An LLC’s flexible business model and limited liability for owners is one of the many reasons why it is a commonly formed structure. However, funding can sometimes be challenging when liability is limited to only the business’s resources.
To combat the frustration of securing financing, the business funding specialists at Platform Funding are available to help you through the application process and match you with the funding your business needs. Learn more about how to find the right funding for your business.Â
Applying for LLC Funding
Platform Funding has secured upwards of $750 million in funding for over 15 thousand businesses. There are a few basic requirements and an online form to start the process. The online form is quick and easy to fill out and then all that is left is to gather three months of business bank statements showing a monthly revenue totaling $10,000 or more.Â
Funding InfoÂ
Information about the amount of money you make and the amount you are requesting to borrow is the first order of business. The first online page for matching your LLC with appropriate funding will require:
- Business name
- Length of time in businessÂ
- Annual revenueÂ
- Amount of money requested
Personal Info
The second section ensures that you have provided the correct information to prequalify you for funding, and it is necessary to run your finances.Â
- Full nameÂ
- PhoneÂ
- EmailÂ
Bank Statement InfoÂ
It is important to remember that personal bank statements are not an acceptable form of documentation to qualify for LLC funding. You must have at least three of your most recent business bank statements to move forward with the application process.Â
Application ApprovalÂ
Once your application has been approved, Platform Funding provides a business funding specialist to match your borrowing needs with a funding plan. Many different funding options are available for LLCs, and our funding specialists will provide added insight and guidance on the best match for your business. Matches are based on:
- Business financials and credit historyÂ
- Amount of money requestedÂ
- Industry the LLC is based inÂ
- Purpose of borrowed funds
- Repayment termsÂ
Finding the Right LLC Funding
Depending on the specific details of your LLC, some funding options may be better than others for your business. While LLC funding is essentially the same as other small business loans, additional information can help you determine which option is best for you. The business funding specialists at Platform Funding will answer any questions and provide side-by-side comparisons of each type of funding commonly used for LLCs.Â
Online Term LoansÂ
The most flexible lending option for LLCs is online loans. Online financing generally sources suitable matches for your specific needs and matches you with funding that way. Since the process allows for more applications and different levels of credit, the terms vary to meet the needs of each borrower. Online loans are ideal for those with outstanding credit, and less than perfect credit as benefits shift with qualifications.
- Ideal for all borrowersÂ
- Flexible rates and termsÂ
- Quick application and approvalÂ
- Fast fundingÂ
- Available for newer LLCs
SBA LoansÂ
Small business administration loans are among the most popular options for funding LLCs and other small businesses. Next to bank loan financing, SBA loans provide the most reasonable terms thanks to their guarantee and issuance from the lending partners. Remember that SBA loan financing can be a lengthy process, and if you are looking for funding fast, SBA isn’t it. While the process is not outrageously long, it does take time, and detailed documentation is required. Ideal for borrowers with high and better creditÂ
- Affordable terms and ratesÂ
- Flexible repayment optionsÂ
- Lengthy application processÂ
- Limited uses for fundsÂ
If you are needing funding for your business sooner rather than later, Platform Funding offers faster funding alternatives to SBA loans.Â
Bank LoansÂ
Bank loans offer the most affordable and reasonable terms to fund your LLC. However, remember that they also require the best financials and at least two years of business records. Big bank loans offer the best rates, and it often helps if you are already a member of their financial institution in some way. However, some financial institutions also offer introductory rates for new borrowers. If big banks are not an ideal option, consider your local bank or credit unions for more borrowing opportunities. Be sure to read the fine details to determine how repayment terms might affect your personal credit.Â
- Ideal for high and blemish-free creditÂ
- Must be established business
- Choice allocation for fundsÂ
- Affordable financing and repaymentÂ
- Lengthy application process
Business Lines of CreditÂ
Lines of credit are a little different than traditional financing. Rather than receiving and then repaying the whole amount you qualify for, lines of credit offer flexible cash that is spent when you need it, and you only repay what you spend. The remainder of the amount you qualify for remains open and available if you do not have any outstanding account balances.Â
- Practical for average creditÂ
- Works for newer and established businessesÂ
- Working capital is allocated as you see fitÂ
- Option for seasonal businessesÂ
- Smart spendingÂ
While there are additional funding options for LLCs, these are the most popular and practical among borrowers. However, finding funding for your LLC doesn’t have to fit into a mold. Platform Funding specialists are always prepared to discuss more financing options to meet the unique needs of your business.Â
Contact the business funding specialists at Platform Funding and begin taking the steps toward financing your LLC today.
