Short Term Business Loans
What are Short-Term Business Loans?
Our short-term business funding solutions can serve as excellent options for addressing the day-to-day expenses associated with running your business. These financing programs are designed to assist you in meeting payroll, settling payments with persistent creditors, or acquiring essential business equipment to enhance the overall efficiency of your operations. Essentially, our funding solutions are well-suited for addressing immediate financial challenges that may have arisen in the course of managing your company, providing you with the time needed to regain control of your operating budget.
While short-term business loans prove beneficial for various business needs, it's essential to note that certain expenses may not align with this type of financing. For instance, using these funds to pay off less expensive debt may not be the most sensible option. However, there could be specific scenarios where this type of borrowing is advantageous. In such cases, we recommend consulting with an accountant or financial advisor to determine whether any of our short-term business loans from Blum Bridge are a suitable fit for your business."
SHORT TERM BUSINESS LOAN OVERVIEW
Estimated Business Loan Term: 12 to 36 Months
Rates: 9% to 45%*
Time in Business Required: 2 Years
Min Credit Score Require: 650
Min Monthly Deposits Required: 5
Min Monthly Revenues: $10,000
Min Business Loan Amount: $15,000
Max Business Loan Amount: $750,000
Max Number of Negative Days: 4 Within a Month
*rates depend on duration of funding
What Do I Need to Qualify?
Below is a list of the general requirements needed to get approved for our merchant cash advance program. Although in some cases there are many additional factors that may be considered, meeting these three requirements gives you a very high chance of having your application approved.
✔ At Least 2 Months in Business
✔ 500+ Min. Credit Score
✔ $8,000 Min. Monthly Revenue
What Will Short Term Financing Cost You?
The cost of a short term business loan often depends on a factor rate and the length of time you have the funding. Let’s say you take a merchant cash advance of $100,000 for 12 months at a factor rate of 1.22. That would make the cost of borrowing in this scenario $22,000, so your total pay back amount on 100K would be $122,000. Your payments would vary depending on whether you have daily or weekly payments.
How Do Short Term Business Loans Work?
Most of our short term business loans are an immediate funding solution where a business owner receives a set amount of money for a specified period of time at a set cost. The payback amount, which includes the amount borrowed and the factor fee, as well as any additional fees, will be paid back through daily or weekly debits from the business bank account. The duration of the loan can be between six months and thirty six months depending on the information provided in the application process.
Are Short Term Business Loans Right For You?
Our short term business loans can be a good fit if you require working capital for a relatively short period of time and you want some of the best rates and terms that we offer. This type of financing does however require a fair credit score so if you know your credit score is below 650 please see our business cash advance loans. Our short term program is a great solution if you do not meet the requirements for traditional financing but there are some important evaluations to make before you acquire this type of funding.
Can your business manage the payments of short term financing because the payments are larger when compared to a loan for the same amount over a longer period of time. You also have to consider what the total cost is for the financing and whether the loan will be a benefit or a burden for your business. These are just some of the questions you have to consider before applying.
What Documents are Needed to Apply?
Documents Required for Less Than $100,000
Drivers License
Bank Statements
Proof of Ownership
Property Lease Agreement
Credit Card Processing Statements
Voided Check
Additional Documents for Advances More Than $100,000
Personal Tax Returns
Business Tax Returns
Profit & Loss Statement
Balance Sheet
Business Debt Schedule (possible)
Potential for Others
Typical Questions Asked Before Applying
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This type of business funding has low document requirements so you can receive funding possibly in the same day you apply.
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This type of alternative funding option very flexible credit history requirements so it will have very little impact on whether or not you receive funding.
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There are no restrictions, you can use the money the loan how you see fit.
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It may be possible, it just depends on a few factors. Speak with your representative for more details.
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Blum Bridge does not sell information to other lenders. We handle everything in-house so you do not have to worry about receiving unwanted phone calls from multiple lenders.
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No. You do however have to own at least fifty one percent of the business.
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A minimum of 2 months is required, however, most approved businesses have been operating for at least 3 months or more.
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No. In fact, in some cases you may receive a discount.