Your Guide To Business Loans

Your Guide To Business Loans

)Are you looking to expand your business? Or are you trying to find new ways to grow as a company? Maybe it’s time to upsize, or invest in new equipment.

The thing is: money makes money. While you know that a clever new redesign or some fancy new products will undoubtedly boost business, you might not know how to get the funds you need to make it happen.

Good news: Monark does.

As an alternative funding solution, Monark can provide you with the necessary funds that you need to make your professional dreams come true – and the best part? We’ve made it as easy and quick as possible to get fast access to the money you need.

So, how can Monark help you?

Products

There are a few different ways that Monark help your business: we have a wide range of intuitive and helpful products that can truly help your business flourish

 

Merchant Cash Advance

This is one of the most common types of business loans, and conforms to exactly what you’d expect from a cash advance.

Your business can borrow whatever you might need, with loans from $5,000 to $2,000,000! Successful applicants will receive their funds within 24 hours, allowing them to act on their plans right away.

Payment terms for an MCA are incredibly flexible, too. You’ll be able to agree to payment terms from 3 months to 24 – whatever works best for you!

 

Structured Buyout

If you need to immediately free up some cash flow, potentially reducing your daily overheads by 20-50%, you may consider a Structured Buyout. This is where we will acquire a percentage of your annuity worth in exchange for a lump-sum payment, though applicants do need to be aware that this is not a debt or loan consolidation solution.

Applicants may be able to borrow anywhere between $5,000 to $5,000,000, with access to a cash advance in as soon as 24 hours.

Similar to an MCA, a Structured Buyout can be agreed with payment terms from 3-24 months.

 

Credit Card Split

If you need to find a reliable and affordable solution to gain access to a business loan, or if your cash-flow can be somewhat unpredictable, then a credit card split might be the ideal solution. Rather than committing to regular set payments, you can agree to repay 5-15% of your credit card payments each month until the balance is clear.

A CCS is an incredibly flexible way for businesses to clear existing debts or make required investments – as we only take a percentage of what you make every month, this will feel more pliable and potentially much more affordable than traditional loans.

You can borrow from $5,000 to $2,000,000, and have access to the money as soon as 48 hours.

 

Line Of Credit

If you know that you need a cash advance or an ongoing reliable stream of funding, but you’re not really too sure exactly when you’ll need to make withdrawals, why not consider a line of credit?

You’ll be approved for a TOTAL loan amount of up to $500,000, but rather than withdrawing this all at once you’ll be able to draw from it as and when you need, up to the total loaned amount.

Payment terms on a Line of Credit are revolving, meaning that you’ll only be paying back what you borrow. This can be an excellent way to streamline cash-flow to your business without compromising on your monthly overheads and repayments.

If you choose to apply for a Line of Credit, you’ll receive the money within 72 hours.

 

SBA Loan

An SBA loan, or Small Business Administration loan, acts as a guarantee to banks or other lenders for the funding they provide to small businesses. Essentially, an SBA loan is partly protected by the government, guaranteeing a level of protection to the lender.

SBA loans are typically offered by traditional lenders, and are a relatively common way of securing funding for a small business. With Monark, you can agree to a funding amount of $100,000 to $5,000,000.

SBA loans will offer payment terms of 10 years or 25 years – this might sound like a long time, but it makes this a very affordable option. You can gain access to your advance within 2 weeks of applying.

 

Term Loan

If you are already established as a small business, a term loan may be more appropriate for your needs. Optimized for those with sound financial statements, this is a type of advance that is agreed to be repaid over a series of regular payments.

Businesses can borrow up to $5,000,000 with payment terms that will clear the balance in either 3-5 years. As with an SBA loan, you can expect to receive the funds within 2 weeks.

A term loan can be a flexible, reliable way for established businesses to gain access to a larger amount of money.

 

Buyout

A buyout is a type of loan in which a lender will acquire a percentage of your business for an immediate cash advance. We will either pay the funds directly to you, or individually to each lender, ensuring that payments are made in full.

A buyout can be a quick way to consolidate your business debts, though it will result in a change of control within your business.

You can borrow between $5,000 and $5,000,000, with access to the money within 24 hours. Payment terms are negotiable, but generally last less than 24 months.

Requirements

If you’re interested in taking out a loan with Monark, there are a few requirements that you’ll need to meet. Don’t worry – these aren’t as intense as other lenders, and are only to establish your standing as a business.

Our requirements are as follows:

  • You must have been in business for at least 6 months.
  • Your business must be making at least $6,000 per month (or $72,000 annually).
  • Your business must have a FICO score of at least 500.

If you have any questions regarding your eligibility, you can contact one of our friendly expert business advisors on (833) 666-2755.

Application

So, you’re eligible for a loan, and you’re looking forward to putting the funds to use. There’s just one thing left to do: the application.

We’ve made the application quick and easy to complete, so you can get back to managing the things that matter. Here’s what we’ll ask you for:

How much funding do you need?

One of the most important questions that you’ll need to answer is how much funding you need. This will allow us to work out exactly how much we can offer you based on the other information you’ll provide throughout the application.

You need to know how much money you require, as it will show us as a lender that you are prepared and acting on your business strategy.

How long have you been in business?

We need to know how long you’ve been in business for it allows us to establish your current growth. The reason that we ask for you to have been in business for at least 6 months is because it allows us to understand that you are steadily growing, or are financially viable, with minimal risk of an unexpected closure.

What is your monthly business revenue?

It is important for us to know how much you pull in every month, as it will be used to work out your monthly repayments along with the total loan amount. If we can see that you reliably earn a set amount of money every single month, it shows us that you are successfully trading with the capability to make any required repayments. It also allows us to work out a sensible loan amount that won’t leave you in financial difficulties!

What industry are you in?

We want to know what business area you operate within. This helps us understand how we can help you set up a financial strategy that will positively affect your business cashflow.

Tell us a bit more about your business

This is where you can tell us the specifics of your business, such as the name or any important legalities that we’d need to know as a financier. For example:

  • Business name
  • Your trading address
  • State of incorporation
  • Tax ID

Tell us about you

In this section of the application, we’ll ask a few questions about you as the individual applying for the loan. The questions we’ll need you to answer are:

  • Legal trading name
  • Your name
  • Title
  • Ownership percentage
  • Social Security number

At the end of the application, we can tell you what your loan options are, completely free of charge! We’ll also take your email address and your phone number to get in touch with you and discuss your options.

You can easily complete your application online:

https://monarkcap.com/apply-now/

Alternatively, you can contact us on (833) 666-2755 or by emailing us at info@monarkcap.com.

 
How to Apply for a Small Business Loan

How to Apply for a Small Business Loan

There are multiple reasons why you might be considering a small business loan. Maybe you’re looking to set up your own company – you have a great idea and you know you can find success, but you simply don’t have the available funds.

Perhaps you’ve been running your business for a while and you’re looking for a great new way to expand or upgrade, in order to attract new customers and exponentially increase your profit margins!

You may even be in a position where you need to clear debts or unexpected bills, but have no way to quickly access the cash you require.

Obtaining a business loan, even just a small one, might seem like a daunting task at first. There is a lot to consider: how much is the interest rate? What is the APR? How much will you end up paying in total?

Don’t worry: whilst initially it might be intimidating, applying for a small business loan is incredibly easy. In fact, it’s never been easier! Monark understands that you might need a small advance to improve the way your business works, which is why we’ve made it as straightforward as possible!

Here are some of the best ways that you can increase your chances of being accepted:

 

Apply for the right amount

The first thing that you should take into consideration is the amount of money that you’d like to borrow, and the duration of your loan.

If you’re applying for a larger amount of money, the lender could consider your business to be a higher risk, giving them more of a reason to decline your application.

You should also consider the amount of the loan in terms of repayments: you have to make sure that the monthly debits are affordable and sustainable for your business, or you could face some kind of financial difficulty.

The best practice is to only apply for what you need. A larger loan can increase the likelihood of a lender saying no, whilst a surplus of cash could lead to impulsive or unnecessary business decisions.

Similarly, if you apply for a smaller amount than what you need, you might not have enough for that upgrade or renovation!

 

What do you need the loan for?

It might seem like an intrusive question, but lenders will usually ask you what you need the loan for. This is so that they can assess your case during the application: for example, if a restaurant applied for a loan for a kitchen extension, the lender will understand that it could lead to an increase in revenue and assume that all required payments will be made by the due date.

If a restaurant was to apply for a loan for a new company car, the bank or alternative lender could see it as unnecessary.

When a business owner can articulate a well-planned and extensive explanation for what they need the funds for, it shows the lender that they have done their research and have a solid business plan in place.

 

Consider your Credit Score

Your individual credit score can have a massive impact on what lending options are available to you, even if you’re applying for a company or business loan.

A lender will, in most cases, review your credit history. This will show them your reliability in terms of making regular payments, or if you have a history of defaulting on bills. Lenders will also use your total outstanding amount of debt to assess your financial situation, so it’s always a good idea to ensure that your credit score is high!

If you have a strong credit history, you can also benefit from lower interest rates or longer-term payment schedules.

 

Make sure that you can pay

It goes without saying, but you should always make sure that you can make at least the minimum payment due on every loan each month.

You should assess your own business to see how much profit you make on a monthly basis – use this to determine whether applying for a loan makes financial sense.

Most lenders will require you to submit your monthly expenses as well as how much money you make, so it would be wise to carry out an income/expenditure assessment yourself.

 

Compare interest rates

Interest rates can massively vary from lender to lender, so you should always shop around to make sure that you get the best deal.

The interest rate will affect exactly how much you pay each month: the lower the interest rate, the less you’ll pay!

Interest is usually a percentage of either the total amount of the loan or the remaining balance, so longer loans at higher interest rates will cost you more than small, short term loans or cash advances.

When you apply for a loan, you should think about the representative APR, or the annual percentage rate. This is a conceptual figure used by companies to demonstrate the total amount you will have to pay back on a yearly or monthly basis, meaning it can be used to accurately determine what a loan will cost you.

Representative APR can be speculative, but it can still be an incredibly helpful tool to help you decide which product is right for you.

 

Applying for a loan

Now that you’ve taken the necessary steps to ensure the highest application success rate, it’s time to think about applying for the loan.

Monark has made it as easy as possible for small businesses across the US and Canada to obtain the loans needed to help their dreams come true! With thousands of happy customers and years of expertise, we have what it takes to help your business succeed.

All you need to do is fill in an online form that tells us a bit about you and your business, along with the desired amount of your loan, and you can have access to the money as fast as 24 hours.

You can easily complete your application online:

https://monarkcap.com/apply-now/

Alternatively, you can contact us on (833) 666-2755 or by emailing us at info@monarkcap.com.