Need Cash Now? Check Out Fast Business Financing For You

Mantis Funding June 05, 2023

Quick loans can help small businesses find the footing they need to be competitive in an ever-changing marketplace. Every small business owner requires capital to run and grow their business, but where do they start?

One option is to get a fast business loan. Fast business loans present a streamlined alternative to traditional financing options, such as bank and SBA loans, that give business owners access to funds within three days. These loans can be an effective way for small business owners to get the funds they need to get their companies off the ground.

Learn more about fast business loans.

What Is a Fast Business Loan?

A fast business loan is a financing solution for businesses that process within one to three days. These loans present an alternative to traditional bank loans and SBA loans, which are known for being much slower. Fast business loans are ideal for newer enterprises looking for funding to grow. Having quick access to capital means that small business owners can quickly acquire the materials they need to get to work. Alternatively, fast business loans are also a viable option in emergencies where time is of the essence.

How to Qualify for a Fast Business Loan?

Speedy financing can make or break a business seeking to expand its operations or address immediate financial needs. Many lenders look at a handful of fundamental requirements beforehand to determine if you qualify for a fast business loan.

Learn more about the general business loan requirements for most lenders below and for an overview of how to qualify for revenue-based financing with Mantis:

  1. Operational History: Lenders tend to prefer working with businesses that have been operational for a certain period. While this period may vary, it is not uncommon for lenders to seek out companies that have been in business for more than six months. Operational history helps lenders measure the stability and viability of the business.
  2. Ownership Stake: For many business loan options, including revenue-based financing with Mantis, having a significant ownership stake in a business is crucial. Generally, lenders expect a borrower to own 50% or more of the enterprise.
  3. Credit Score Considerations: While traditional bank loans rely heavily on credit scores for approval, many fast business loan methods have minimal credit score restrictions. For small business owners with less-than-perfect credit scores, fast business loans present a way to qualify for financing.

Mantis Revenue Financing Requirements

Mantis Funding provides revenue-based financing, a flexible option that helps small business owners grow and expand their businesses. Here are the basic requirements to qualify for financing with us:

  1. Business Operational History: Your business should have been operational in the United States for over six months. Your operational history allows us to assess your business’s revenue generation capabilities and stability.
  2. Ownership Stake: You should own 50% or more of the business to be eligible for Mantis revenue-based financing.
  3. Minimal Credit Score Check: Mantis understands that credit scores do not always reflect the true potential of a business. Therefore, we have minimal credit score requirements, making it possible for business owners with low credit scores to qualify for our funding solutions. This approach allows Mantis to focus more on your business’s revenue performance instead of solely relying on credit history.

If you meet these requirements, you can increase your chances of qualifying for a fast business loan that will help take your business to the next level.

It is important to note that while these requirements serve as general guidelines, individual lenders may have additional criteria specific to their financing programs.

Types of Fast Business Financing

If you’re a business owner looking for fast financing options, it’s important to be aware of the various types of business loans available to meet your specific needs. Whether you need funds to purchase new equipment, manage cash flow, or expand your operations, different types of fast business loans can offer you the necessary financial support.

Learn more about the common types of fast business financing options:

1. Revenue-Based Financing

Revenue-based financing is an alternative funding option where businesses receive capital in exchange for a percentage of their future revenue.

Mantis Funding offers revenue-based financing to small business owners nationwide, with flexible daily or weekly payment options.

2. Equipment Financing

Equipment financing is a fast business loan specifically designed to help businesses acquire necessary equipment or machinery. This loan is ideal for business owners who require funding to purchase new machinery, upgrade existing equipment, or replace outdated tech. Equipment loans also typically have fast approval processes, making them ideal for businesses facing equipment failure.

3. Business Line of Credit

A business line of credit offers business owners flexibility by providing them with a set amount of money they can access as needed. A business line of credit is similar to a credit card, where you can withdraw funds up to the credit limit and only pay interest on the amount used. This fast financing method is beneficial for managing cash flow fluctuations, covering short-term expenses, or seizing unexpected growth opportunities.

4. Short-Term Business Loan

As the name suggests, short-term business loans are designed to be repaid within a relatively short period of time, usually from a few months to a year. Short-term business loans offer quick access to funds and are suitable for addressing immediate financial needs, such as inventory restocking, bridging cash flow gaps, or covering emergency expenses. Lenders often streamline the application process, allowing for faster approval and disbursement of funds.

How Fast Can You Get a Business Loan?

When it comes to obtaining a business loan, the speed at which funds are disbursed will vary depending on the type of loan and the lender’s process. Traditional business loans, such as those offered by the Small Business Administration (SBA) or traditional banks, often involve a more extensive application and approval process, which can take several weeks or even months to complete.

SBA loans, for example, require a detailed application, financial documentation, and a thorough review by the lender and the SBA. The SBA loan process is often very time-consuming due to the need for extensive paperwork, credit checks, and the evaluation of your business’s financial health.

Similarly, getting a business loan from a bank often involves a rigorous evaluation of your business’s creditworthiness, collateral requirements, and lengthy approval procedures. Many banks will request a comprehensive business plan, financial statements, tax returns, and other documentation from the business owner to assess the loan application.

On the other hand, revenue-based financing provides small business owners with a faster alternative for obtaining business funding. Revenue-based financing providers often have streamlined application processes with minimal paperwork requirements. Companies that provide revenue-based financing focus primarily on your business’s revenue-generating potential rather than relying heavily on credit history or collateral.

With revenue-based financing, the overall timeline is significantly expedited compared to traditional loan options. In some cases, businesses can receive funding within days after applying and the required documentation.

It’s important to note that the speed of obtaining a business loan may also depend on your preparedness as a borrower. Being well-prepared with the necessary documentation, financial records, and a clear understanding of your business’s financials can help expedite the application and approval process, regardless of the loan type.

Ultimately, how fast you can get a business loan depends on the loan option, the lender’s requirements and processes, and your readiness. If you require fast access to capital, revenue-based financing offers a quicker and more streamlined path compared to traditional loan options like SBA or traditional bank financing.

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When to Consider a Fast Business Loan Or Revenue-Based Financing

When your business needs quick access to funds, considering a fast business loan or revenue-based financing can be a viable option. Here are some situational examples that underscore when a business may need to obtain expedited financing:

1. Urgent Equipment Needs

If your business requires immediate equipment upgrades or repairs, a fast business loan can provide the necessary funds to acquire the essential machinery. Whether it’s a piece of specialized equipment crucial for your operations or technology that improves efficiency, a fast business loan can help you quickly obtain the equipment you need when time is of the essence.

2. Seasonal Inventory Management

Businesses that face seasonal fluctuations in demand may find it challenging to manage inventory levels. A fast business loan can help you secure additional inventory during peak seasons, ensuring you meet customer demands and maximize sales opportunities. By obtaining quick financing, you can avoid stock shortages and maintain a competitive edge in the market.

3. Expanding Business Operations

When the opportunity for business expansion arises, swift action is often critical. Whether you’re opening a new location, launching a new product line, or expanding into new markets, a fast business loan can provide you with the necessary capital to fuel growth initiatives.

4. Managing Cash Flow Gaps

Cash flow fluctuations are not uncommon in the world of business, and effectively managing them is vital for financial stability. Fast business loans can bridge temporary cash flow gaps and ensure that you have sufficient funds to cover operational expenses, payroll, or other financial obligations.

5. Seizing Time-Sensitive Opportunities

Sometimes, business opportunities arise that require immediate action. It could be a chance to purchase inventory at a discounted price, secure a fruitful business partnership, or invest in a time-limited marketing campaign. In these scenarios, a fast business loan can provide a business with the necessary means to capitalize on these time-sensitive opportunities, allowing you to stay ahead of the competition and drive business growth.

How Revenue-Based Financing Can Be Your Quick Cash Solution

Are you looking for a fast cash solution for your business? Revenue-based financing with Mantis Funding can be the answer. With our streamlined process and focus on revenue generation, this financing option is ideal for industries like construction, food and beverage, and medical.

Revenue-based financing is ideal for opportunities or emergencies where time is of the essence. When you work with trusted providers like Mantis Funding for quick and efficient funding, speed is on your side. The application is simple, requiring minimal paperwork, and you can receive an approval decision within days, giving you access to the funds you need promptly.

Unlike traditional loans, revenue-based financing reviews your business’s revenue performance rather than credit history or collateral. Revenue-based financing is accessible to enterprises with lower credit scores or limited assets. By aligning financing with your cash flow, revenue-based financing offers flexibility and stability for industries with consistent revenue streams.

Choose revenue-based financing for a financing solution that adapts to your business. With payment based on a percentage of your revenue, you can navigate slower periods without stress. Whether you’re in construction, food and beverage, or the medical field, revenue-based financing can empower your business’s growth.

Apply now for quick financing with Mantis Funding and unlock your business’s potential today.

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About Mantis Funding

Mantis Funding is a business financing solutions firm catering to small and mid-sized business owners in the United States.