Small Business Loans FAQ

Get answers to frequently asked questions about small business loans.

Questions about small business loans? We have answers.

How do small business loans work?

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.

How do I qualify for a small business loan?

To qualify for a business loan from Balboa Capital, your company needs to be at least one year old and 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.

What do I need to apply for a small business loan?

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 over $250,000 require a financial package containing additional information about your small business. This includes two years of fiscal year tax returns, audited/reviewed financial statements, and current interims. In addition, every business’s financial situation is unique, so other requirements may apply.

What term lengths are available for business loans?

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.

How long does it take to get a business loan?

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 regular business hours. Your dedicated Balboa Capital account manager will help you better understand the timing.

How do I access my funds once my loan is approved?

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.

What can I use my small business loan for?

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.

Why should I choose Balboa Capital for my business loan?

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.