Getting a small business loan can feel overwhelming at times. Not only do you have to figure out your budget and what you can afford, but you may feel like the options are limited as a budding company. How can you get your business off the ground, though, if you don’t secure the funds? That is where New Bridge Merchant Capital (NBMC) comes in. We make apply for a small business loan simple. Here is a step-by-step guide explaining the process and what you need to apply with NBMC and getting a loan that is tailored to your needs.

Key Takeaways

• Determine the amount you need to borrow and the type of loan that best suits your business goals, whether it’s a term loan, merchant cash advance (MCA), or line of credit.
• Gather necessary documents including a comprehensive business plan, business license, financial statements, tax returns, and legal documents like bylaws or incorporation papers.
• Apply for a small business loan easily online with minimal paperwork. New Bridge Merchant Capital simplifies the process and may request additional information if needed.
• NBMC offers straightforward agreements without the need for collateral.
• Upon agreement, funds will be disbursed to your business account swiftly, typically within a few hours to a day, allowing you to start utilizing them for your business needs.

Step 1: Determine How Much You Need to Borrow

Since you have already located New Bridge Merchant Capital, let’s assume that you already know what kind of loan you need and the type of lender you wish to contact. That means you still need to figure out your budget. There are various business loans that can support whatever it is you hope to accomplish with your funds, so knowing how much you need (and what you can afford to pay back) is pivotal.

At New Bridge Merchant Capital, we offer term loans, merchant cash advances (MCAs), and business lines of credit. Each of these have advantages and disadvantages. Term loans provide the greatest sum of money, while lines of credit offer flexibility but less funds. If you need to make a larger purchase or expand your business, a term loan is often better than a MCA or a line of credit. Conversely, if you need to start up a business, a line of credit may be able to help you get started.

Step 2: Figure Out Your Eligibility

Next, determine if you qualify. New Bridge Merchant Capital understands that all kinds of people have fascinating business ideas, and we aim to provide people like you with the funds to get started and to grow. However, there is criteria you have to meet, as with any online lender, bank, or government lending institution. In general, lenders will review the following information to see if you are eligible for a small business loan:

• Credit Score: You will want a FICO score of at least 670 for the best rates. Be sure to check your personal credit score as well as your business one. Some lenders will ask that your business credit is above 80.
• Annual Revenue: Depending on the lending institution, you may need to meet an annual revenue requirement. The amount you can borrow will be determined by this revenue, among other factors.
• Collateral: Secured loans often require some form of collateral or a personal guarantee that the loan will be repaid. If you cannot repay the loan, the lender reserves the right to repossess the loan as payment or seize personal assets.
• Time in Business: Generally, lenders will accept businesses that have been open for at least 6 months. Some want you to have been open for at least one year.
• Terms of Repayment: Be sure to review with the lender how they wish to be repaid. Some may have a stricter schedule.

Step 3: Gather The Required Documents

The third step to receiving a small business loan from New Bridge Merchant Capital is to gather up all the documents you need to apply. Those documents include:

• A business plan. The team at New Bridge Merchant Capital wants to see a thorough business plan that shows how the money will be used.
• Your business license. In NJ, business licenses are almost always required. Make sure you have it before you apply for a small business loan.
• Financial documentation. Use your bank and income statements as evidence of annual revenue.
• Personal financial statements. These documents will help New Bridge Merchant Capital decide if you are capable of receiving the loan you want.
• Business and personal tax returns. NBMC will use your tax returns to calculate net profit.
• Bylaws, operating agreements, or incorporation documents. These documents prove that you are a true entity.
• Building lease. If applicable, your building lease, along with the monthly payment, will be used to determine your eligibility for a loan.

Step 4: Apply For Your Small Business Loan

With New Bridge Merchant Capital, applying for a business loan is easy once you have all your information together. There is minimal paperwork; you can apply right online! All you need is to fill out a short application. In the event more information is required, the NBMC team will contact you.

Step 5: Review Your Loan Agreement

Once your application has been received, the lending team will review the information. If you are approved, you have a chance to go over the business loan agreement. Read the terms and conditions of your loan, as well as the amount, the repayment terms, interest rates, additional fees, and any other items included. At New Bridge Merchant Capital, our loan agreements are straightforward. You do not need any collateral, and we can also help you pay off other balances from the competition. If you pay off your loan early, we will waive the interest.

Step 6: Receive Your Funds

The final step is to return the business loan agreement to a New Bridge Merchant Capital representative. Once the agreement is received, the funds will be disbursed to your business account, ready for use within a few hours to a day.

Apply For Your Small Business Loan Today with New Bridge Merchant Capital

Applying for a small business loan may feel daunting, but it doesn’t have to be! When you follow the steps and find a lender that will work with you, your chances of success skyrocket. Let that lender be New Bridge Merchant Capital of New Jersey. We will receive your application and help you get the funds you need to get your business on a good foundation. NBMC currently offers MCAs up to $500,000, Lines of Credit up to $150,000, and term loans up to $2,500,000. See which loan you qualify for today by calling 844-228-0593 or by filling out the online form.