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Small Business

PayPal Working Capital Business Loans Review

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Many small business owners who rely on PayPal to accept and make payments could also turn to the platform when in need of financing.

PayPal offers working capital loans to qualified business owners who use the service. The loan is based on PayPal sales and doesn’t require a credit check. The application process is simple and approved loans can be funded almost immediately.

If you already use PayPal, applying for a working capital loan could provide a quick, convenient solution to meet your funding needs. We’ll break down what you need to know about PayPal’s loan program before you start your application.

PayPal Working Capital loan details

PayPal offers two types of business loans: PayPal Business Loans and PayPal Working Capital loans. While the business loans program is similar to a traditional business loan with set payments and a credit check, PayPal’s working capital loans require no credit check and payments are drafted from your sales. Here, we’ll take a closer look at PayPal’s working capital offering.

Business owners can borrow up to 35% of their annual PayPal sales for a working capital loan. The maximum amount for your first PayPal loan is $125,000. The exact amount you receive in your PayPal account is dependent on how much in sales you collect through PayPal.

To pay back the loan, PayPal takes a percentage of your future sales. You would choose that percentage when you apply, and PayPal would make automatic deductions until the debt is paid off. You would make higher payments on days when your sales are higher, and you wouldn’t pay anything on days when you don’t have any PayPal sales.

However, PayPal would require you to pay at least 5% or 10% of your debt every 90 days to remain in good standing. You would also have the option to pay the loan in full without early repayment fees.

How much does it cost? PayPal charges a fixed fee that is based on the amount of your loan, your PayPal sales history and the repayment percentage that you selected. There are no additional fees or periodic interest. The higher the repayment percentage, the lower your overall cost of borrowing. See this sample repayment plan:

Example: A business with $100,000 in annual PayPal sales is seeking a $10,000 loan.

Portion of sales repaid to PayPalPercentage you keepOne-time fixed feeTotal loan

30%

70%

$449

$10,449

25%

75%

$545

$10,545

20%

80%

$693

$10,953

10%

90%

$1,529

$11,529

Unlike a traditional bank loan or a credit card, PayPal Working Capital does not require a personal credit check or a personal guarantee. Applying for PayPal Working Capital is faster than applying for a bank loan, and you would see the money in your PayPal account in a shorter amount of time.

What businesses are eligible for PayPal Working Capital?

To be eligible for PayPal Working Capital, you must have a PayPal Business or Premier account for at least three months. To qualify for a Business account, you must process between $15,000 and $20 million in annual PayPal sales. You must process between $20,000 and $20 million in annual sales to qualify for a Premier account.

Premier and Business accounts are both best for sellers who get paid online and make online purchases. Premier is suited for casual sellers who receive payments through PayPal. Business accounts are recommended for merchants with an established company name. A Business account also allows up to 200 employees to have limited access to the account and comes with a customer service email address to handle customer issues.

Because PayPal does not approve borrowers based on business or personal credit scores, business owners with poor credit may be able to secure financing. If you’ve had trouble getting approved for a bank loan because of your credit, PayPal may be a solution.

The pros and cons of PayPal Working Capital

Pros

Fast time to funding. Once PayPal approves your application and you agree to all terms and conditions, your loan is automatically transferred into your PayPal account in a few minutes.

Credit score not deciding factor. PayPal determines your eligibility from your PayPal sales history rather than your personal or business credit. PayPal does not check your credit, so applying for a loan would not impact your score.

No penalty for paying early. Although PayPal automatically collects payments, you can make additional payments to clear your debt early without facing a fee. PayPal also won’t charge you a fee for paying back the loan in full.

Cons

Your fee isn’t set until you apply. You can use PayPal’s sample fee calculator to get an example of the fee you might owe with your loan. However, your actual fixed fee would depend on the information in your application. It may be difficult to compare PayPal Working Capital with other loan options without knowing your exact fee.

You still have to pay transaction fees. PayPal collects fees to process credit card transactions, which you would owe on top of your loan repayments. Online transactions through PayPal cost 2.9% of the transaction amount plus 30 cents, while in-store transactions cost 2.7% of the amount.

Paying early won’t save you money. The fixed loan fee that you owe won’t go down if you pay your loan off early.

Application process and requirements

To apply for PayPal Working Capital, you’ll need to provide basic information about your business and yourself, since you will be the authorized representative of the account. Your PayPal sales history is the most crucial piece of information to provide, as your loan amount is dependent on your transactions.

Some business owners may have to provide additional details, such as the contact information, birth dates and Social Security numbers of primary business owners and managers. PayPal won’t use the data to run a credit check, and those people would not have access to your account unless you authorize them.

When you apply, you will choose the percentage of each sale that PayPal will take as repayment. You cannot change your percentage once it goes into effect, so you should carefully consider how much you can afford to take out each payment.

The fine print

A lower repayment percentage means a higher loan fee. If you choose a lower percentage for PayPal to take out of each sale to repay the loan, the fixed fee on your loan will be higher. If you want to pay a lower fee, PayPal will take more out of each transaction as repayment. Paying a higher fee would allow you to keep more of your PayPal sales for your business, which would help you keep cash flow stable.

Payments start almost immediately. PayPal begins collecting automatic repayments 72 hours after you receive your loan, giving you three days to prepare for the regular deductions. PayPal takes its percentage as soon as a sale occurs.

You can’t add funds to your loan. If you need more funding, you would have to apply for another loan. You would not be able to add money to your existing PayPal Working Capital loan. PayPal issues loans one at a time, so you wouldn’t be eligible for another one until you paid off your existing balance.

There’s a minimum payment requirement. Even though PayPal doesn’t take a payment on days when you don’t make PayPal sales, you must pay 5% to 10% of your total loan amount every 90 days. If you don’t meet the minimum requirement, your loan could go into default and your entire balance could become due. Limits could also be placed on your PayPal account if you default.

Alternatives to PayPal Working Capital

If you don’t want to mix your PayPal sales with borrowing — or you’re a small business owner who doesn’t use PayPal — there are other ways to obtain a loan for your company.

Start with LendingTree

Consider starting with LendingTree. You simply fill out a short form and may receive up to five business loan offers from lenders. LendingTree’s online marketplace helps you find the best deal for your business by allowing you to compare multiple financing options in one place.

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ForwardLine

ForwardLine offers short-term and medium-term loans for small business owners. Terms range from six months to five years and you could borrow up to $500,000 to fund your working capital needs. Applying for a ForwardLine loan doesn’t impact your credit score and you could receive an approval decision instantly. If approved, you could see the money in your business bank account as soon as the next business day. ForwardLine requires just one year in business and annual sales over $100,000.

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Rapid Finance

Rapid Finance provides working capital loans, equipment loans and professional practice loans to small business owners. Rapid Finance’s online application process is simple and you could get approved in a few hours and receive funding in one day. You could borrow $5,000 to $1,000,000 and you would make scheduled daily payments to pay back the loan. Rapid Financerequires two years in business and monthly revenue of at least $5,000.

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The bottom line

For business owners who rely on PayPal when making sales, PayPal Working Capital could be a useful option to obtain financing. Your volume of PayPal transactions would determine how much you could borrow. PayPal would automatically take a percentage of your future sales as repayment, so you wouldn’t have to worry about late or missed payments. However, you would have to keep enough money in your PayPal account to cover the payments. PayPal doesn’t consider personal or business credit when approving loans, making PayPal Working Capital an attractive financing option for business owners with less than perfect credit.

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Small Business

Best Equipment Financing Companies: Where to Find Them This Year

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

heavy equipment financing
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You may have the best team in place to run your small business, but you won’t get far without the equipment you need to operate. Whether it’s office furniture, software or heavy machinery, these pieces can be essential to your success.

If you don’t have enough cash on hand to purchase equipment outright, you can turn to equipment financing to help with the transaction. Small business owners can find equipment financing options at their local bank and equipment financing companies, many of which operate online.

When shopping for equipment financing, LendingTree can be a useful starting point. You can compare leases and loans from several equipment financing companies to help you figure out which is best for you. (LendingTree is the parent company of MagnifyMoney.) Before you get started, we’ll help you understand why you might need equipment financing and what funding options are available to you.

What is equipment financing?

Whether buying something new or replacing an outdated piece of equipment, small business owners typically do not have money on hand to cover the purchase, said Michael Aversa, partner and head of the Private Business Services Group at advisory firm EisnerAmper. To finance equipment, you would need to obtain a lease or a loan from a traditional bank or an equipment finance company. No matter which one you choose, the equipment itself usually serves as collateral. If you fall behind on payments, the lender would take the equipment. With any type of business loan, collateral or a personal guarantee is typically required, reducing the risk to the lender.

Where can you find equipment financing?

Finance companies often specialize in certain types of equipment and they may be more willing to lend to you than a bank, said Mike Toglia, CEO and executive director of the National Equipment Finance Association. Financing companies usually have different eligibility criteria than banks and they’re often less strict.

“They’re willing to advance more money against the collateral because they’re more comfortable with the collateral,” Toglia said.

Financing through the equipment vendor. Most small business owners have the piece of equipment picked out before they go to their bank or a finance company to seek funding, Toglia said. The equipment vendor may offer a financing package, just like a car dealership would offer financing when you purchase a new car. However, you’re free to obtain financing from any institution or company of your choice, Toglia said.

“A small business owner should look around and see what else they can get,” Toglia said. “They should be shopping for expertise and competitive rates.”

Equipment loan vs. lease

Do you want to own a particular piece of equipment or would you be better off leasing it instead? Here’s how to understand the difference.

Equipment loan

A loan typically requires a down payment, usually 10 to 20% of the total cost of the equipment. You would finance the remaining balance and pay your debt with interest for a specific period of time.

Because equipment is used as collateral, equipment loans tend to have relatively low interest rates and manageable payments. Terms typically range from six months to 10 years, making a loan a good option if you will be using your equipment for a long time. But if the equipment quickly becomes obsolete or needs to be replaced, you would still have to pay the loan in full.

To qualify for an equipment loan, you need to have good personal credit. In addition to a down payment, you may have to pay an origination fee, application fee or appraisal fee, depending on your loan agreement. The fees would depend on the loan offering from a bank or online lender.

Equipment lease

An equipment lease from a financing company may be a good option if you need assets that don’t have a long shelf life. An equipment lease typically does not require a down payment, plus monthly payments are usually lower than those of an equipment loan. You may have the option to purchase your equipment at the end of the lease term for residual value or trade out equipment for a newer version in the middle of your contract.

The interest rate would be built into the total lease amount, and high rates tend to make leases more expensive overall than term loans, Aversa said. However, you wouldn’t have to meet high credit requirements to qualify for a lease like you would if you were seeking a loan and you wouldn’t be stuck with a potentially obsolete piece of equipment.

“There are a lot of companies that don’t have bank financing and the lease is the only way to go because their credit isn’t good enough,” Aversa said.

Two types of equipment leases

One of the main differences between the leases is how you record them in your books, Aversa said. A capital lease would appear as an asset on your balance sheet, while an operating lease would not appear on your balance sheet.

  1. Operating lease: These are generally used for short-term leasing. They don’t involve transfer of ownership at the end of the lease term, making them similar to renting, which is why they would be treated as an operating expense, not a loan, on your balance sheet.
  2. Capital leases: These are typically used to lease longer-term assets, and ownership can be transferred to the lessee at the end of the term. A capital lease could also present the option for the lessee to purchase the equipment at the end of the term for a discounted price. Because a capital lease involves the transfer of ownership, it is considered a loan on your balance sheet and you would have to record interest expenses.

However, rules from the Financial Accounting Standards Board that go into effect in 2020 will require all leases to be recorded on balance sheets. The change could lessen the appeal of equipment leases compared with loans, Aversa said. “That could have a dramatic impact on a lease versus buy scenario.”

Best equipment financing companies

Celtic Commercial Finance

Celtic Commercial Finance offers equipment leases ranging from $100,000 to $10,000,000. Leases spanning 24 to 120 months are available to finance a variety of equipment, including machinery, software and computers. Celtic Commercial Finance issues operating leases and capital leases, as well as several specialized leases and purchase/leasebacks. Celtic works with businesses that have $20 million to $250 million in annual revenue and at least three years in business. No down payment is required but Celtic does ask for one month’s payment upfront, as well as a documentation fee. You can submit an application online.

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Crest Capital

Crest Capital offers several equipment loans and leases. Many Crest Capital leases come with purchase options to give you full ownership of your equipment at the end of the lease term. Crest Capital also offers flexible payment plans. Crest Capital provides 100% financing for transactions between $5,000 and $500,000. Applying for a Crest Capital loan or lease won’t impact your personal credit and you could be approved in a matter of hours.

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National Funding

National Funding offers up to $150,000 in equipment leasing for new and pre-owned assets. National Funding requires just six months in business and a personal credit score of 620, as well as a quote from your equipment vendor. Businesses owners could obtain a lease for a range of items, from construction equipment, fitness equipment, office equipment and commercial vehicles. For customers who pay off their balance early, National Funding takes 6% off their total remaining balance.

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Reliant Funding

Reliant Funding helps business owners lease new or used equipment, including software, work vehicles, office furniture and other fixtures. Borrowers can apply online and could be approved within one month. After approval, it takes three to five days to receive funding. Reliant Funding considers the type of equipment and your credit rating when determining the cost of your lease. Reliant Funding finances between $5,000 and $250,000 and works with businesses in a range of industries, including construction, restaurants, health care and transportation.

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CIT Equipment Finance

CIT Equipment Finance funds small-ticket transactions up to $500,000, as well as larger deals ranging from $3 million to $100,000 million. CIT offers equipment financing for small businesses, equipment manufacturers, franchisers and commercial entities. CIT’s core markets are technology, office imaging, health care, industrial and franchise finance. The company’s loan programs include capital leases, operating leases and loans, and are tailored to the specific borrower and their industry.

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What you need to apply

When shopping for equipment financing, it’s important to do your due diligence to make sure you’re choosing a trustworthy finance company if you’re not borrowing from a bank. After you submit an application, the company will also make sure you can be trusted as a borrower during the underwriting process, Aversa said.

“Depending on how your company has done and is doing, it can a be a very straightforward or very difficult,” he said.

In addition to your application, the finance company will likely want to see a few documents:

  • Business license, Employer Identification Number or statement of incorporation to prove ownership
  • Profit and loss statements
  • Recent tax returns
  • Business plan
  • Personal or business credit report

Business owners should think about the future when applying for equipment financing, Toglia said. You’ll likely need additional equipment in the future, and if you maintain a good relationship with the finance company, you would have a better chance of being approved again next time, he said.

“Look for a finance company that can help with your equipment needs today and tomorrow,” Toglia said.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Small Business

How to Use a Working Capital Loan for Your Business

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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It takes money to make money, but sometimes it’s difficult to obtain the capital you need to run a profitable business.

Despite business owners’ best efforts to plan monthly expenses around anticipated revenue, unexpected costs can throw off the entire plan. For those struggling to fund their daily operations, working capital loans could provide a quick solution.

What is working capital?

Working capital is the money available to fund a business’ day-to-day operations. To determine working capital, business owners subtract their current liabilities from their current assets. The formula defines whether a company has enough cash on hand to pay its immediate expenses.

A business owner’s personal savings or a loan could supply working capital, which fills the gap between expenses and the amount of income the business is generating, Joel Youngs, regional director of the Eastern Iowa Small Business Development Center, told MagnifyMoney.

“There’s an ebb and flow in the expenses a business owner has to pay in a given month versus the money that’s coming in,” Youngs said. “When life throws a curve at you, you access that money to pay the bills.”

Business owners increasingly need help making ends meet on a short-term basis. Working capital was the main reason 66 percent of U.S. business owners sought financing in the second quarter of 2017, up from 54 percent during the same period in 2016.

“If you’re generating enough cash internally where you don’t have to borrow money, that’s great. That’s the ideal situation,” Leonard Briskman, team leader of advisory services for SCORE’s Washington, D.C., chapter, told MagnifyMoney. “But I would think most businesses would have to borrow money.”

Working capital can be both positive and negative. Positive working capital means a business has enough funds to pay short-term bills and finance their growth. Negative working capital shows a business isn’t using its assets effectively and may not be able to cover unexpected liabilities. This could lead to additional borrowing, late payments and a lower credit rating.

Understanding working capital loans

A working capital loan could fall under the broad umbrella of term loans — lump-sum loans paid back over a fixed amount of time (the term), generally with fixed interest rates and fixed payments. A working capital loan could also come in the form of a line of credit or a merchant cash advance, which both allow you to access capital quickly and pay the lender back at a later time.

Pros:

  • A working capital loan could be used to cover any business expense for an owner in any industry. You could receive the money in as little as three weeks if your financial details are in order, Youngs said.

Cons:

  • While working capital loans could quickly cover unexpected expenses, the loans could also get too big, too fast, Youngs said. If you took out a loan to cover six months’ of additional work and that work turned out to last seven or eight months, you would have to borrow more money on a short-term basis. That means you would go into more debt, which could lead to higher interest rates and, ultimately, profit loss.

When to consider a working capital loan

You should apply for a working capital loan long before you plan to use it, Youngs said. You should get an early start on the application with a bank or other loan provider, as it could be a few weeks to several months before you have access to the money.

The following situations indicate you may soon need a working capital loan:

An increase in hiring. If you’ve hired more employees to expand the business, a working capital loan could cover those employees’ salaries until the business becomes profitable enough to sustain the new paychecks.

An upcoming slow season. Some businesses perform better during certain months of the year. A working capital loan could cover expenses to keep the doors open until the busy season rolls around again.

An increase in orders. Oftentimes customers will place orders for products or services before paying, creating a lag between expenses and income. For example, a carpenter could be contracted to build a room extension in a house but would not receive a check until the work is completed in two or three months. A working capital loan would help the carpenter bridge the gap between starting the work and receiving payment from the customer.

Is working capital financing right for you?

Business owners who experience frequent ups and downs in revenue would benefit most from working capital loans, Youngs said. Any business owner could use this type of financing to hold them over until payday, and it isn’t limited to a specific industry or type of business.

“The more time your business has between getting the work done and getting it paid for, the more you should consider a working capital loan,” he said.

If you have the option to tap into personal money to support working capital, then you could avoid getting into debt with a loan, Youngs said.

Business owners should avoid a working capital loan if they’re not generating enough money to stick to a repayment schedule, Briskman said. Typically, a lender would be able to tell if you’re not equipped to handle debt and would not offer financing.

“After a while, if the company starts falling back on the payments, it creates all types of problems,” Briskman said.

Shopping for working capital financing

Business owners can apply for working capital financing from traditional banks and non-bank commercial lenders, many of which operate online. These institutions tend to lend to people who have an established business and a good credit rating, Briskman said. There are several different forms of working capital financing for owners looking for an infusion:

Short-term loans

Short-term business loans allow you to quickly borrow a small amount of money. The funding could be available in as little as 24 hours. However, you must pay off the debt within three to 36 months, and some loans carry a high APR.

Short-term loans could be a good solution for a temporary cash bind, like covering seasonal costs or an expensive project, Briskman said. He recommends keeping these loans within a 12-month repayment period to maintain low debt. Shorter loans do come with more frequent bills, and you could be required to make a daily payment. Short-term loans tend to be capped at $500,000, so you may have to turn to a different form of financing if you need more than that.

Business lines of credit

Rather than borrowing a large amount all at once, you can access money as you need it with a business line of credit. You only pay interest on the amount you borrowed, but interest rates are generally higher for lines of credit than for short-terms loans.

This type of financing would be best for covering an immediate, unexpected expense, Briskman said, and you only have to borrow the exact amount you need. Like a short-term loan, a line of credit should be paid back within 12 months because of high interest rates, he said. Once you’ve paid off the amount you withdrew, the full loan would be available again for future expenses.

Merchant cash advances

A merchant cash advance provides capital in exchange for a percentage of your future debit or credit card payments. This type of lending is available from non-bank lenders, many of which are online, and the repayment schedule is based on your business’ revenue trend. The more card transactions you process, the faster you pay off the debt. This option could be expensive, as you could pay back between 20 percent and 40 percent more than your original advance.

Merchant cash advances are commonly used to finance new equipment purchases, building expansions, remodels and seasonal merchandise. Businesses are required to make a minimum amount in or certain percentage of card transactions each month to secure a merchant cash advance. Repayments are integrated into your business’ credit card processing system, so the lender gets a cut of each transaction before you see any of the money. Some lenders may require you to move to an approved processing system before issuing the advance.

Unlike loans, merchant cash advances are practically unregulated and most are issued without disclosing APR or expected monthly payments. Lenders often target business owners with poor credit who are unlikely to be approved for a loan, but high interest rates and large, frequent repayments make merchant cash advances a risky choice.

SBA loans

An SBA loan is provided through a bank that is backed by the Small Business Administration. These loans typically have competitive terms and require low down payments. But SBA loans have strict eligibility requirements and they don’t allow you to borrow from another lender once you’ve been approved for an SBA loan. That means if the SBA doesn’t loan you as much as you’d hoped, you cannot go to another lender for additional funds.

Banks could charge between 7 percent and 9 percent in interest on SBA loans, Briskman said. SBA loans require a large amount of financial documentation and detailed business projections, and businesses have a better chance of securing this type of financing the longer they’ve been in existence, he said.

Applying for a working capital loan

When reviewing applications for any type of business loan, Youngs said banks look at five factors — the business’ cash flow, creditworthiness, collateral, capacity to repay the loan and the character of the owner. Lenders prefer to work with people who are trustworthy and have enough cash flow to cover the debt.

Applying for a working capital loan could take weeks or months, depending if the business owner has their financial documents ready to go. Small business loan providers need profit and loss statements, current cash flow for established businesses or projected cash flow for new businesses, and a balance sheet.

The application requirements vary by type of financing you’re looking for, as well.

Short-term loans

A traditional bank or a non-bank commercial lender would look at your credit score and cash flow projections before approving you for a short-term loan. Lenders usually prefer borrowers with an average credit score and consistent monthly revenue. They would also expect to review your business plan, balance sheet, tax returns, active accounts and proof of licenses related to your industry. If your documents are in order, you could be approved in as little as one day.

Business lines of credit

Lenders would check your personal credit score, generally preferring a score of 600 or higher. They would also take into consideration how long you’ve been in business, requiring anywhere from six months to two years of operation. Lenders’ revenue requirements would depend on how much money you’re looking to borrow through a business line of credit, but they would also look into your accounts receivables to determine what physical assets your business possesses. Like a short-term loan, you could receive a business line of credit at either a traditional bank or non-bank lender.

Merchant cash advances

You could also find a merchant cash advance through a non-bank lender. You would be required to provide several months’ worth of credit card payment processing data, as well as bank statements, your Social Security number and business tax ID. The lender may require you to switch to a new credit card processor before approving the advance. Once you’re approved, which could be in as little as 24 hours, the payments could start as soon as the next day.

SBA loans

The SBA backs hundreds of banks across the country. Check out this list of the most-active lenders of 7(a) loans, the SBA’s primary loan for small businesses, to find a bank in your area. To apply for a 7(a) loan, you would need to follow a multi-item checklist, which includes submitting business financial statements, the business’ existing debt schedule and documents supporting collateral, such as real estate appraisals or lease agreements. The application process for an SBA loan could take between two and five months.

Businesses become less risky to lenders the longer they’ve been around, so older businesses would be able to apply for larger loans to cover working capital expenses.

But whatever the reason behind your need for working capital or the amount you’re looking for, the best strategy to quickly obtain capital is maintaining a reputation as a trustworthy business owner, according to Youngs. “Not all lenders may want to approve your loan,” he said. “It’s important to get a good banking relationship with your lender so when you come up with some quirky idea they don’t think you’re nuts.”

How to improve your chances of getting a working capital loan

It could take months or years for new businesses to generate positive cash flow, Briskman said. These startups are the most likely to need working capital loans, but they have the lowest likelihood of being approved for traditional financing.

The majority of people starting a business have to rely on their own funds, money from friends and family or alternative solutions like crowdfunding to get the business going, Briskman said. They’ll have a better chance of being approved for working capital financing once they can show the business has made progress.

“They don’t necessarily have to be profitable, but they have to be close to profitable and showing that every month is better than the previous month,” Briskman said.

Financial institutions may also look for a business plan from new entrepreneurs showing how they plan to grow the business and make money in the future, as well as how much they expect operations to cost.

“They want to see projections,” Briskman said. “A business plan really gets you to focus on where you see your business going.”

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.