US Business Funding 2020 Review
Business owners with a spotty credit history often have difficulty finding a lender when they need funding for their business.
US Business Funding, however, aims to help business owners who may not be able to secure funding through other means. This includes those with lower credit scores, new businesses, and those without established business credit.
US Business Lending has a large number of customer reviews, many of them highly positive and complimentary of the company. That’s why they’ve made our list as one of the best business lending companies to consider if you need funding for your business.
Read all about US Business Lenders below, including what lending options they offer and how they are regarded by their existing customers.
US Business Funding: What You Need to Know
US Business Funding was founded in 2008 and has issued more than $2 billion in funding to businesses.
It is accredited by the Better Business Bureau, is a member of the National Equipment Finance Association, and is an AAA-rated member of the Business Consumer Alliance.
In June 2018, Jora Financial acquired a large stake in US Business Funding, showing that the wider lending industry has confidence in the company.
Why Business Owners Choose US Business Funding
US Business Funding offers three types of financing to businesses, including capital that’s available to new businesses.
They claim to beat their competitors in terms of cost of funding 94 percent of the time – a feature that’s attractive to business owners looking for financing at an affordable rate. Representatives work with individual applicants to find the best funding solution to meet their individual needs at the best rate.
Funding is available from $10,000 up to $10 million, making US Business Funding one of the most lucrative in the industry for businesses seeking lots of capital. They also offer competitive interest rates and flexible payment terms, an attractive feature to many businesses.
Customers also point to US Business Funding’s quick and easy application process as a positive. Applicants can receive a decision on their eligibility in as little as 60 seconds, and funds can be made available in as little as 24 hours.
US Business Funding Features:
- Small Business Association-approved funding
- Easy, one-page application
- Caters to new businesses and businesses with poor or little credit history
- High loan caps
- BBB accredited
- Highly competitive rates
- Quick eligibility decisions and access to funds
How Does US Business Funding Work?
US Business Funding connects qualified business owners with third-party funding to help them purchase equipment, fund capital improvements, or increase working capital.
They offer a small selection of funding types with flexible requirements and at competitive rates.
Applicants receive fast decisions on their eligibility for funding, with many receiving an answer within 60 seconds. Funds are available quickly, too, in as little as 24 hours.
Applying for US Business Funding
US Business Funding requires just a one-page application for its various loan products.
On this application, you will include how much funding you need and what you plan to use the money for. You will then receive a free quote showing possible rates and terms available to you. This quote is just an example of actual funding available through US Business Funding, and your actual terms and rates will vary.
You then will provide additional information about yourself and your business, including:
- Legal business name
- Phone number
- Gross annual sales
- Years in business
A representative of US Business Funding next contacts you to further discuss your business and funding options. Once the company has a clearer picture of your business, a Senior Financial Consultant contacts you to discuss the loan options available to you, documents you need to provide, and how to finish the application process.
Depending on the type of loan you apply for, you may be required to submit more documentation and the process can take a little longer to complete.
Documents Needed to Apply for US Business Funding
The documents you need to provide to US Business Funding will vary depending on the type of funding you’re applying for. However, some common documents requested include:
- Business bank statements from the past three to six months
- Business and personal credit reports
- Business and personal credit scores
- Profit and loss statements
- Business and personal income tax returns
- Balance sheets
SBA loans and other funding requests may require additional documentation and take longer to process.
Apply for US Business Funding Today
- Visit www.usbfund.com/freequote.
- Enter information about your business, including how much funding you want and what you intend to use the money for.
- Click Submit. You will be given a sampling of the products and rates you qualify for.
- You will be asked to provide additional information about your business, including gross annual receipts and number of years in business.
- A representative will contact you to discuss your business and funding options.
- Once US Business Funding has a better understanding of your business, a Senior Financial Consultant contacts you to discuss the loan options available to you, documents you need to provide, and how to finish the application process.
Where is US Business Funding Available?
US Business Funding is available in all 50 states to a wide variety of both new and established businesses.
US Business Funding Pros
- Favorable repayment terms and interest rates
- SBA-backed loan options
- Three major offerings make selecting the right product easier
- Financing available from $10,000 to $10 million
- Helpful, friendly customer support
- BBB accredited
- Dozens of satisfied customers over a decade in business
- Fast eligibility decisions
- Quick access to cash in some cases
- Flexible repayment options
- Additional option to offer financing to your customers
- Some products are available to newer businesses
US Business Funding Cons
- Merchant cash advance options can be risky for some businesses
- SBA loans can take a long time to process
- Customer complaints about persistent calls and emails
- Some customers complain about high repayment terms
How Much Does US Business Funding Cost?
Interest fees from US Business Funding depend on the type of loan you choose and how much you decide to finance.
US Business Funding’s working capital and equipment financing loans come with interest rates beginning at 3.5 annually. The rate you’re given depends on your credit profile.
For those who choose an SBA loan through US Business Funding, the interest rates are a bit different.
An SBA 7(a) loan comes with an interest rate set at the prime rate plus 2.25 percent to 4.75 percent, depending on the amount borrowed and the length of the repayment terms. An SBA 7(a) Express loan comes with an interest rate of the prime rate plus 4.5 percent to 6.5 percent that’s dependent on the borrowed amount and length of repayment.
US Business Funding Financing and Lending Options
US Business Funding offers three main types of funding: equipment financing, working capital, and SBA loans. They also offer a vendor program that allows retailers to offer financing to their customers.
With equipment financing, business owners can finance up to the full purchase price of a piece of new or used equipment.
Funding is available for up to $75,000 with the one-page loan application, and up to $10 million with a more in-depth application process.
Most of US Business Funding’s equipment financing require that a business be in operation for at least two years, but certain products waive this requirement. A new business with a strong credit history also may qualify.
You can use equipment financing to purchase a variety of types of equipment, including:
- Office equipment
- Manufacturing equipment
- Commercial vehicles
Within the equipment financing program, US Business Finance offers several different options. These products include:
- Fair Market Value Leases: You receive the equipment you need while making low monthly payments for the term of the lease. When the lease is up, you either extend the lease or purchase the equipment outright.
- Dollar Buyout: This product also is known as a capital lease. You lease the equipment and, at the end of the lease, you have the option of buying the equipment for just $1.
- Wrap Lease: This product only is available to current US Business Financing customers. It allows business owners to consolidate debt, close out an old lease, and enter into a new lease. A wrap lease is ideal for those who are financing more than one piece of equipment.
- Business Expansion: If you’re opening a new location, you can receive up to $35,000 to purchase new equipment. To qualify, you must be opening a new location within close proximity and in the same industry as your old location, the ownership must remain the same, and the original business must have been in operation for at least five years.
- Refinance Program: Refinance a minimum of $10,000 in equipment with this program. Refinancing is only available on hard collateral, and software, soft costs, and obsolete materials are excluded.
- New Business Program: If you’ve been in business for less than two years and need equipment, the New Business Program is for you. Businesses that have been in operation less than a year can receive up to $15,000. Those in operation between 12 and 23 months can qualify for up to $20,000.
- Sales Lease Back: If you own a piece of equipment but want to use its value to help finance other purchases, the Sales Lease Back is an option. With this program, you sell your equipment to US Business Funding and then lease that equipment back at an affordable monthly payment.
US Business Funding offers working capital loans to businesses.
The standard terms on these loans are:
- Rates as low as 3.5%
- Repayment terms as long as 10 years
- Funding up to $2 million available
- Funding available in two to three business days, or 24 hours for repeat customers
These loans are available to help businesses increase their working capital to make payroll, pay rent, or stock inventory.
Working capital loans are merchant cash advances, so they can come with more pricey payback terms when business is slow.
With a merchant cash advance, US Business Funding advances you the money on the basis of your future credit and debit payments. You then pay back the advance from all credit and debit card transactions you process on a daily basis. When business is good, you can quickly repay the advance.
The benefit of this type of financing is it’s available to virtually all business owners, regardless of length of time in business or credit history.
Small Business Administration Loans
With this type of loan, the Small Business Administration - a government entity - provides a partial guarantee.
SBA loans offer the most favorable interest rates, the longest repayment terms, and the highest funding limits. US Business Funding offers two types of SBA loans: SBA 7(a) and SBA 7(a)Express.
Here are the differences between the two types of SBA loans:
- SBA 7(a) Loans
- Loan amounts up to $5 million
- Maximum interest rates of prime rate + 2.25% to prime rate + 4.75%, depending on the amount of the loan and the repayment timeline
- SBA guarantee fee of up to 3.75% (waived for loans under $150,000)
- Repayment terms of up to 25 years for real estate, 10 years for equipment, and 7 years for working capital
SBA 7(a) Express Loans
- Loan amounts up to $350,000
- Maximum interest rates of prime rate + 4.5% to prime rate + 6.5%, depending on the amount of the loan and the repayment timeline
- SBA guarantee fee of up to 3.75% (waived for loans under $150,000)
- Repayment terms of up to 25 years for real estate, 10 years for equipment, 7 years for working capital, and 7 years for revolving credit line
- Shorter decision time
SBA loans typically have more stringent eligibility requirements, including:
- Personal credit score of at least 650
- Business is at least 2 years old with steady revenue
- Some assets to offer as collateral
All SBA loans also require more documentation and paperwork than US Business Funding’s other products and take longer to process.
Some business owners, especially those without a great credit history or those who haven’t been in business long, can find it difficult to get financing to help with equipment purchases or making payroll.
US Business Funding, however, helps to fill this gap in business funding, offering a variety of affordable financing options to businesses of all sizes and types.
Their rates are competitive with others in the industry, and a history of satisfied customers shows they accomplish their goal of providing support to business owners.
Whether you’re looking for a more traditional SBA loan or just need some cash to purchase a new piece of equipment, US Business Funding has an option for you at a price you can afford.
Frequently Asked Questions
Who’s eligible for funding through US Business Funding?
Eligibility depends on the funding option you select and your individual credit history.
Some of the options offered by US Business Funding require at least two years in business and a high credit score, while others require little to no credit history.
How much does US Business Funding cost?
Interest rates depend on the type of loan you choose, your individual credit history, and the length of time you choose to repay your loan. US Business Funding’s interest rates start at 3.5 percent.
Is it easy to qualify for US Business Funding?
Depending on the product you choose, even new business owners with a less-than-stellar credit history can qualify for funding from US Business Funding.
Will I be charged more if I pay my loan off early?
No. US Business Funding doesn’t charge extra fees for early loan repayment.
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