Small Business Loan Info | What You Need To Know


So, I assume you’re looking for a small
business loan. Well, there’s not a lot of video out there. So, I thought it’d be a
good idea to put this together. To give you a few things that you should know.
And some questions that you should ask when you’re vetting out a small business
loan for your business. Thank you turning the Grow By Joe. So, if
you don’t know me, my name is Joe Camberato and I’m the
president and co-founder of a company called National Business Capital And
Services. Since 2007, me and my team have helped small business owners just like
you obtain over 1 billion dollars in financing for their businesses. If anyone
can explain small business financing and what you need to know, I am definitely
your guy. So, first off is you definitely want to make sure that you’re dealing
with a reputable company. I mean that may seem obvious but the reality is is
there’s a lot of different options out there today. This FinTech revolution has
sparked all these small business lenders which is a great thing but it also makes
it really confusing for business owners just like you. And there’s a million
different option. So it’s like where do you go? Who do you trust?
who is the best programs? It’s super, super confusing and I definitely get
that. But any company you’re working with, you know, you want to make sure they have
a good reputation. You want to check their reviews. You want to make sure they
have an online presence and you want to make sure that they’re a real company.
Second is you want to make sure that the company you’re dealing with has access
to more than just one lender and one financing product. The reality is is
there are all these lenders but not every lender lends to every type of
business. And even if your business is a franchise, your business and your profile
and your sales are different from the guys down the road. So, basically certain
lenders only rent lengths of certain industries. Certain lenders only work
with people with excellent credit. Some lenders work with people with okay credit.
Some lenders work with people with not the best credit. Some lenders only work
with business owners doing X amount of sales. Some lenders only work with
business owners that have been in business for a certain period of time. So,
the company that you’re working with really needs to have access to all these
different products and lenders that are out there. That’s the exact reason why I
founded my company back in 2007. And we’ve now built a platform on that has
over 75 different lenders on it. This is really important because it makes us
extremely nimble. We always have access and are always adding lenders to that
platform so can deliver the best financing programs
that are available today to you as a business owner. So again, it’s really
important that the lender isn’t just offering one product or service. Next, you
want to make sure the lender a company that you’re working with can grow with
you. Meaning, some lenders capped out at $50,000, $100,000, a hundred and fifty
thousand, two hundred and fifty thousand, half a million dollars and so on. Just
because you’re with the lender right now that make a pout at a certain loan
amount, that’s okay. But you just want to know what that is. So as your business is
growing, you know, when maybe you need to make a move as you need more access to
capital. The reality is is as you grow, you’re going to need to continue to
access capital in order to get your business to that next level. So, some of
the best products on the market today are business term loans. They typically
go out to about 24 and 36 months. They usually have weekly or bimonthly
payments. And sometimes monthly payments. Small business loans? They’re
typically 12 to 24 months. They have set rates and set payment terms. And then
a revolving business line of credit. Those 3 of the top financing
programs on the market today. They’re all great. They all work just a little bit
differently. The rates typically started anywhere from eight to nine percent and
go on up based on risk your time and business your sales your industry and
sometimes even your state that you’re in. Also your personal and business credit
gets looked at as well. Again, every lender has different requirements. So
there’s not a one-size-fits-all type of lender that’s out there. Again, it’s
really important to be working with someone that has access to all these
different programs and lenders. Another product that can be great are SBA loans.
They’re really great if you’re looking to buy a building that your business is
in. They go out to 25-year terms and you only have to put 10% down if you’re
buying the building. The SBA also has a working capital product. It is a time
consuming product. There is a lot of paperwork so you definitely will need to
be prepared for that if you’re looking to go that route. If you’re looking to
use financing for you know income generating opportunities, an SBA loan
might not be the best way to go. That working capital product is over a
10-year term. And the prime rate has come up. So right now, prime rate is 5.5% as I make this video. Typically an SBA loan is 5.5% plus 1 to 3 percent. So let’s just call it prime plus 2%. that would put you at about 7.5% right now.
7.5% amortized over a 10-year period. You actually wanted to
paying back on $100,000, about a hundred and forty five thousand dollars. So there
are some other great products like the business term loans, small business loans
and credit lines where the costs are actually less and a heck of a lot easier
to get. An SBA loan can take anywhere from 60 to 120 days with a ton of
paperwork. Some of the other products that are available on the market today
is a simple digital application. 3 to 6 months of bank statements. If it’s
over 150,000 dollars you need your financials. But typically you can have an
answer in 1-3 business days. which is great. We’ve streamlined that
process made it a heck of a lot easier. We’re connecting writing to underwriting
and all the top lenders across the country and getting our clients answers
within hours. So, I know I just threw a ton of information at you. I hope it’s
really helpful. Again, remember it’s not one size fits all when it comes to a
small business lender. There are a lot of different options out there. So you want
to be working with someone that can provide. And more importantly, explain
those different options because it can be confusing. And reputation is important
so make sure that you’re doing your homework. So as I mentioned earlier, since
2007, me and my team at national business capital and services have helped small
business owners obtain 1 billion dollars in financing. We’ve been able to do that
because we put a major focus on convenience to our small business owners
and we’ve done that through technology. And also really great people. So, we don’t
believe in just utilizing technology. We believe you didn’t utilize acknowledge e
to make everyone’s life easier and bring convenience to you and our employees on
the inside. So we can process your application super quickly. But we also
believe in having talented and knowledgeable people that you can speak
to and get all of your questions answered.
So we can ensure that you’re getting the right program that makes sense for your
business needs. If you’d like to learn more connect with one of my team members,
check out the link below in my description. Everyone on my team is
awesome. They’d be more than happy to spend the time with you, answer any
questions you have. And make the process really easy in obtaining a small
business loan to help your business grow. Thanks for tuning in to grow by Joe. I
hope this video gave you some really good insight on small business loans
today. If it was helpful, if you enjoyed it, please make sure that you subscribe
to my channel. Also dropped any comments you have below.
Again, thanks for tuning in and I wish you nothing but success and growing your
business. Take care and we’ll talk soon.

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