There are a wide range of different types of loans that are available to you as a business owner. We will work with you to help you identify which one is best for your circumstances.
|
Loan Product |
Amount |
Term |
Time to Funds |
Interest Rate |
Requirements |
|
Business Line of Credit |
$1000 - $250,000 |
1 - 2 Year Maturity |
As Soon as 24 Hrs |
As Low as 8% |
Typically need to be in business at least six months, have $5K in monthly revenue, and a credit score of 560 or higher. |
|
Accounts Receivable Line of Credit |
$5,000 - $5,000,000 |
Up to 1 Years |
As Soon as 24 Hrs |
As Low as 6% |
Two years’ time in business, generate $1M in annual revenue, Line of Credit have $100k in accounts receivable at any given time, and a credit score of 680 or higher. |
|
Business Term Loan |
$5,000 - $2,000,000 |
1 - 5 Years |
1 - 2 Weeks |
As Low as 6% |
Three years of business and personal tax returns, YTD financials, a debt schedule, and six months of business bank statements. |
|
Merchant Cash Advance |
$5,000 - $2,000,000 |
Up to 2 Years |
As Soon as 24 Hrs |
As Low as 18% |
The requirements for this type of financing vary, but are relatively lenient due to the nature and terms of the loan. |
|
Credit Card Plan |
$1,000 - $500,000 |
1 - 2 Year Maturity |
1 - 2 Weeks |
Between 8 - 24% |
Typically need a credit score of 680 or higher. New business owners can personally guarantee the card. |
|
Equipment Financing |
$5,000 - $5,000,000 |
1 - 5 Years |
2 - 5 Days |
As Low as 7.5% |
If less than three years in business, a 680 credit or higher is required. If time in business is greater than three years, the minimum credit score needed is 600. |
|
Commercial Mortgage |
$250,000 - $5,000,000 |
10 - 25 Years |
2 - 3 Months |
As Low as 6% |
Profitable businesses with good credit may qualify. Cash flow, down payment, and assets are the biggest factors for approval. A minimum 680 credit score is preferred, but in some cases, lower credit can be approved. |
|
AR Financing/ Factoring |
Up to 80% |
Up to 1 Year Approved Receivables |
As Soon as 24 Hrs |
As low as 2% (Factored Invoice) |
Because the factoring company will be more focused on the credit of the business that owes the money, the client’s credit is not as important |
|
SBA Loan |
$50,000 - $5,000,000 |
10 - 25 Years |
60 - 90 Days |
Prime+ |
SBA loans are popular, long-term options with great rates and competitive terms. For businesses with a down payment and the positive cash flow needed to qualify, Heartland has experts in place to take care of everything. |