Frequently Asked Questions

At Access Funding, we've simplified the business loan requirements to help more businesses qualify. Our basic requirements include:

• Time in Business: Just 4 months minimum (much lower than traditional lenders)
• Monthly Revenue: $8,000+ in monthly deposits
• Business Type: Must be a for-profit business operating in the US
• Bank Account: Active business checking account

Unlike traditional banks that require 2+ years in business and excellent credit, we focus on your business's current performance and potential. This means newer businesses and those with credit challenges still have funding options.

Approval times vary by loan type, but we pride ourselves on fast decisions:

• Short-Term Loans & Lines of Credit: Same-day approval, funding in 24-48 hours
• SBA Express Loans: 36-hour decision, funding within 1-2 weeks
• Traditional SBA Loans: 2-3 weeks for approval and funding
• Equipment Financing: 24-48 hour approval, funding upon equipment selection

Our streamlined application process means you'll typically receive an initial decision within 24 hours. Once approved and you accept the offer, funds can be in your account as fast as the next business day for most loan products.

We keep documentation requirements simple. For most business loans, you'll need:

• Application Form: Takes just 3 minutes to complete online
• Bank Statements: Last 4 months of business bank statements
• Identification: Driver's license or government-issued ID
• Business Info: EIN/Tax ID number (or SSN for sole proprietors)

For SBA loans, additional documents may include:

• Business and personal tax returns (2-3 years)
• Financial statements (P&L, balance sheet)
• Business licenses and registrations
• Lease agreements (if applicable)

Don't worry if you don't have everything ready – our funding specialists will guide you through what's needed for your specific situation.

Having bad credit doesn't automatically disqualify you from business funding. At Access Funding, we look at the complete picture of your business, not just your credit score. Here's how we help businesses with credit challenges:

• Cash Flow Focus: We prioritize your business's current revenue and cash flow over past credit issues
• Multiple Options: Different loan products have different credit requirements – we'll find what works for you
• Secured Options: Equipment financing and other secured loans often have more flexible credit requirements
• Revenue-Based Funding: Some products base approval on your sales, not your credit score

While interest rates may be higher with challenged credit, getting funding now can help you grow your business and improve your credit for better rates in the future. Many of our clients start with one product and qualify for better terms as their business grows.

Credit score requirements vary by loan type and lender. Here's a general guide:

• SBA Loans: Typically 680+ (though some SBA lenders accept 620+)
• Traditional Bank Loans: Usually 700+ required
• Alternative Business Loans: Can work with scores as low as 500
• Revenue-Based Financing: Focus on business revenue rather than personal credit

At Access Funding, we work with businesses across the credit spectrum. Even if your score is below 600, we have funding options available. We consider factors beyond credit score, including your business cash flow, time in business, and industry.

Yes! While many lenders require 2+ years in business, Access Funding works with newer businesses. Here's what's available for startups:

• 4+ Months in Business: Qualify for our short-term loans and lines of credit
• 6+ Months: Additional options including equipment financing become available
• 1+ Year: Eligible for more products with better rates
• 2+ Years: Qualify for SBA loans and prime rate products

For businesses less than 4 months old, we recommend building business credit, establishing consistent revenue, and maintaining clean bank statements. Some founders use personal funding options initially, then transition to business loans once they meet the minimum requirements.

Access Funding offers a comprehensive range of business financing solutions:

• SBA Loans (7a and 504): $25,000 to $5 million with terms up to 25 years. Best for established businesses seeking low rates
• Short-Term Loans: $5,000 to $1,500,000+ with 3-24 month terms. Perfect for quick capital needs with daily, weekly, or bi-weekly payments
• Business Lines of Credit: $10,000 to $250,000. Draw funds as needed, only pay for what you use
• Equipment Financing: Up to 100% financing for equipment purchases. The equipment serves as collateral
• Working Capital Loans: $5,000 to $1.5 million+ for inventory, payroll, and operational expenses
• Revenue-Based Financing: Flexible repayment based on your sales volume

Each product has different requirements, rates, and terms. Our funding specialists will help match you with the best option for your specific needs and qualifications.

Business loans can fund almost any legitimate business purpose. Common uses include:

• Working Capital: Cover payroll, rent, utilities, and day-to-day expenses
• Inventory: Stock up for busy seasons or bulk purchase discounts
• Equipment: Purchase or lease machinery, vehicles, computers, or tools
• Expansion: Open new locations, hire staff, or enter new markets
• Marketing: Launch advertising campaigns or rebrand your business
• Renovations: Upgrade your space or improve facilities
• Debt Consolidation: Combine high-interest debts into one lower payment
• Opportunity Capital: Take advantage of bulk discounts or time-sensitive opportunities

Some restrictions apply to certain loan types (for example, SBA loans cannot be used for investing or lending), but our specialists will ensure you choose the right funding for your needs.

Both are valuable financing tools, but they work differently:

Term Loans:

• Receive a lump sum upfront
• Fixed repayment schedule (daily, weekly, or monthly)
• Interest charged on full amount from day one
• Best for: Large purchases, expansion projects, one-time expenses

Lines of Credit:

• Access funds as needed up to your limit
• Only pay interest on what you use
• Revolving credit - repay and reuse
• Best for: Managing cash flow, seasonal needs, unexpected expenses

Many businesses use both: a term loan for major investments and a line of credit for ongoing flexibility.

Interest rates vary based on loan type, your qualifications, and market conditions. Here are typical ranges:

• SBA Loans: 11.5% - 16.5% (prime + 2.75% to prime + 7.75%)
• Bank Term Loans: 6% - 30% APR
• Business Lines of Credit: 10% - 79% APR
• Short-Term Loans: Factor rates of 1.1 - 1.5 (10% - 50% of borrowed amount)
• Equipment Financing: 8% - 30% APR

Your specific rate depends on factors including credit score, time in business, annual revenue, and cash flow. Stronger qualifications mean lower rates. Even if you start with a higher rate, successfully repaying your first loan often qualifies you for better rates on future financing.