Our loan department will look at a variety of factors to determine whether we’re able to provide your business funding. In most cases a business needs the following :
- Have no excessive tax liens, open judgments or bankruptcies
- Business for at least 2 years
- Positive daily business bank account balance
- Any credit history
No. While a personal credit check is part of the process, it does not weigh heavily as it does with most lenders. Unlike traditional business loans, business loans from GROW are based primarily on the overall business health of your business.
At Grow our policy is simple, if you are a start-up business, you will need a business plan. If you are an existing business in operation for more than two years, you will need to organize a summary of the history and nature of your business. If you are looking for a business loan to simply expand your business in some way, you will need to explain your expansion plan and how it will affect your bottom line.
GROW Small Business Loans Eligibility: Based on overall health of your business, flexibility in credit rating Time in Business: Only 2 years is required. Application Process: Easy online application, minimal paperwork Use of funds: Flexibility to use funds for any business purpose Access to capital: Fast and easy in as little as 48 hours. Repayment: Repayments customized for your cash flow model to better meet your needs. — Most Other Lenders Eligibility: Based on credit history cross, High credit score to qualify Time in Business: 2-3 years Application Process: Detailed financial statements & tax returns typically required. Use of funds: Restrictions on what your funds can be used for Access to capital: May take months before you see your capital. Repayment: Fixed monthly repayments
Absolutely!. If your account is paid on time and up to date, you could be eligible to renew your business loan once a certain percentage is paid off. 85% of our customers return to us for more funding, using our business loans as a revolving door to keep their business properly funded.
At Grow its free to apply for a small to medium size business loan. You can call us at to apply.
Experience is very important in the success of your business. We want to see that at least one of the owners has strong experience in the line of business you are working in. There are some credit-based products that do not require the owner of the business to have experience in the industry. If you have identified a manager to work in your business who has at least two years of experience in your indicated industry, you may still be eligible for a loan.
The SBA grants lenders like CDC what is called “preferred lender status” which allows us to approve a loan without consulting the SBA. Lenders want to make loans to entrepreneurs they believe have the capacity to service the debt, and do not want to have to go to the SBA for repayment. Therefore, considerable scrutiny is still exercised in the approval process and there is not an instant guarantee because of the SBA secure status.
Yes, a retail business needs to identify their location because the site is a factor in start-up costs, tenant improvements and projections. Often you can talk to the landlord and let them know you are interested in their location to see if they will hold it for you. It's not recommended want to sign a lease until your loan is approved, but you will want to identify your proposed site in the business plan and gear your expenses and projections towards that location. We require a Letter of Intent (LOI) from the landlord indicating that the landlord is open to having your business in that space in their building.
We understand your main focus is your business so we aim to keep the process fast and simple. We typically require a completed application form, and the most recent 3 months’ business bank statements before we can give you a business loan quote.
Yes, having some collateral can strengthen your loan request, but not having it will not preclude you from obtaining a loan. There are some credit based loans under $50,000 that do not require any collateral. If you are looking for a larger loan and are a start up business, you generally will need some collateral. Low collateral can be overlooked by a co-signer willing to guarantee the loan. Existing businesses with positive cash flow may be eligible for a loan without collateral or co-signer. Speak with your loan officer today regarding more details on what is a good match for your circumstances.
We do not have loan programs without capital injection. Please ask your loan officer at GROW for details since loan program requirements can change from time to time.
We understand that small business loans should be an option when you need funding, not two months or three months after you decide like most Banks make you wait. Our experts provide fast funding, Call us or complete our short loan application online for an instant quote, approval in 24 hours and funding in your account in as little as 2 business days.
At Grow Business Loans, we want to see that you are presently current on all your debt, that any negative marks on your credit report from the past are at least a couple of years old and that you have a reasonable explanation as to what happened. We understand that good people make mistakes and we try our best to work for you and get you the best financing option.
Yes, it is possible to get a business loan with a bankruptcy. In order to qualify at least 3 years must have passed and there must not be any late pays, charge-offs or collection items on your report since the bankruptcy. Most lenders want to see that you have been financially responsible since filing for bankruptcy protection before they issue you a loan.
At Grow business loans, there are no penalties for early repayment. You can repay the loan at any time without penalty.
The size of the loan will depend on your ability to meet the various everyday working capital and growth needs of your small businesses. GROW business loans offers financing from $5,000 to $500,000 that can be used towards any business purpose, such as hiring, purchasing equipment, inventory, advertising and marketing, location expansion, cash-flow management, strategic acquisitions and investments.
- It’s simple! answer a few questions about your time in business, monthly sales and business type, and your application will be submitted to GROW for review.
- GROW is fast! Once you fill out your application, one of our funding advisors will contact you as soon as we can.