3. Business Term Loan
A lump sum, repaid on a fixed schedule
- Amount
- $20,000 to $1,000,000
- Term
- 12 – 36 months
- Cost
- Starting at 5.5%
- Funded in
- Funded within 24 – 72 hours
Enclosure 2
The six programmes, set against each other
The six letters that follow each cover one programme. This one sets them beside each other, because the question most applications arrive with is not which programme but how much, how fast, and at what cost — and those three answers cut across the six in ways a single letter cannot show.
Enclosure 2 · Re
How much, how fast, and at what cost
On amount, three programmes reach $1,000,000: the term loan, the line of credit and the short-term loan. The merchant cash advance stops at $500,000 and equipment financing at $250,000. On the floor, the cash advance starts lowest at $5,000, which makes it the only programme here written for a business that needs a five-figure sum.
On cost, working capital publishes the lowest floor at 4%, then the line of credit at 4.5%, the term loan at 5.5%, the short-term loan at 6% and equipment financing at 8%. The cash advance publishes no rate at all, because it is not lent at one — see enclosure 8, which explains why that matters more than the gap in the table suggests.
On speed, the short-term loan is the quickest of the loans at one to two days, and working capital and the cash advance fund inside forty-eight hours. Equipment financing is the one programme for which this office publishes no time frame.
One application reaches all six. You do not choose the programme on the form, and there is no advantage in guessing: answer what is asked about the business and the offers come back shaped by what the lenders will write.
— The funding desk
Enclosure 3 to 8
The six, as each is published
4. Business Line of Credit
A limit to draw against, and nothing owed until you do
- Amount
- Up to $1,000,000
- Term
- 6 months to 3 years
- Cost
- Starting at 4.5%
- Funded in
- Funded within 24 – 72 hours
5. Short-Term Business Loan
The same shape as a term loan, over four to twenty-four months
- Amount
- $10,000 to $1,000,000
- Term
- 4 to 24 months
- Cost
- Beginning at 6%
- Funded in
- As quick as 1 – 2 days
6. Working Capital Loans
For the running of the business, not for a purchase
- Amount
- Up to $1,000,000
- Term
- 12 – 36 months
- Cost
- Starting at 4%
- Funded in
- 24 – 48 hours
7. Equipment Financing
Secured on the thing it buys, over one to five years
- Amount
- Up to $250,000
- Term
- 1 – 5 years
- Cost
- As low as 8%
- Funded in
- Not published for this programme
8. Merchant Cash Advance
An advance on future sales, collected out of them
- Amount
- $5,000 to $500,000
- Term
- Follows the sales cycle
- Cost
- Factor rate 10% – 35%
- Funded in
- 24 – 48 hours
For reference
Schedule of enclosures
Every page of this site, numbered. The numbers do not change between letters, so a reference to enclosure 6 means the same page wherever it is made.
Enclosure 11
The application
At no cost and no obligation. Fifteen minutes, six screens, and one application that reaches every lender on the network and qualifies the business for all six programmes in this schedule.
Rather talk to somebody first? (800) 540-2119.