Friday, February 28, 2020

FAQs on Commercial Loan to Get Started With Your Business


When it comes to either set up a new competence be that an office, store, warehouse, or may be to expand an existing business to a larger scale is definitely a major commitment for a small scale business sector, especially one that is already financed by a real estate commercial loan. However, this type of loan acts like a residential mortgage to set up a commercial property that is usually dependent on many factors that might vary in regard to the source of loan. Moreover, SBA (The Small Business Administration) has functional programs that surely guarantee real estate commercial loans.

In this article, we will cover some important FAQs that will help you out to opt for the loan purpose and start your own business or expand the existing one in a larger scale-

How Can You Avail A Real Estate Commercial Loan?

Basically, the main purpose of a real estate commercial loan is to renovate or buy a business property. Usually, lenders need that the property should be occupied by the owner it clearly means that your business must occupy at least 50% of the building. In case if you consider real estate business loan you need to figure out the type of loan you require that totally depends on your business and the property. Therefore, you have access to narrow down your lender options respectively.

real estate commercial loans in New York


 What Do Lenders Exactly Look For? Anyway!

Usually, lenders offer three sets of requirements before granting a real estate commercial loan to your small scale business. These requirements include:

·         Personal Finances:
It’s true that a small scale business is usually run by the owner and few partners so it becomes obvious that a commercial and bank lenders will check your history, personal credit score, and other financial issues occurred in the past such as  tax liens, foreclosures, defaults, and more before issuing personal finances.

·         Property Characteristics:
When it comes to property characteristics it usually acts like collateral so to qualify for a real estate commercial loan your building needs to occupy at least 51%. Moreover,   it should be a storefront, lab, warehouse, or office.

·         Business Finances:
Commercial lenders and banks require taking a close look over your books in order to verify that your small business has the required cash flow to repay the credit loan.
Moreover, the lender will have to see the generated Annual Net Operating Income (NOI) as well.

Bottom line
Get started with your business and make larger profits by getting a real estate commercial loan in New York. Green Light Funding offers faster and effective loans for commercial, business, and home loans. To learn more, visit our official website now!

Thursday, January 30, 2020

Importance of Micro Business Loan


Are you thinking to set up a small business? Well, that’s great! But what about the capital because obviously to start any sort of business you need a huge amount of money to earn more profit in return. That’s the reason most people are opting for a micro business loan. Yes! You heard it absolutely right! So, if you’re someone in the market looking for a small business loan then you’re at the right place!

Undoubtedly, there are many financing options to choose from comparing business loans is quite an overwhelming task. For instance, you can select invoice financing, lines of credit, term loans, microloans, etc.

What Is A Micro Business Loan?

As the name suggests micro business loans are basically defined as any loan taken for up to $50,000 or maybe less. It is one of the best ways to get access to capital and especially for amateur business people.

How Exactly A Micro Loan Works?

Microloan often termed as microfinance basically helps the financially marginalized people by providing them with the obligatory capital in order to start a business and work hard towards gaining financial independence. 


micro business loan in New York

This type of loan is significant as they are provided even though he borrower has no role in collateral. However, it’s important to remember the interest rates in case if it’s the default.

What Is Micro Loans Exactly Used For?

Under SBA microloan program, it usually works with designated lenders (community and national banks) in order to provide microloans that can be easily used for inventory, supplies, machinery, fixtures, furniture, equipment, or working capital.

Can Micro Loans Help In Money Making?

Basically, microloans are made in small increments. They are generally made to entrepreneurs especially in developing countries so that the borrowers can buy required materials and other necessities in order to run a business smoothly. Therefore, you easily earn interest on the loan while receiving money in your account as the entrepreneur makes payments timely.

What Are The Benefits Of Micro Loan?

·         Microloans provide people access to credit which can eventually stop poverty at a fast pace.
·         Microloans provide better loan repayment options in comparison to traditional banking products.
·         Microloans offer families with an incredible opportunity to provide an education facility to their children.
·         Microloans provide a golden opportunity for future investment to gain more profit in the business.
·         Microloans encourage people to save money and invest in the future.
·         Microloans are considered as a sustainable process.

Bottom line

If you’re someone in need of a micro business loan in New York, contact Green Light Funding. We offer all types of loans with a straight forward process to help you get the right product at the lowest price. To learn more, visit our official website now!

Wednesday, December 18, 2019

Types of Small Business Loans that will leave you stunned!


If you are planning to start a new company or desire to expand the existing one but are unknown of the ways how to do it then, the simplest answer to this is to borrow small business loans for a trusted lender.
There are several types of loans in the market but the secret is not all of these loans are suitable to be borrowed as each of them has its own benefits. Still, confused? Continue to read on the blog below and know the top small business loans and which is best for you!

Top 5 small business loans in New York along with their advantages

1.      Business term loans
Traditionally, the business term loans are one of the best small business loans in New York that one could opt for. They have several advantages and long term repayment options.
Pros of business term loans
·         Can be used for any business type regardless of its size
·         Larger sum can be borrowed
·         Repayments are of quite a long phase
·         Good interest rates from 6.5% to 30%
·         Does not include any collateral
·         Mostly it is based on your business profit percentage, revenue, and business credit score


small business loans in New York


2.     SBA loans
SBA loans are not just for the sake of small businesses but they are also appropriate for the real estate, and large businesses. They can be used for various business purposes such as purchasing equipment, working capital, and refinancing.
Pros of SBA loans
·         SBA loan is the best loan option for business with strong credit and high profile
·         It ranges from $5,000 to $5 million in the United States
·         The lenders of SBA loans can be found online or several commercial banks
·         Lowest interest rates


3.     Merchant cash advances
A merchant cash advance is a type of loan which grants you a sum of loan in exchange for a decided percentage of your daily credit card’s transaction.  It can be sued for short-term requirements such as payroll, emergency funds, and working capital.
Pros of merchant cash advance
·         Fast approval of the loan
·         Grants good lump sum amount up to $250, 000
·         Suitable for business with short trading history and poor credit score
·         Repayment period- 8 to 10 months

4.     A business line of credit
A business line of credit is somewhat similar to a credit card but is only open for business with low ratings of business credit. One can be approved for borrowing this loan for a maximum sum of credit which can be drawn whenever you desire.
Pros of Business line of credit:
·         Liable for small businesses
·         Flexible funding type
·         Emergency funding is also available
·         After you have repaid the borrowed amount then you can also withdraw more money
·         Repayment term is usually from half to one year but mostly depending on your business credit score and revenue

5.     Equipment loans

Generally, equipment loans are loans which are used to purchase unused/new or used/second-hand equipment for businesses, this equipment may include proper tools and machines that are used to elevate the productivity and sales volume of the business and enhance customer service.
Pros of Equipment loans:
·         Easy application process
·         Suitable startups and small business loans
·         You can use this loan to the fullest even while you are paying off the loan amount in installment
·         The payment of loan terms are valid until the equipment are still in usable condition, typically it is around for 5 years.


Choosing the type of loan for your business whether small or big is a great deal as hence, taking risks in for the success of the businesses required a big heart.
So, now that you have got all the necessary information regarding the various small business loans along with their pros, you can be sure which one you should opt for the betterment of your business and finances.
However, if you still looking forward to professional consultation then you may visit the Greenlight Funding. They can help you find the best and the most suited form of small business loan in New York with suggestions and significances!

Wednesday, November 6, 2019

How to Avail Small Business Loan?


In order to keep on operating a small scale business, it must have proper financing that is basically in the type of business loan. One of the basic type of small business loans is debt financing. There are banks and other financial institutions like Green Light Funding offering varieties of commercial loans, SBA loans, home loans, etc.

 However, if you’re looking to start-up a business or want a loan for an ongoing business you can easily obtain a working capital loan for your company to increase productivity, sales volume, and enhance customer service. 

What Is Working Capital Loan?
It is basically a short term loan also known as a small business loan to cover the proper operation of an ongoing business right from daily needs and firm expenses such as purchase inventories, pay salaries, electric bills, pay rents, and purchase heavy equipment, etc. 

Apart from these it also includes invoice factoring, equipment loans, and business line of credit that has become quite popular among business owners as these are vital sources of capital available for the working capital. 

small business loans in New York


Now that you know about a working capital loan or debt financing you can easily get approved by following simple steps through the small business loan application procedure:

Let’s get started-
Step 1: State Clear Reason and Amount of the Business Loan-
For any small scale business ongoing you should clearly state the authentic reason and amount for the business loan. For the start-up, you should state the amount to be funded. Prepare a financial statement as part of the business plan for a more convenient reason.
Step 2: Know Your Local Score-
Before applying for a small business loan you should seek advice from experienced executives to know about your local SCORE. It is basically a non-profit volunteered group to help existing and start-up business owners with the loan application process easily.
Step 3: Evaluate Your Personal Credit Score-
It is mandatory to get a proper review of your business credit history if you have an existing business going on or less than three years old. It’s important to take some time out to get information on your personal credit history in order before applying for a small business loan.
Step 4: Schedule Your Appointment:
Prepare a perfect presentation of your business plan for a more convincing second look. Include an executive summary along with necessary spreadsheets, graphs, and any financial statements. Make sure to be concise and well organized. Establish your dream company by availing small business loans in New York by scheduling your appointment with Green Light Funding. WE offer a straight forward process for a faster and more convenient process to guide with every step of the way.