a more extensive process than a short-term loan. The Future Impact Of COVID-19 On Small Businesses, 8 Ways You Can Prepare Your Business For Success After COVID-19. During the COVID-19 pandemic this loan relief option granted thousands of businesses the opportunity to keep their business afloat by providing them with working capital to cover their current needs. What do I need to fill out a SBA Loan application? This program works with other financial institutions to help give small businesses access to working capital that has longer terms and lower interest rates. On another note, things to have ready when filling out an application are the businesses past bank statements, identity verification, a business checking account, past tax returns, among others. Approvals … As always, you’ll want to be sure you don’t have cheaper alternatives before signing up for a cash advance or short-term loan. Should Your Business Apply For Disaster Relief Funding? From there, you will need to fill out an application with that lender and provide all the documentation required. Instructions on how to apply for the PPP 7(a) loan forgiveness as well as the application is now available. COVID-19 Financing Relief For Restaurants And Bars, How to apply for the SBA Economic Injury Disaster Loan, SBA Payroll Protection Program To Help With Payroll, A Small Business Guide To The SBA Economic Injury Disaster Loan, FAQs About The Coronavirus SBA Disaster Relief Loan. Each SBA lender requires different documentation and will ask a variety of questions during the application process. Some industries are facing higher demands of product and services due to the pandemic and therefore need more staff to be able to meet the high demands. Rapid Finance © 2020 All rights reserved. Sign in to Your Account Access your account to review funding solutions and lock in your offer. Rapid Finance is a registered tradename of Rapid Financial Services, LLC and Small Business Financial Solutions, LLC. The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business. Small Business Financial Solutions, LLC and Rapid Financial Services, LLC offer term loans, lines of credit and factoring outside of California. While a recession has not been confirmed, the federal and state government has advised business owners to take extra precautions as they are forced to obligate many businesses to shut down or operate remotely. The SBA has mentioned that even businesses with bad credit still have a possibility of being accepted. Password At this moment they are offering relief options such as the 7(a), 504, Microloans, Disaster Home and Business Loans. See BBB rating, reviews, complaints, request a quote & more. The amount of the working capital was determined by the number of active employees the company had (as stated in the EIDL loan application). At Rapid Finance, our mission is to find solutions for small business owners, fast. This advance is a grant program that was offered in conjunction to the EIDL 7(b) program which gave approved businesses access to working capital. Some of the main requirements that the SBA requires is for the business to be a for-profit business, located and operates in the USA, invested equity in the business, and has had difficulty applying for financing with other lenders in the past. Rapid Finance (formerly Rapid Advance) is a Maryland-based alternative small business funder. If you applied for a SBA Loan, then the lender you applied through would have this information and in you should contact that lender directly for status updates. Workforce capacity is another huge need for a few companies. Continue >>. Rapid Finance © 2020 All rights reserved. Uplyft Capital Uplyft provides four tiers of advances with amounts ranging from $3,000 to $500,000. Small Business Loans in Bethesda, MD. Their merchant cash advance (MCA), Standard Loan, Select Loan, and Preferred Loan each provide varying loan amounts, term lengths, and factor fees to a wide range of small business owners. Therefore, it is super important to check their website for the most up to date information prior to applying for EIDL loan. Many companies have business needs such as expanding in technology or location, payroll needs, new marketing endeavors, which require access to working capital that have longer terms and lower interest rates. Rapid Finance Small Business Loan is a business financing offering by Rapid Financial Services, based in Bethesda, MD. You can get funded within hours of approval. In consequence, many industries have been negatively impacted and need capital immediately in order to stay in business. The Economic Injury Disaster Loan 7(b) is a loan provided by the Small Business Administration that offers economic help to small businesses and nonprofit organizations throughout the entire country that are currently experiencing a temporary loss of revenue. Borrowers can apply for a Paycheck Protection Loan (either First Draw or Second Draw loan) until March 31, 2021. In addition the 7 (b) and 7 (a) programs, the SBA has also made available the SBA Express Bridge Loan as well as SBA Debt Relief options available to eligible businesses. Where can I check for the SBA Loan status? Currently the Small Business Administration is offering financial reprieve to small businesses during the COVID-19 pandemic. The company's small business loan is a great fit for small businesses that do not meet the criteria for an SBA loan. Many companies have business needs such as expanding in technology or location, payroll needs, new marketing endeavors, which require access to working capital that have longer terms and lower interest rates. You'll find the funding you need to grow with Rapid Finance. How to Generate Income Online during COVID-19, 8 FREE resources for businesses facing the coronavirus, Working capital to cover unexpected costs due to economic changes in the company or loss of revenue, Payroll to be able to pay employees even if they had to pause work due to the business closing from state regulations as well as employees working remotely. Supermarkets, hospital, among many other businesses are on a race to get their hands on new inventory to meet client needs. The SBA will only forgive loans if certain criteria are met for either PPP-1st Draw Overview or PPP-2nd Draw Overview. This type of loan is ideal for businesses that are having a hard time getting approved by traditional lenders and that require a long-term repayment option with lower interest rates. PPP 7(a) First Draw and other information, PPP 7(a) Second Draw and other information, https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program, Securing Small Business Financing After COVID-19, How To Track Your Business Expenses For PPP Loan Forgiveness, Private Financing Loans Available To Small Businesses. The best feature about this type of loan is that there is a fixed payment amount which is automatically deducted from your business bank account on … By the second quarter of this year, Brown expects that they will offer their own line of credit product. To find out your SBA Loan status, it is crucial to understand which type of loan program you applied for with the Small Business Administration. ✅ Rapid Finance is a leading online financial services company that offers flexible funding solutions to small and medium-sized businesses. It is important to note that information regarding the PPP changes often, the best resource for up to date information is to visit the SBA’s website. Rapid Finance is here to help. Local SBA Field Offices may be found at: https://www.sba.gov/tools/local-assistance/districtoffices. With the passing of the CARES Act, the SBA has established a new online process where you can quickly and easily apply for COVID-19 (7b) Economic Injury Disaster Loans. Select your option now. Repayment terms would vary based on your credit card sales. We support America's small businesses. A Small Business Administration Loan (“SBA Loan”) is a small business loan program administered by the Small Business Administration and is partially guaranteed by the government. Questions regarding the PPP loans may be directed to the Lender Relations Specialist in the local SBA Field Office. Rapid Finance doesn’t disclose rates or fees before you prequalify. The Small Business Administration works with various lenders, therefore, any company seeking to apply for a SBA Loan needs to first find a lender that works with the SBA. However, it is noted that at this time they are no longer accepting applications. An interest charge or fixed fee will be charged. The lender will then proceed to review your application to make a decision on approval. Approval in 24 hours is available, with one-day disbursement. 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