Getting a Bank Loan for Your Business

Bank Loan

 

Our Funding Solutions

What they offer:

 

What we offer:

  • Require full financials for application 
  • Can take up to 60 days for approval
  • Strict personal credit requirements
  • 4 out of 5 applicants denied
 
  • Simple application process 
  • Minimal paperwork required 
  • Same day approvals
  • Our programs are revenue based
  • 90% of applicants approved

 

Banks are generally the first financing option business owners consider. Nowadays banks have become extremely risk averse and cautious with their loans. In order to secure a loan, a business owner must have perfect personal credit. In addition to excellent credit, collateral is usually required to secure the loan. The bank lending model is designed for sustenance rather than growth. The extensive paperwork involved is time consuming and a very slow process.


In order to apply for a bank loan, you must:

  • Provide 3 years of financials, including business and personal tax returns.
  • Undergo a full auditing of profit and loss statements, multiple site visits, and intense scrutiny of your personal credit report.
  • Provide a detailed business plan, including years of justified sales projections.

 

It can take months before you find out if you are approved. The complicated corporate chain and strict banking regulations drag your application through a lengthy process. To top off this difficult process, only 20% of loan applicants are actually approved. Even if you do get approved, the bank can terminate or change the terms of your loan at any point.

Here at Synergy Business Solutions, we offer a 90% approval rate. Following our simple one page application and minimal requirements, your funds are available to you in 24 hours or less. No need to undergo the invasive process of bank loans or the long waits. Get the cash you need, hassle-free!

 

 

USING CREDIT CARD PROCESSING TO GROW YOUR BUSINESS

 

Credit Card Processing

 

Our Funding Solutions

What they offer:

 

What we offer:

  • Require full financials for application 
  • Heavily based on personal finances
  • Much greater impact on personal credit Score
 
  • Simple application process  
  • Minimal paperwork required 
  • No impact on personal credit scrore
  • Based on processing revenue, not personal credit
  • Funding not dependent on switching merchant service provider

 


Credit card processing may be a good source of working capital but should not be the primary solution.

Some of the drawbacks of credit cards include:    
  

  • Credit:  With credit card companies, your business is tied to your personal credit. Bad credit will drastically raise your rates and lower your limits. If you miss any payments, your credit score will be directly impacted.
  • Paperwork:  You are typically asked to provide full financials for business credit cards.
  • Fluctuation:  Rates and terms can fluctuate at the credit card company’s discretion. This can lead to unwelcome surprises.


A cash advance from Synergy operates outside of your personal credit. We establish credit with you as a business owner. We can offer advances even if you have less than perfect personal credit and continue to fund your business as long as you keep a good payback history. We provide a fixed holdback upfront so you can budget accordingly.

 

 

 

USING PERSONAL LOANS FROM FAMILY AND FRIENDS TO FINANCE YOUR BUSINESS

 

Loans From Family and Friends

 

Our Funding Solutions

What they offer:

 

What we offer:

  • Unnecessary strain on important personal relationships 
  • Usually not enough funds to grow effectively
  • Limited funding. Unable to revisit every time a growth opportunity presents itself
 
  • Helps stabilize personal credit and finances 
  • No impact on personal credit scrore
  • Constant access to capital for growth
  • Unexpected drops in sales volume are much easier to mitigate

 

Get approved for working capital today !

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