BUSINESS ACCELERATOR FUNDING
Our goal is to help you achieve your goal.
Let'sShare your financial burdens and with you.
Our goal is to help you achieve your goal.
Let'sShare your financial burdens and with you.
Our Business Accelerator Funding is a loan type for Startups, specifically geared towards helping them finance their business with very little history. Startup Funding comes in many shapes and sizes, ranging from business credit cards, personal loans and lines of credit. However, even less traditional lenders like friends or family could constitute as a startup loan if the money were to be put towards a business. And, loan amounts can very, especially when it’s coming from family and friends.
The application process for business credit cards is similar to that of a standard credit card. Business credit card applications are typically much easier than other business loans. The business credit cards themselves can be used for a wide variety of purchases and are a good way to keep business and personal credit separate. However, with all of the benefits, this means business credit cards often have higher interest rates than other loans. Business credit cards can give upwards of $25,000 – $500,000.
Personal Loans/Lines are finances borrowed from banks, alternative lenders, or credit unions with fixed terms and rates. Much like any other loan, you pay the money back in monthly intervals at a set interest rate. The majority of personal loans are unsecured. This means there is no collateral involved. We also have options where the funds are structured as a revolving line of credit as well.
Business-To-Retirement Accounts (BTRA) A Business-To-Retirement Account (BTRA) is a deposit account (Not A Loan) in which a fixed sum of money is given and where your retirement annuities can be withdrawn. Specifically, a BTRA allows you to invest your retirement assets directly into your new business without any penalties of taxable distributions.
The Three Cs When you’re looking into loans, First Share, LLC looks at what we call “The Three Cs”: Credit, Cash flow, and Collateral. You’ll want to have a credit score between 600 and 800– with an ideal score of 680+. But we’ll also look for a minimum account balance of $5,000 – $15,000 for monthly cash flow (but also look at tax returns, profit, and annual revenue). As for collateral, we prioritize unsecured funding; however, collateral is just one option. As long as you have one of the Three Cs, you can qualify for funding.
It’s important to understand that businesses younger than 2 years or guarantors with poor credit scores will have a harder time qualifying. SBA lenders need to know you’re reliable and not a risk. There is no Ideal Annual Revenue, or Average Time In Business required, but an Ideal Credit Score of 680 – 800 is strictly required.
When it comes to Startup Funding, the application process and required documents can vary.
First Share, LLC Helps You Find The Best Loans For Your Business Interested in finding funding for your business? First Share, LLC would love to help! If you’re looking to fund your business within the next 10 to 90 days and have a credit score of 600 – 800, let’s chat! Get pre-qualified right now with our quick-step pre-qualification form! And don’t worry, this will not result in a hard credit inquiry. We just want to learn more about you and your business. Click below to get started!