Check out our other financing solutions for small businesses. Due to the fact that an SBA Loan is partially guaranteed by the government, it helps reduce the lender’s risks, which allows for the lower rates and longer terms. The SBA has mentioned that even businesses with bad credit still have a possibility of being accepted. Please visit their website for up to date information and open registration. Here at Rapid Finance, our bridge loans are simple, giving businesses quick access to capital for their business needs. The company's small business loan is a great fit for small businesses that do not meet the criteria for an SBA loan. We recommend reading about the new Coronavirus Emergency Aid Package to see if your company meets the requirements. https://www.businessnewsdaily.com/8441-best-merchant-cash-advance.html ✅ Rapid Finance is a leading online financial services company that offers flexible funding solutions to small and medium-sized businesses. Here at Rapid Finance we are dedicated to the success of each of our clients. By clicking the button above, you authorize Rapid Finance and prospective third party funding providers to contact you at the numbers you provide (including mobile) during any step of this application, via phone (including automated telephone dialing systems, prerecorded, SMS and MMS means) even if you are on a Do Not Call Registry. 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. 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. All users of this system must read and agree to the U.S. Small Business Administration's SBA.gov Rules of Behavior document prior to accessing the system. Username * Enter your SBA.gov username. This new pandemic has caused major impact as cases rise every single day. As the pandemic continues, businesses are still being affected by this pandemic. 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. Most businesses seeking working capital to purchase inventory, operate or expand a business can benefit from a SBA Loan. Currently the Small Business Administration is offering financial reprieve to small businesses during the COVID-19 pandemic. Over $2 billion has been lent to small businesses across a wide range of industries. 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. 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. From there, you will need to fill out an application with that lender and provide all the documentation required. 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. 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. This program works with other financial institutions to help give small businesses access to working capital that has longer terms and lower interest rates. Rapid Finance is a registered tradename of Rapid Financial Services, LLC and Small Business Financial Solutions, LLC. 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. The SBA also offers the EIDL Advance. But similar short-term online lenders can charge rates and fees equivalent to APRs of 80% or even higher in some cases. The company offers finance options to small business owners, in which the funding process is kept direct. Underwriting is conducted by the company itself, and they supply the funds by own-bank financing. Please enter your username or email and password. User name or email. We support America's small businesses. LEARN Small Business Financial Solutions, LLC and Rapid Financial Services, LLC offer term loans, lines of credit and factoring outside of California. Sign in to Your Account Access your account to review funding solutions and lock in your offer. The SBA Economic Injury Disaster Loan is a loan available to small businesses and private, nonprofit organizations to help make up for short-term economic losses caused by COVID-19. *Small Business Financial Solutions, LLC offers term loans (pursuant to its California Lenders License No. Need to secure capital fast? Rapid Finance © 2020 All rights reserved. Rapid Finance. Through its lending partners, Rapid Finance allows customers to participate in low-interest rate SBA-approved bridge and long-term loans. The funds can also be used to pay interest on mortgages, rent and utilities, interest on payments, costs caused by looting or vandalism during 2020 and certain supplier costs and expenses for operation. 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. Rapid Finance (formerly Rapid Advance) is a Maryland-based alternative small business funder. 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. Pharmacies, supermarkets, and health care providers are the industries that are mostly impacted. Therefore, it is super important to check their website for the most up to date information prior to applying for EIDL loan. 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. 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. Rapid Finance is a registered tradename of Rapid Financial Services, LLC and Small Business Financial Solutions, LLC. 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. Overall, Rapid Finance has some great options available for the small business owner, including a merchant cash advance, a line of credit, and other small business loans. Through its lending partners, Rapid Finance allows customers to participate in low-interest rate SBA-approved bridge and long-term loans. Learn about PPP 7 (a) Rapid Finance is a registered tradename of Rapid Financial Services, LLC and Small Business Financial Solutions, LLC. . 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. Loan terms ranging from 1 year up to 30 years. At this moment they are offering relief options such as the 7(a), 504, Microloans, Disaster Home and Business Loans. Business Profile. Need Financial Help to Reopen Your Business After COVID-19? Instructions on how to apply for the PPP 7(a) First Draw and other information is now available. 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. Approval in 24 hours is available, with one-day disbursement. Good news is that there is small business relief financing for COVID-19 available. Rapid Finance does not publicly disclose its rates. 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. Questions regarding the PPP loans may be directed to the Lender Relations Specialist in the local SBA Field Office. An interest charge or fixed fee will be charged. MORE. Small business relief financing for COVID-19 may help businesses that are in need of: The Small Business Administration created the. The need for social distancing has caused the economy to have a major shift. 603-J299) and arranges term loans, SBA loans, lines of credit, factoring, asset based loans, commercial real estate loans and business credit cards outside of California. At Rapid Finance, our mission is to find solutions for small business owners, fast. Continue >>. Supermarkets, hospital, among many other businesses are on a race to get their hands on new inventory to meet client needs. SBA Loan amounts typically range from $500 to $5.5 million dollars upon approval. What do I need to fill out a SBA Loan application? 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. Small Business Loans. 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 offers flexible payments with automatic deductions tailored to … Instructions on how to apply for the PPP 7(a) Second Draw and other information is now available. 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. To continue please correct or complete the following: I need capital for: Small Business Relief Financing for COVID-19 At Rapid Finance, our mission is to find solutions for small business owners, fast. Unlike many of its competitors, it offers a number of variations on the typical MCA, leading to a slightly longer application process, but also better rates in many cases. Borrowers can apply for a Paycheck Protection Loan (either First Draw or Second Draw loan) until March 31, 2021. The SBA created the Paycheck Protection Program in order to help small businesses going through financial hardships pay their active employees. 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. We make sure we provide your business with the resources it needs to come out on top. 603-I855) and factoring in California. 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. The SBA will only forgive loans if certain criteria are met for either PPP-1st Draw Overview or PPP-2nd Draw Overview. Giving you a rate quote on your existing business merchant account to give you further savings. Repayment terms would vary based on your credit card sales. 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. 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. Through partners, Rapid Finance also provides their customers with access to SBA loans, factoring, asset based loans, commercial real estate and lines of credit. We know the amount of information surrounding the outbreak can be overwhelming. 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. RapidAdvance is now Rapid Finance. COVID-19 has affected businesses all over the United States and there is a lot of uncertainty as businesses make their way through the pandemic. The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business. The company's small business loan is a great fit for small businesses that do not meet the criteria for an SBA loan. Instructions on how to apply for the PPP 7(a) loan forgiveness as well as the application is now available. Rapid Finance doesn’t disclose rates or fees before you prequalify. Explore our COVID-19 blogs. See BBB rating, reviews, complaints, request a quote & more. 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 Small Business Loan is a business financing offering by Rapid Financial Services, based in Bethesda, MD. Inventory and supply chain has also impacted a lot of companies. Rapid Finance is broadly diversified by business type, according to Brown. Financing is now available in as little as three days for small business owners. Rapid Finance rates, fees and terms. It offers merchant cash advances(MCAs) and short-term business loans to small businesses seeking short-term funding. The lender will then proceed to review your application to make a decision on approval. 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. Learn about Economic Injury Disaster Loan, PPP 7(a) loan forgiveness as well as the application. FNB Small Business Finance provides the tools you need to grow and improve your business. For more information about SBA approved 7(a) lenders and the application process, click here. 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. Select your option now. 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. In consequence, many industries have been negatively impacted and need capital immediately in order to stay in business. 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. Rapid Finance © 2020 All rights reserved. Founded in 2005, Rapid Financial Services offers access to business loans in 50 states (and Washington, DC). However, if you applied for a SBA Disaster Loan then we recommend you call the SBA at 1-800-659-2955. While each lender is different, for the most part it makes sense to have a business plan, know the amount and use of funds needed, have a good credit history, financial projections, collateral, and industry experience. These types of disaster can be from a result of a natural disaster, healthcare pandemic, among others. We changed our name. Rapid Finance. Are SBA Loans considered long-term loans? Rapid Finance Small Business Loan FAQ … Currently, there is no official report stating when this pandemic is anticipated to be over, however, state and federal officials as well as some banks statewide are offering financing options to those that qualify until the country is able to recover. Workforce capacity is another huge need for a few companies. Rapid Finance is a Maryland-based company founded in 2005 that provides web-enabled financial services for small and medium-sized businesses in the United States. How Can A Small Business Survive The Coronavirus? Founded in 2005, Rapid Finance is a non-bank online lender based in Bethesda, Maryland. https://www.sba.gov/tools/local-assistance/districtoffices. By the second quarter of this year, Brown expects that they will offer their own line of credit product. Rapid Finance is a simple and fast way to get a small business loan. Small businesses can apply for disaster-assistance loans of up to $2 million. It offers a variety of financing options, including loans, merchant cash advances, and SBA bridge loans. 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. How To Accept Online Credit Card Payments? Uplyft Capital Uplyft provides four tiers of advances with amounts ranging from $3,000 to $500,000. 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. Where can I check for the SBA Loan status? 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. Before mo… Usually you need to provide the follow 5 important documents to apply. Rapid Finance offers lines of credit, merchant cash advances and Small Business Administration bridge loans from $5,000 to $1 million. You will be redirected to our new site automatically. Small Business Loan Financing A small business loan refers to receiving a lump sum of working capital to use for business purposes. Increase in equipment, this is particularly true for many healthcare providers including hospitals and urgent care facilities. Other fees may also be charged. This money can be used to pay debt, payroll, accounts payable and other bills. Due to the fact that an SBA Loan is partially guaranteed by the government, it helps reduce the lender’s risks, which allows for the lower rates and longer terms. SBA has resource partners like SCORE, Small Business Development Centers and Women's Business Centers that provide additional business counseling and training. 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. Looking for revolving credit and quick access to capital? Small Business Financial Solutions, LLC and Rapid Financial Services, LLC offer term loans, lines of credit and factoring outside of California. The Future Impact Of COVID-19 On Small Businesses, 8 Ways You Can Prepare Your Business For Success After COVID-19. Rapid Finance, formerly Rapid Advance, is an alternative lender that provides three tiers of short-term business loans to small businesses. You'll find the funding you need to grow with Rapid Finance. Monthly payments from an account on file. SBA Loan amounts typically range from $500 to $5.5 million dollars upon approval. 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. For more information, please visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program. You can get funded within hours of approval. Disaster Loan Assistance Federal Disaster Loans for Businesses, Private Nonprofits, Homeowners, and Renters 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. Small Business Loans in Bethesda, MD. Want to receive funds in one lump sum with fixed terms and payments? Yes, SBA Loans are considered long-term loans. However, it is noted that at this time they are no longer accepting applications. Please note, this is subject to change at any given time, we strongly recommend visiting their website for up to date information prior to applying. Approvals … 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 … As stated, every lender is different and will require different documentation. In a nutshell: WIth an A+ rating from the Better Business Bureau, Rapid Finance provides outstanding service, helping businesses secure capital through a quick, easy application process. The Small Business Administration has provided details on their website regarding businesses that are eligible for the loan forgiveness. 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. RFS Business Funding, LLC arranges term loans in California (pursuant to its California Finance Lenders License No. Rapid Finance offers lines of credit, merchant cash advances and Small Business Administration bridge loans from $5,000 to $1,000,000. 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 It’s simple; your success is our success. Local SBA Field Offices may be found at: https://www.sba.gov/tools/local-assistance/districtoffices. Finder experts pick Rapid Finance small business loans as a 2020 best pick for business loans. Oh yeah, and let’s not forget the following! Each SBA lender requires different documentation and will ask a variety of questions during the application process. For more information regarding financial relief during the Coronavirus pandemic, please visit their website. 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. 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. Borrowers can apply for a Paycheck Protection Loan until March 31, 2021. 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. Password The amount of the working capital was determined by the number of active employees the company had (as stated in the EIDL loan application). Rapid Finance is here to help. Small Business Loans; Chargeback Prevention Services. Should Your Business Apply For Disaster Relief Funding? We created resources to help businesses navigate through these hard times. Hospitals and urgent care facilities the resources it needs to come out on top 50 States ( Washington! 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