Online small business funding provider National Funding is situated in San Diego, California. Since its founding in 1999, the organization claims to have provided over 75,000 enterprises with over $4.5 billion in capital.
National Funding Business
Equipment Financing and Leasing Small Business LoansThe company now only provides two loan options: a business term loan that can be used for a variety of things and equipment finance that can be used to buy shop equipment.
Other details
Accessing capital is notoriously tough for startups. However, if your firm has been operating for at least a year, you can be eligible for a loan from National Funding. Additionally, National Funding may offer equipment loans to new businesses that have been operating for at least six months.
Loan amounts of up to $500,000 are available from National Funding for short-term working capital loans with durations ranging from four months to two years. Daily or weekly repayment is necessary, and the starting pay rate is only 1.10.
Additionally, it offers financing for equipment up to $150,000 with a pay rate as low as 1.10. Businesses may finance both new and secondhand equipment, with no down payment needed. Two to five years are allowed for terms, and payments are made monthly.
Learn more about National Funding Business Loans
It is claimed by National Funding that its business term loans can be used for a variety of things, including working capital, short-term, long-term, or first-time businesses, and across a variety of industries, including IT consultants, farmers, landscapers, retailers, and more, but these generally seem to be the same loan product.
Unfortunately, there is an origination charge associated with these loans, however it is just 1.00% to 2.00% of the total loan amount. Instead of charging interest on these loans, National Funding charges a factor rate.
Other Benefits of the Loan
- Fast application and funding: Applying for a loan with National Funding is not too difficult. Business owners may quickly and easily apply online, receive a response within 24 hours, and have their approved loans issued as early as the following business day.
- Businesses can qualify more easily: For small-business owners to be eligible for an SBA loan or to obtain a loan from a regular bank, their credit score normally has to be 690 or higher.
- Reduction for early repayment: Borrowers of National Funding who pay off their equipment loan before the due date receive a 6% discount on the unpaid amount. Borrowers that repay their working capital loans in full in the first 100 days receive a 7% reduction on the remaining debt.
Step-by-Step Guide to Applying for a National Funding Business Loan
Discover the straightforward process of securing a business loan with National Funding. This guide simplifies every step, ensuring that you can effortlessly navigate the application process.
Step-by-Step Guide
- Step 1: Assess Your Needs: Begin by evaluating your business’s financial needs. Consider how much funding is required and for what purpose.
- Step 2: Gather Necessary Documents: Prepare essential documents like business financial statements, tax returns, and a business plan.
- Step 3: Check Eligibility Criteria: Visit National Funding’s website to understand their specific eligibility criteria for business loans.
- Step 4: Submit Your Application: Complete the online application form on the National Funding website. Provide accurate and detailed information.
- Step 5: Await Approval and Funding: Once submitted, wait for approval. National Funding typically provides a quick response.
Conclusion:
Applying for a National Funding Business Loan is a straightforward and user-friendly process. With minimal hassle and quick results, it offers a viable solution for businesses seeking financial support. Remember, choosing the right loan can be pivotal in achieving your business goals.
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