Not every business is the same: financing solutions shouldn’t be either. Credibly business loans and financing solutions are tailored to your short-term needs and long-term goals so that you can focus on operating and growing your business. We want to ensure that you get the right-sized funding at any stage of business development, and our team is always available to coach you throughout the process. With one of the widest range of products amongst any direct lender, we have you covered.
During the coronavirus pandemic, we are committed to finding the best funding for your business needs. Work with a dedicated loan officer to compare and apply for working capital loans and other financing options to help your business weather the storm.
We understand that small business owners are busy people and not everyone knows how to get a business loan quickly. Credibly offers streamlined access to capital and a simplified funding process, so that you can focus on operating and growing your business. Take ten minutes to complete our online prequalification form, get matched with the best small business loan options you qualify for, and receive funds in your bank account in as little as 24 hours from approval. Exploring your options is free and easy and will not hurt your credit.
To begin the application process, we just need some basic information about yourself and your business, a signed and completed prequalification request, and your most recent three months bank statements. All of Credibly’s direct loan products require 6+ month’s business, a 500+ credit score for the business owner(s), and $15,000 in average monthly revenue. Non-loan funding options have similar minimum qualifying criteria but may vary based on the specific financing product.
Rather than focusing strictly on traditional financial metrics like your credit score, we assess the overall health of your business and financing affordability. It takes us about 24 hours to approve your file upon receipt of your completed application. Once approved, a business consultant will reach out to you with the options you qualify for and help you choose the best business loan or financing product for your situation.
Funds are deposited directly into your bank account so that you can use your funding immediately. Automatic daily, weekly, and monthly* payment and remittance options allow flexibility so that you can spend your time managing operations and leading growth initiatives. Factor rates start at 1.15 and interest rates start at as low as 9.99%.
Credibly offers a wide array of loan products and other financing solutions to ensure that we can offer the best funding solution for your business. Whether you are looking to pursue a growth initiative or need additional working capital to support your cash flow, we’ll put together the best funding solution for your unique business needs. Our short-term loans, long-term loans, and other financing solutions have varying loan terms, repayment terms (or remittance durations), and qualifying criteria, so we can tailor the best financing solution for your business.
Are you looking to increase your staff, scale your marketing campaigns, purchase new decor, or stabilize your cash flows? Working capital loans are a great way to ensure that you always have enough cash flow to seize an opportunity as it arises.
With a low APR and longer payback period, business expansion loans are ideal for renovations, opening new locations, adding new equipment or opening a food truck.
Revolving business lines of credit provide the most flexible access to working capital, anytime you need it. Draw as you need and only pay for what you use.
Backed by the federal government, SBA loans offer lower interest rates and longer loan terms to help business owners keep their monthly payments low while growing a business.
Is your business seasonal? Merchant cash advances provide you with up-front funding in exchange for a portion of future receivables.
Need new equipment? Equipment financing allows you to pay for your machine over the life of the lease with low APRs.
Have money tied up in unpaid invoices? Instead of waiting on net terms, turn them into working capital with invoice factoring.
SBA Paycheck Protection Program Loans are offered as part of the CARES act and are designed to help businesses affected by COVID-19 by providing federally-backed working capital relief.
While small businesses are beginning to reopen around the country, social distancing guidelines and government mandates are still causing critical cash flow concerns for small businesses everywhere. The Small Business Administration (SBA) Guidance and Resources page is designed to inform small business owners like you about government relief programs and help you deal with the challenges you may face as you reopen your business. Your local SBA district office can also provide additional resources, information specific to your location, and help you apply for relief programs.
To learn more, visit our Small Business Guide for COVID-19.
While most lenders can no longer process new Paycheck Protection Program (PPP) loans before the program closes, you may have already applied to the Paycheck Protection Program and received much-needed funds. To qualify for loan forgiveness, you need to submit your application, which is available from the SBA. For more information specific to your case, consult your loan originator (whoever you worked with to get your PPP loan).
Learn more about the Paycheck Protection Program and PPP Loans.
| Bank Loans | Credibly | Credit Cards | SBA Loans | |
| Funding Range | $100K | $5K-$400K | Credit Dependent | Credit Dependent |
| Process | Long application, Credit inspection, business plan & industry risk | Prequalify online Soft credit pull only | Prequalify online Soft credit pull only | Long application, Credit inspection, business plan & industry risk |
| Approval Time | Weeks-Months | As soon as same day | less than 30 Days | Months+ |
| Time To Funding | ∼ 2-3 Months | As soon as same day from approval | 7-10 Business Days | 60-90 Days+ |
| Approval Criteria | Credit Score & Collateral | Overall Business Health | Credit Score | Credit Score & Collateral |
Credibly is a direct lender of working capital loans, business expansion loans, and merchant cash advances. Through our partners, we offer SBA loans, business lines of credit, equipment financing, and invoice factoring. Our loan specialists can help you to review the available loan options and determine which loan or financing is right for you.
During the coronavirus pandemic, many businesses are in need of working capital to meet operating costs and current business needs. If you have already received a PPP loan, EIDL, or other federal aid, our working capital loan might be right for you.
The eligibility requirements for Credibly’s small business loans and financing are loan-specific and based on a business owner’s specific credit history and creditworthiness. Generally, you need to have six months or more in business and a credit score of over 500, as well as an average monthly income of $15,000 ($180,000+ in annual revenue). Specific requirements will vary.
If you have bad credit, there are still financing and loan options for your business. Some funding products like merchant cash advances and invoice factoring are less credit dependent because these financing products are based on sales. Similarly, equipment financing does not have as much emphasis on credit because the equipment can be used as collateral if you default on your loan. Additionally, many of our financing solutions can help you build business credit.
Startups almost never qualify for traditional business loans, and that is true for Credibly’s business loans and financing as well. There are a lot of options for funding the start of your business, including business credit cards, personal loans, and your own savings.
If you are starting a business with a significant need for cash, one option for funding is equity financing, which is where an investor buys a percentage of your business in exchange for capital. While some businesses receive funding from a career investor, making a deal for a family member to own a percentage of your business is also equity financing.
Some business loans are flexible in their loan usage options, such as a working capital loan, business expansion loan, merchant cash advance, business line of credit or SBA loan. “Flexible” means that you can use the capital to fund whatever your business needs.
However, some loan and financing options are not flexible. Equipment financing can only be used to purchase or lease equipment. Any type of real estate loan will also be specific to funding a physical business location.
Before applying for a small business loan, you should first consider whether the capital will help your business grow or help your business survive a crisis. If you don’t have a good reason for a business loan, the fees and interest can really add up. However, if a business loan will help you buy new equipment, hire needed staff, or survive a crisis like the COVID-19 pandemic, then you should consider each of the following questions when reviewing the loan.
In short, yes. The SBA began accepting new Economic Injury Disaster Loans (EIDL) on June 15th. You can also apply for the EIDL Advance, which is a grant of up to $10,000 that does not need to be repaid. Businesses in all 50 U.S. States and Washington, D.C. are eligible to apply for these loans, so it is important to do so as soon as possible. If you are struggling to repay previous debt, such as a term loan originated before the COVID-19 pandemic or your business lease, discuss your situation with your lender.
The passage of the PPP Flexibility Act raised the forgivable non-payroll expenses from 25% to 40% of the loan amount, so you may be eligible for more loan forgiveness than you thought. If you apply for loan forgiveness, your repayment of any remaining loan balance does not start until you receive forgiveness compensation. If you do not apply for forgiveness, you have a ten-month deferral period before you need to make payments.
What types of small business funding does Credibly offer?
Credibly is a direct lender of working capital loans, business expansion loans, and merchant cash advances. Through our partners, we offer SBA loans, business lines of credit, equipment financing, and invoice factoring. Our loan specialists can help you to review the available loan options and determine which loan or financing is right for you.
During the coronavirus pandemic, many businesses are in need of working capital to meet operating costs and current business needs. If you have already received a PPP loan, EIDL, or other federal aid, our working capital loan might be right for you.
What are the eligibility requirements for Crediby’s small business loans?
The eligibility requirements for Credibly’s small business loans and financing are loan-specific and based on a business owner’s specific credit history and creditworthiness. Generally, you need to have six months or more in business and a credit score of over 500, as well as an average monthly income of $15,000 ($180,000+ in annual revenue). Specific requirements will vary.
If you have bad credit, there are still financing and loan options for your business. Some funding products like merchant cash advances and invoice factoring are less credit dependent because these financing products are based on sales. Similarly, equipment financing does not have as much emphasis on credit because the equipment can be used as collateral if you default on your loan. Additionally, many of our financing solutions can help you build business credit.
How do I get money to start a business?
Startups almost never qualify for traditional business loans, and that is true for Credibly’s business loans and financing as well. There are a lot of options for funding the start of your business, including business credit cards, personal loans, and your own savings.
If you are starting a business with a significant need for cash, one option for funding is equity financing, which is where an investor buys a percentage of your business in exchange for capital. While some businesses receive funding from a career investor, making a deal for a family member to own a percentage of your business is also equity financing.
How can I use a small business loan?
Some business loans are flexible in their loan usage options, such as a working capital loan, business expansion loan, merchant cash advance, business line of credit or SBA loan. “Flexible” means that you can use the capital to fund whatever your business needs.
However, some loan and financing options are not flexible. Equipment financing can only be used to purchase or lease equipment. Any type of real estate loan will also be specific to funding a physical business location.
What should I consider before applying for a small business loan?
Before applying for a small business loan, you should first consider whether the capital will help your business grow or help your business survive a crisis. If you don’t have a good reason for a business loan, the fees and interest can really add up. However, if a business loan will help you buy new equipment, hire needed staff, or survive a crisis like the COVID-19 pandemic, then you should consider each of the following questions when reviewing the loan.
Is COVID-19 Pandemic Relief for Small Businesses Still Available?
In short, yes. The SBA began accepting new Economic Injury Disaster Loans (EIDL) on June 15th. You can also apply for the EIDL Advance, which is a grant of up to $10,000 that does not need to be repaid. Businesses in all 50 U.S. States and Washington, D.C. are eligible to apply for these loans, so it is important to do so as soon as possible. If you are struggling to repay previous debt, such as a term loan originated before the COVID-19 pandemic or your business lease, discuss your situation with your lender.
What is the Paycheck Protection Program Flexibility Act?
The passage of the PPP Flexibility Act raised the forgivable non-payroll expenses from 25% to 40% of the loan amount, so you may be eligible for more loan forgiveness than you thought. If you apply for loan forgiveness, your repayment of any remaining loan balance does not start until you receive forgiveness compensation. If you do not apply for forgiveness, you have a ten-month deferral period before you need to make payments.
Exploring the options you qualify for is risk-free and only takes a few minutes. With a simple online prequalification, fast turnaround times, flexible payback and remittance options, and a wide array of products, we can serve as your one-stop-shop for small business funding. Since 2010, Credibly has provided access to over $1B in finacing to small businesses nationwide.
Working Capital Loans and Merchant Cash Advances are quoted as a factor, while Business Expansion products are quoted as a rate.
*Some products are made available through Credibly’s network of external funding partners
**Business Expansion Loan rates are equal to the annual cost of the loan including the origination fee, expressed as a percentage. Rates start from 9.99% to 36.00%. Best rates are available to borrowers with excellent credit and financial strength.
***For Merchant Cash Advances, a specified portion or percentage of the purchased receivables are remitted each business day.
Certain products may not be available in all states.
Certain business loan products are made available through Retail Capital LLC, a licensed California Finance Lender.
© 2019 Retail Capital LLC.