All the information and keys of the merchant cash advance

We tell you how to get financing for companies with the best conditions. We explain everything you need to know to finance your business, from types of credits or grants to what documents to deliver, and how to obtain the best loans for companies of the moment:

Where to contract loans for companies now?

The evolution of technologies applied to finance, known by the English term fintech, have favored the creation of new companies that grant loans for companies with all kinds of financial products. Then, we can see the different current alternatives to go to if we want to request a loan to revitalize or launch our business:

  1. Banking entities: this is the most used option for the search for business loans. The time it will take to grant us these credits will depend on the period that we have linked to the bank and the solvency of the company, although it can last for several weeks. Generally, in order to obtain this type of financing, it will require a high level of connection and solvency. However, there is a new trend among banks to offer loans for SMEs and improving their conditions as well as accelerating the concession process.
  2. Companies and private equity lenders: these companies have the advantage of offering their products with an online processing. This speeds up the process considerably and allows us to make your request in a few minutes. In addition, as a general rule, we will know if you have accepted the request for funding for our company in a period not exceeding 24 hours. Finally, the price of its financial products competes directly with the price offered by banking entities, often exceeding its offers.
  3. Crowdlending alternative financing platforms: these platforms are companies that will put us in contact with private investors who will decide if they contribute money to our loan requests for companies. These investors will receive benefits based on our level of risk, which we will pay in the form of interest. All the processing of these credits is done online and in 48 hours we can get a response.

In the decision to opt for a lender or other influence many factors, especially those of our business and its peculiarities. An analysis of our capital needs and the payment capacity that we have will allow us to compare merchant cash advances that fit our profile- how it works.

Several current credits for businesses and companies

The adaptation of private equity entities that grant loans for companies to the digital era offers us a wide variety of financial products that we will have within our reach. Depending on our need for cash and our financial profile, these are the main loans without paperwork that we can request:

  • Bank loans for companies: the characteristics of the credits granted by our bank will depend on the profile of our business. In general, to obtain a large amount of money, it will be necessary to have a strong link with the bank. For this, we can domicile the income of our company or contract life insurance or payment protection. In the same way, it is usual for the bank to require a minimum of seniority as clients of its entity in order to obtain loans for companies through them. The average APR of loans to companies of less than 250,000 euros, according to the data of the Bank of Spain, is 2.83%.
  • P2B or crowdlending loans: these products allow us to obtain financing without having to go through the bank since it will be private investors who decide whether or not to invest in our project. The amount that we can obtain with these loans depends on the crowdlending platform we go to, although it is usually around 100,000 euros. The term in which we will face the payment of the credit also will depend on the company to which we go and of the amount of our request.
  • Lines of credit for companies: unlike loans, lines of credit grant us an amount that we can freely dispose of, paying only the interest on the capital we have used. This financial tool is extremely useful and common among companies. In this way, we can have a reserve fund in case of needing financing at times when we do not have the cash to face any unexpected payment or out of the ordinary.
  • Online credits directed to companies: this type of financing can make us get up to 500,000 euros, depending on the entity to which we request it. Most banks allow us to order these financial products 100% online and with little paperwork. The repayment term of these loans is usually no longer than 6 months, although we may request an extension if we can not make a refund for a specific inconvenience. These business loans can give us the financing we need in a 24-hour period.
  • Loans with mortgage guarantee: these products offer us financing for our company if we have a real property that we can use as a guarantee of payment. In the case of loans with a mortgage guarantee for businesses, we can get a maximum percentage of the appraised value of the home that we deposit as collateral. The time of analysis and granting of these loans is greater than the previous ones given the valuation processes involved. These products are especially used by new entrepreneurs since it is more difficult to obtain financing from banks when we do not have any previous benefits to declare or a proven business plan.

In order to decide which product to opt for to obtain financing for our business, it is necessary to make an analysis of our own economic situation and the viability of the project to which we will dedicate the borrowed capital. Once this is done, it is better if we request at least three binding offers of financing in order to choose the one that best suits us.

Documents needed to obtain financing

When it comes to loans that are requested in the name of a legal entity (a company), the documentation that the lenders will request will be different from the general paperwork that is requested. In order to apply for financing for our company, the entities will ask us for some documentation that shows how our business is financial:

  • VAT declaration of the previous year and of the current year.
  • IRPF statement.
  • Bank statement (if it is in another bank).
  • The updated balance of the company’s billing.
  • Proof of payment of Corporation Tax.

According to the entity, the delivery of these documents can be online or face-to-face, although more and more entities are aiming to be able to make the online application and send the documentation through a messenger they will send. They may also request more documentation in accordance with the analysis and risk policies of each lender.

The “renting” as an alternative to business loans

If what we have in mind is to ask for a loan to buy or renew the vehicles or machinery for our business, with the entities of renting we can do it with very promising conditions. This new business model allows entrepreneurs to use a certain product in exchange for a monthly fee that also includes maintenance costs, insurance, replacement services, and tire changes, among others. We can find renting cars, agricultural machinery, industrial machines, and many other types.

One of the most recommended options is to resort to renting to get a fleet of vehicles temporarily because this way we will avoid asking for a loan that we must return together with their interests. When purchasing a vehicle by renting, we will only have to pay the monthly rental of the car. Once we stop needing it, we can stop paying.

As we can see, the renting offers us a great variety of advantages among which the possibility of having a vehicle immediately stands out without any other cost than that of paying a monthly fee. Therefore, more and more companies offer this service, so we will have more offers to compare to decide which satisfies us the most.

Tax advantages: one of the main advantages of those self-employed and entrepreneurs who use the renting to acquire a fleet of vehicles for their business is that the accrued expenses of this operation may be deducted from the Corporation Tax and the quarterly tax return.

Other types of loans for alternative companies

In addition to renting, there are a large number of types of financing that a company or an SME can take advantage of. Thanks to new technologies, these new ways of financing a company have evolved to adapt as much as possible to the needs of SMEs.

  • Factoring: it is a new form of financing for SMEs and the self-employed by which we can pay the bills of one or more suppliers later. In this way, it will be the lender who pays to our supplier and we will pay the lender either later in full or in monthly installments the amount of the invoices of the suppliers together with the generated interest.
  • Leasing: it is a form of operation similar to renting since it allows us to “rent” the machinery and pay a rent every month for it, only that at the end of the term the purchase of said machinery will be mandatory. Thus, we will have low fees for an extended period of time and a higher final fee to finish paying for the machinery.
  • Confirming: it is just the opposite of factoring, that is, if we are suppliers, we can, through this financing product for companies, charge an order before delivering it in order to have liquidity and, once we receive the order upon delivery, we will return the money that the lender advanced us.

As we see we have a large number of loans for companies that we can choose according to the type of need our business has. According to its characteristics, advantages or disadvantages, it will be convenient to go to one or the other. Knowing all types of loans and alternatives to financing that we have at our disposal will allow us to make the decision in a much more informed way.

Conditions for obtaining business loans

As we have seen, there is a wide variety of products to obtain loans for companies of different amounts and characteristics. This makes the requirements to access each of these different credits vary among themselves. However, this is the information that the vast majority of lenders will ask us to analyze our application:

  • National registry: it is important that the company has its seat in tax in Spain. This is because the products offered by these financial entities are regulated by Spanish laws and conform to the conditions of our financial market.
  • Annual income: it is very likely that they will require us to have a minimum income to make sure that the company has solvency and can face the debt to which it is committed. On occasion, they will also ask us for a document with a history in which we certify that we have obtained benefits during certain years. This annual benefit can be from 30,000 euros per year to more than one million euros, depending on the amount we wish to request.
  • Company’s seniority: most of these products are designed to grow our business because they require the company to be consolidated and have, at least, 12 months old. However, there are some loans for new enterprises s to which we can access our business but carry very little active time.
  • Do not appear on RAI: our company cannot appear on RAI, the list of defaults of companies (the ASNEF of legal entities). If so, the only way to obtain financing for our company will be through home equity loans or doing it as a natural person, that is, going for a personal loan.

If we meet these requirements, we can access loans to companies without any problems. However, we must consider that each product for SMEs, self-employed or companies will have certain requirements according to the purpose we want to give the cash and the amount we ask.

Recommendations before requesting loans for companies

When we need financing to launch or give a boost to our business it is important that we take into account some aspects to try to get the best option:

  1. We always have to start asking for a loan from our usual bank, which means, in which we have the accounts of our business. Our bank has our history and knows our ability to pay and the level of solvency we have, as well as the income and expenses that we have as a company, so you can offer loans more adapted to our profile.
  2. Asking for online loans for companies to private equity entities or P2P credits through crowdlending platforms will be the next most recommended option. These loans for companies are characterized by their transparency and by the greater flexibility of their grant criteria.
  3. We have to always ask for the commissions that they will charge us, beyond the interest rate. Although these expenses are included in the percentage of the APR, we will have to pay them together with the first installment, which will mean a greater economic effort.

If we follow these tips, we can access the funding we need without problems, although we must ensure that we will be able to cope with the agreed quotas without complications. In this way, we will avoid taking the risk of over-indebtedness, which would be very detrimental to our present and future economic situation.

Public aid to finance business

One of the best known and that provides the greatest advantages are the credit lines offered by the Official Credit Institute (ICO). We can contract these loans through banks that have agreements with the ICO, however, the capital we receive comes from public funds, so the conditions will be established by the state institution. Following is l as characteristics of ICO credit lines:

  • They do not include commissions
  • The financing terms and conditions are established by the ICO
  • The financial institution establishes the approval requirements and assumes the risk of default
  • Two different financing lines: provides liquidity for companies and entrepreneurs and offers financing to promote export activity

The ICO credit lines were created to promote financing to companies by banks, since during the crisis, these decreased the concessions considerably, although currently with the improvement of the economic situation the ICO lines are gradually disappearing.

How To Get An Individual Loan Fast – Ways For Getting Approved

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Before Applying For Small Enterprise Loans For Zero Credit, Get Ready

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