Frequently Asked Question - Small Business Loan Central

FAQ

Business cash advance is a new funding concept wherein existing business owners and people who want plan to start their own business can get capital funding on easy terms with flexible repayment options.

What are the advantages of a Cash Advance?

Business cash advance is the easiest and most hassle free way of getting funded, no application is necessary whatsoever.

What about the pre-qualification and approval?

Pre-qualification and approval is an easy process and is completed within 24 hours of your choosing the company you wish to deal with and the funds are in your hands within 10 days of your request.

I have a bad credit history, how will my funding be approved?

One of the many advantages of Cash Advance is that the borrower’s credit history is not considered as a factor in the approval process, so that is one less thing you have to worry about.

How much funding can I apply for?

Depending on your needs and your current state of business, you could apply for anything between $2500-$600,000.

What are the repayment options I have?

The repayment is flexible and is based on the amount of sales volume of your business, meaning if you are able to generate more sales, the repayment will be that much quicker. The obvious benefit is that you only have your business to worry about and the repayment in fact acts like an incentive to work more!

What are the other costs involved?

There are no hidden costs, off the page costs involved.

How do I get a small business loan?

It’s pretty straightforward and does not take more than two mintues; you just need to fill up an online form with some basic personal and financial information that will be matched with a database of lenders to find the ones best suited for you, after which they will contact you with relevant offers.

I want to start my on business, how do I go about it?

The very start of a business comes from an idea or a concept, here, you need to make sure that it is scalable and profitable. Once you’re done with converting the idea into a business plan, you move on to the initiation and operations part of the business. During initiation you undertake activities that are required to start a business, once the business is up and running, operations take over. Finally at some point in time, you may want to get out of the business, that’s the last stage. Getting out does not always mean selling off your business or declaring bankruptcy, it might also mean succession. Please find detailed information on this under the “Small Business Strategy” section on our website

What is the procedure to acquire a business license?

Licensing is generally handled through your state or local government. In the United States, the Small Business Administration has a list of links to State websites for State licensing requirements. Each State has its own business registration and licensing requirements. Business.gov is an official business link to the U.S. Government.

How do I get a taxpayer identification number?

When you need a tax identification number (TIN) for a business, it is called an Employer Identification Number (EIN). EINs are used by employers, sole proprietors, corporations, partnerships, non-profit associations, trusts, estates of decedents, government agencies, certain individuals, and other business entities. To set up an EIN, contact your nearest Local IRS Field Office or call the IRS Business and Specialty Tax Hotline at 800-829-4933. You can also download the form that you need to apply for an EIN or if you prefer to apply online, that option is also available via the IRS web site.

Will I need collateral to apply for a small business loan?

This is where the small business loan opportunity can be of great importance to a variety of small business owners. They don't actually have to use the vehicle for collateral. The primary consideration in a small business loan is the repayment ability from the cash flow of the business. Other important enabling factors are good character, management capabilities and owner’s equity contribution. Therefore it is possible got acquire a small business loan with little or no collateral.

What is the procedure to get my business certified as a woman or minority owned?

Certification as a women owned business is a self-certifying process so you don’t need to apply for it or fill a form. As far as a minority owned business is concerned, the business must be owned and at least 51% controlled by one or more minorities. You can get the minority owned certification for your business by applying for the 8(a) Business Development Program run by the U.S. Small Business Administration.