We can access funding up to $500k. The amount we can get for you specifically depends on a variety of factors. For small business owners, this amount depends on how long you've had your business as well as your average monthly revenue. For startup businesses, the amount depends in part on your credit score and your previous history with lenders. It's highly likely that we can get you more funding than you need.
The old fashioned way! Our senior funding advisors have personal relationships with the top small business lenders. When a client gets denied, we may go out of our way to call up lenders if we feel they should take a second look or make an exception.
How you use funding is up to you. Here are some of the more common ways our clients have used their capital in the past: equipment purchases, storefront or real estate purchases, payroll expenses, inventory, and marketing.
The short answer is no. Even the best banks for small business startup loans award a very small amount of funding per quarter. If you're a small business owner trying to get funding on your own, you're going to have to approach lenders individually and compare the offers. Without the marketplace, they won't be competing for your business, which means you won't get the best terms. As a startup, you also can't handle this on your own, because you won't be able to obtain the amount of funding that you need, and you will miss out on the best rates. LendHero can obtain the highest amounts of funding possible, at the lowest rate, often at 0% interest for 15 months or more.
We're a data-driven company and we've developed a proprietary algorithm to analyze a variety of factors: your credit score, your payment history, your pre-existing relationships (whether positive or negative) with all lenders, what funding sources you already have, real-time market analysis into which lenders are offering higher amounts of funding than usual and better rates. Based on all of these factors, we're able to produce the following insights: which lenders are likely to lend to you, your approval amounts for every lender (updated daily, not static) how much you are likely to obtain, and the best order to submit applications to maximize your funding amount and lower your rates.
Our marketplace is accessible to those who qualify for our small business funding. There is no hard inquiry generated on your credit during the application process or the time of funding. We submit applications to all of the lenders who we know (from experience and using our algorithm) to be your best potential fit. Then we watch as they compete for your business. Lenders often change their terms when they see other lenders offering you a better deal. The lender who wants your business the most will offer you the best terms, and get you a deal that can't be found anywhere else. Apart from the competitiveness driving rates down, lenders offer our clients great terms because we're known for working with reputable business owners who pay back their loan amounts early or on time.
Why does this matter?We don't just analyze your business or credit history to procure funding. We also analyze the market in real-time. We know which lenders are bending over backward to meet their quotas, and which ones are being stingy with capital and giving bad rates. We review this information in real-time, and this analysis is a huge part of why we're able to get you more funding at better rates.
The minimum requirements for our business funding are there these: In business 3 months or more, monthly average revenue exceeding $8,000, and a personal credit score of at least 500. If you do not meet the credit score requirement, you can use a credit partner.
We don't offer business consulting but we can help you make smart decisions on how to spend your funding prudently. At the time of funding, we also help you strategize how much you need and your business plan for paying it back, so you're putting yourself in an advantageous position and not taking on more risks than necessary.
Asking your friends and family puts stress on you and on them. Getting funding directly from your bank is all but impossible. If you can acquire it, it takes too long to receive (you'll have missed the original opportunity or need). Working alone, you also don't get good rates because you don't have the competitive marketplace in your favor. Compared with other companies who help startups and small business owners acquire funding, we're the only company that offers both types of funding, meaning we can help entrepreneurs get the right type of funding to begin with, instead of putting them in the wrong box or turning them away. There is also no other company that has invested as heavily in data-driven algorithm based funding cycles the way that we have, or a marketplace as large and respected as ours.