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Current non-SBA business loans

Non-SBA business loans are term loans meant to be repaid in a shorter amount of time than the 10-year term of the typical SBA loan. These short term working capital loans can be a great way to get the funds you need to successfully grow or maintain your business until you are ready for an SBA loan.

IGH Funding currently offers the following non-SBA business loans through its bank partners for working capital, debt refinance and new equipment purchase:

• $30,000 to $200,000 loan amounts
• 2-5 year repayment terms
• Fixed interest rate from 7.99% to 24.99%*
• Monthly repayments
• No pre-payment penalties

*Interest rate depends on loan term and the applicant’s credit and financial profile.

SBA 7(a) Loans

SBA 7(a) loans are the most common type of SBA business loan. These loans go up to $5 million and can be used for working capital, to refinance debt or to buy a business, real estate or equipment. Two popular loans, the SBA Express Loan and SBA Advantage Loan, are part of the 7(a) loan program.

SBA 7(a) loans are right for most businesses looking to finance their working capital needs. These loans are what most people are referring to when they ask about SBA loans and can be used for almost any business purpose. SBA loans are popular because of their long repayment terms and low interest rates, which make 7(a) loans one of the most affordable working capital solutions.

SBA 7(a) Loans at a Glance

Interest Rates

• 7.50 – 9.00%

Loan Amounts

• Up to $5 million

Repayment Terms

• Up to 10 years for working capital loans
• Up to 25 years for commercial real estate loans

Minimum Requirements

• 660+ Credit score
• 10-20% Down payment
• Some collateral (loan doesn’t have to be fully collateralized)

Use of Loan Proceeds

• Working capital
• Equipment purchases
• Refinance debt
• Buy a business or franchise
• Buy commercial real estate
• Leasehold improvements

Short Term Working Capital

While working capital loans are relatively short term, they can be a flexible option for business owners to better manage cash flow, deal with unexpected events or even help take advantage of a great deal. These small business loans have set repayment terms, fixed rates, a fixed principle value and fixed costs to borrow the money.

During the lean months of a business’ sales cycle, owners try to optimize cash flow by negotiating longer payment cycles with creditors and encouraging debtors to pay in shorter time periods. Now, with short term financing like working capital loans, businesses can negotiate better discounts or terms with vendors and avoid long term charges and fees — it’s a win-win for small and medium-sized businesses.

These types of business loans are forms of debt financing. Businesses use them the meet short-term financing needs such as cash flow, marketing, new business opportunities, expansion and working capital. Essentially, the list of uses is endless. The process is fast and easy with a minimal application and just 4 to 6 months of bank statements or 3 months bank statements and 3 months merchant statements if credit cards are accepted at the business.

Things To Know To Get Started

• Great for short term expansion projects
• Use the business funding for a variety of reasons
• Free up cash reserves
• Interest rates range from 18% – 40%
• Terms range from 3 to 24 months
• Payments can be daily, weekly or bi-monthly
• No collateral is required
• Fast approval process
• Upon approval, business funding can be as quick as 1 to 5 business days
• Fees and interest rates are typically higher
• Need 4 – 6 months bank statements

Examples Of Industry Candidates For Working Capital

• Manufacturing
• Transportation
• Restaurants
• Retail Stores
• Fabrication Shops
• Automotive Suppliers
• Dentist Offices
• Construction Services

Get in touch with the working capital loan experts at IGH Funding to discuss your options.