Business Funding Group is a financial consulting firm that helps small businesses find their best funding programs through one of its lending partners.
Based in Washington, the company has an established network of trusted, private money lenders, small business investors and public lenders that offer a variety of finance programs to qualifying businesses nationwide.
A consultant will work with you every step of the way, from the pre-application process to closing. Whether you’re just starting out or already have an established company, he or she will take a comprehensive look at your entire business to match you with the right funding solution.
Small business owners might choose Business Funding Group to help with their financial solutions because it works with trusted financial institutions, has a variety of funding options and charges no upfront costs.
No upfront fees. Business Funding Group does not charge any fees for using its consulting services. Whether you’re approved for a loan or not, you will not pay any money to the broker. Business Funding Group’s lending partners pay the company at closing.
It’s important, however, to determine prior to closing whether or not the lender will charge you a success fee, which is due at closing and based on the amount of funding you receive.
Variety of funding options. The Business Funding Group is not a direct lender, which enables it to offer a wide variety of funding solutions for its customers. The company acts as the intermediary between small business borrowers and lenders, working hard to create the perfect pairing.
Sorting through the different types of loan options can be very confusing. But don’t stress: A consultant will work with you to decide on the best funding solution for your business. The six types of small business loans available through the Business Funding Group’s network of lenders are:
|Business Funding Group: At a glance|
|Loan product||Loan amount||Loan term||APR Range/ Factor Rate||Time to funding|
|SBA Loan (7a & 504)||$500 to $5.5 million||10 to 25 years||7a loan: prime rate + reasonable rate capped at 2.75%
504 loan: below market fixed rates
|Varies per lender|
|Business Express Loan||$20,000 to $150,000||5 to 10 years||As low as 6%||7 days|
|Equipment Financing||$5,000 to $2 million||24 to 60 months||Varies per lender||48 hours Funding varies per lender|
|Franchise/Business Term Loan||$50,000 to $5 million||Varies per lender||Varies per lender||Varies per lender|
|Revenue Based Loan||$10,000 to $2 million||3 to 18 months||Varies per lender||7 business days|
|Startup and Unsecured Business Capital||Up to $75,000 for startups
Up to $250,000 for those in business for more than 2 years
|Varies per lender||8.99% to 12%||Varies per lender|
Rates current as of 06/27/2018
Not all small businesses need or qualify for traditional business loans. Business Funding Group offers additional funding options for small businesses that need access to working capital to ensure the business remains open. The three options available include:
Business Funding Group acts as the middleman between small businesses in need of financing and lenders looking to fund businesses. Although the company has established relationships with its lending partners, each lender sets its own loan eligibility requirements.
Because SBA-guaranteed loans are government regulated loans, they have more eligibility requirements than private lenders. In order to qualify for an SBA loan, the business must meet the following criteria:
The company partners with a wide variety of lending partners, such as:
Business Funding Group advertises itself as a company that works with almost all types of businesses, industries and situations, even nonprofit businesses.
Ultimately, the lenders make the final decision as to who they choose to enter into a loan agreement with.
To get started with the online prequalification form, you’ll need to provide some basic information about yourself and your business, including things such as:
To complete the preapproval process, you’ll be asked to verify your personal credit by purchasing a credit report from Credit Check Total. You have to upload your credit report from the company before you can submit the completed preapplication form. A representative will contact you within one business day.
|Variety of funding options||Opaque fees charged by lending partners|
|Free business consulting services||Pay for a credit report during the preapplication process|
|SBA loan preparation assistance||Unknown specific lending partners|
Business Funding Group is ideal for small businesses that have exhausted all other loan avenues. As long as your business meets the basic criteria set by the SBA, a Business Funding Group consultant can help you complete the SBA loan application process. SBA loans programs offer flexible funding with longer terms and low interest rates.
Whether you’re in the planning stages or have been in business for a long time, it always pays to shop around for your best rates and terms.
Unlike working with a direct lender, Business Funding Group can walk you through the different types of funding options available across a variety of lenders, free of charge. The company’s employees have expert knowledge of the loan industry, which is great because current trends can add a lot of value while you explore your funding options.
Of course, nothing in life is ever really free. Although the company advertises that it doesn’t charge any upfront fees, you still don’t know how much you could end up paying the lender at closing.