Micro Loans: Your 2013 Solution to Fast Small Business Financing
In today’s economy it harder then ever to secure a small business loan…or is it? Trying to obtain a traditional loan for your small business can be difficult or hands down impossible, the good news is there are several other options. This article will detail the benefits of utilizing a Sunovis Financial Micro Loan to grow your small business.
If you are like many small business owners in America, you need access to capital to grow your small business but have been turned down by your banks due to extremely rigid lending policies. During this financial crunch times many small business owners are wondering where to turn financing. Heck, even if you are able to qualify for a traditional bank loan there is a lot of time and waiting period spent on that process that differs greatly from that of a securing a micro loan, let’s take a look…
Documents Needed for Submission of a Traditional Small Business Loan
- Personal Background
- Business Plan
- Personal Credit Report
- Business Credit Report
- Income Tax Returns
- Financial Statements
- Bank Statements
- Legal Documents
Document Needed for Submission of a Sunovis Financial Micro Loan
- One page fast and easy online application
After the required documents are submitted for review, a bank can take up to 30 days or more to make a decision on your loan application. Sunovis Financial on the other hand can approve Micro Loans in as little as 2 to 3 business days, and funded in as little as 7 to 10 days. Sunovis Micro loans range range from $5,000 to $150,000; with loan repayment terms of 3 to 18 months.
What are the minimum requirements for a Sunovis Financial Micro Loan?
- Business has been in operation for at least 1 year.
- Business is located in the United States or Puerto Rico.
- Business annual revenue is at least $100,000
- Minimum FICO credit score of 500.
- Average bank balance should be a minimum of $3,000.
- No bankruptcies in the last 2 years.
- No foreclosures in the last 2 years.
- Any lien or judgement filed over 5 years ago and less than $50,000 will be considered.
- Make sure your small business is NOT on the Disqualified Industries list.
The Key Benefits of a Sunovis Financial Micro Loan
- Micro loans are underwritten with a strong emphasis on cash flow and business health NOT credit scores.
- There are NO collateral requirements.
- Loan repayments are reported to the credit agencies, helping to build a small business credit history and/or strengthen it.
- Interest payments are tax deductible.
- Small businesses with higher FICO scores, bank balances, and annual revenue (as previously mentioned for minimum requirements) are positioned well for longer terms or higher maximum amounts.
What other documents should I have ready when applying for a Sunovis Financial Micro Loan?
In general your Micro loan referral agent or Underwriter will let you know what additional documentation is needed, but it wise to have the following documents prepared to submit for review in order to help streamline the application process:
- 3 months of your small business bank statements;
- Profit and loss statement;
- Business credit card statements.
What can I use a Sunovis Financial Micro Loan for?
There are no restrictions for the money usage from the loan but it is wise to be able to show the lender that you will be using the loan money to make more money at your small business. Below are some examples of the most ideal usages for the micro loan;
- Buying, leasing, or renting equipment
- Facility expansion
- General working capital
- Hiring additional employees
- Launching a marketing campaign
- Purchasing inventory
“We have built our business around providing small businesses with access to SBA loans. Seeing the potential that microlending presents, we also offer small business owners access to this dynamic lending model as well,” commented Terry Robinson, president of Sunovis Financial in a statement. “We have embraced microlending because we feel that it fits well with our mission to rebuild the American economy one loan and one business at a time.”
How do I get started?
Contact Sunovis Financial Micro Loan Referral Agent and small business advocate Ashley Neal to start your fast and easy pre-screening process. Contact info: phone 678-835-8442 or email email@example.com. Visit http://sunovisfinancial.com for additional information.
Ashley Neal is an entrepreneur and small business advocate that enjoys writing about topics pertaining to small business. She is the owner of Small Biz Writer, where she specializes in providing quality content online for small business owners which in turn increases visibility and sales. Additionally, Ashley is the editor/writer and publisher of her own award-winning small business resource blog Small Biz Diamonds. She also writes for Examiner.com as the Atlanta Small Business Examiner, CBS Local Atlanta, and Future Simple’s small business blog: Growth University. Ashley is also a proud Micro Loan Referral Agent for Sunovis Financial, a small business micro loan lender that focuses on business cash flow NOT credit scores or collateral. Contact Ashley today for a fast and easy pre-screen for capital that can help grow your small business 678-835-8442 or email firstname.lastname@example.org.