Small Business Loans FAQ

Get answers to frequently asked questions about small business loans.

Questions about small business loans? We have answers.

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The lender extends money to a business owner, and the business owner repays the loan, with interest, over an agreed-upon period. The business owner needs to make regular loan payments on time to avoid defaulting on the loan. Skipping loan payments, or making payments late, can hurt your credit score and result in late fees.

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To qualify for a business loan from Balboa Capital, your company needs to be at least one year old, and it needs to generate $300,000 or more in annual revenue. In addition, you need to have a FICO score of 620 or more and meet our other borrowing requirements.

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Balboa Capital puts your convenience first with a simple business loan application that takes a few minutes to complete. Our loan application only asks for basic information about you and your company. Loan requests greater than $250,000 require a financial package consisting of additional information about your small business. This includes two years of fiscal year tax returns or audited/reviewed financial statements and current interims. In addition, every business’s financial situation is unique, so other requirements may apply.

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Balboa Capital offers term lengths from 3 to 24 months for small business loans. Short-term business loans may help improve your credit rating because you are paying off the loan in a shorter amount of time.

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The time from loan application to loan funding varies. It will depend on your unique financial situation (credit rating, annual revenue, etc.) and the amount of funding you request. Once your loan is approved and our checklist is complete, the funding process will begin. Balboa Capital will provide you with your loan fast; certain loan amounts can be funded on the same day during normal business hours. Your dedicated Balboa Capital account manager will help you better understand the timing.

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Once your Balboa Capital business loan is approved and everything has been signed and finalized, we will transfer your funds directly into your business bank account via an automated clearing house (ACH). You will be able to pull funds immediately after your bank clears them.

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You can use the loan for many daily business-related needs, such as employee payroll, supplies and inventory, office rent, advertising, expansion, and business taxes.

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Balboa Capital has provided loans to business owners in all industries nationwide. We offer quick, hassle-free loans with competitive rates and fast funding. Plus, you will feel confident knowing that Balboa Capital has many hundreds of five-star customer reviews online.