By investing in the most advanced technology available, Bond Street has streamlined its term loan application process to approve loans within 48 hours of submission for most applicants, providing access to funds weeks faster than traditional lenders. For small businesses looking to increase the number of employees, open a second location, or expand their existing office space, a term loan can be a viable debt financing option. Getting the loan approved quickly allows those investments to begin positively impacting revenue immediately.
A term loan is an ideal option for financing a larger fixed investment that is expected to increase revenue over the long term. For Bond Street client’s, term loans give the applicant the full amount borrowed up front, and are paid back on a biweekly basis over a period of one to three years. Bond Street grants loans for amounts up to $1 million with interest rates starting at 6 percent.
The advantage of a term loan is the ability to plan for future payments, and to allow time for an investment to begin to increase revenue. For example, using a term loan to finance hiring a new employee funds the time it takes for the business to train the employee and for the employee to gain skills, experience and momentum until they bring in enough revenue not just to to substantiate the hire, but also to help continue to grow the company.
There are several important pieces to have on hand and/or have reviewed in order to streamline the loan process to qualify for a fast small business loan. These pieces are usually required for applying for any term loan:
- Credit history for the business and all business owners
- Business financials, i.e. income statement, cash flow statement and balance sheet
- Tax returns
- Business deposit history
Unlike many lenders, Bond Street is able to expedite the eligibility and decision-making process by gathering most of the application information it needs electronically.
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Personal and Business Credit history
The Bond Street application asks for the name of the applicant and the company, as well as the applicant’s social security number and the company’s employee identification number (EIN). This information – plus addresses and annual revenue/income amounts – allows Bond Street to access both personal and business credit scores. These scores help determine the likelihood that the loan will be repaid on time, based on credit card and loan payment history.
Business Financial Information
In order to gain a better insight into business expenses and profits, lenders require access to financial information. Bond Street’s application allows applicants to grant read-only access to their online accounting software, i.e. Quickbooks, FreshBooks, SageOne or Xero. If the company doesn’t use one of the supported online programs, the applicant can also export information from desktop accounting software or spreadsheets and upload them for review.
Tax Return Information
Instead of having to physically sign a document that is then mailed to the IRS – as is required with many banks and lenders – Bond Street uses the IRS’s new e-sign technology to gain immediate access to the company’s tax filings. Bond Street’s loan application automatically populates most fields in the electronic form, so all the applicant has to do is create a secure electronic signature to give Bond Street permission to view the last two years of tax filings.
Business deposit history
Most lenders are interested in viewing the business’s deposit history to determine how much money is deposited on a monthly basis. The more stable the number and frequency of deposits, the more likely the approval of a loan. Bond Street has paired with more than 5000 U.S. banks nationwide to give instantaneous read-only access to deposit accounts, saving applicants the hassle of having to bring in in paper copies of bank statements.
As an added bonus, the Bond Street loan application gives applicants a preliminary idea of whether their loan will be approved based solely on the information gathered from their credit scores, business financial information and tax returns before they enter deposit account information.
As a final step, the applicant is asked to enter their bank account number and the bank’s routing number, so that when the loan is approved it can automatically be added to their bank account for immediate use. The same account will then be used to withdraw the biweekly payments over the duration of the loan.
For U.S.-based small businesses ready for the next stage of growth, the Bond Street term loan is an ideal option for fast business loans to fund new larger locations, new employees, or the essential piece of new equipment to increase revenue.
At Bond Street, we believe financing a business should be simple, transparent, and fair. Reach out today or check your own rate in less than a minute.Get Started