ROK Fast Business Loan Options
Similar to traditional bank style financing. A Term Loan is a set amount that a borrower pays back at a fixed amount. The common uses for these types of loans are business expansion, working capital and equipment purchases.
Benefits of a Term Loan:
Interest on loan is tax deductible
No prepayment penalties
Lower cost options
Stable daily, weekly monthly payments
Reported to the credit bureaus which can improve credit
Term Loan Qualifications:
6+ Months Time in Business
$15 000+ Monthly Sales
No Minimum FICO
Term Loan Amounts: $10,000 – $5 Million
Terms: 6 Months – 10 Years
Funding: 1 to 3 Days
BUSINESS LINE OF CREDIT
A business line of credit provides flexibility for the business owner and is perfect for growing businesses looking to maintain cash flow. Rather than a fixed amount issued at one time, funds can be accessed as needs arise. The perfect mix of traditional financing and fintech speed. Redraw as funds become available: Funds are made available again, as the balance is paid down. Flexible use of funds.
Benefits of a Business Line of Credit:
6, 12, 18 Month Terms available
Same Day Funding up to $200 000
Only pay interest on the funds drawn
Weekly or Monthly Payments
True Revolving Line – Payments made towards balance become available
Credit available as needed
Draw as many time as you need
Business Line of Credit Qualifications:
6 Months Time in Business
$120,000+ in Annual Gross Sales / Revenue
6 Months Bank Statements
Electronic Bank Verification
Loan Amounts: $10,000 – $5 Million
Terms: 6 Months – 10 Years
Funding: 1 to 3 Days
Businesses utilize equipment financing to purchase business related equipment. Obtaining these assets can be through equipment leasing or equipment financing, which doesn’t require businesses to pay out of pocket large amounts of cash. Ultimately freeing up working capital within the business.
Benefits of Equipment Financing:
Multi-year / Longer Terms: 1-5 Year Term
Low or NO down payment
Variable Rates Starting at 8%
Fully Amortize in Year of Purchase (section 179 of tax code)
Equipment Financing Qualifications & Requirements:
No Minimum Time in Business
No Minimum Revenue
Year to date Bank Statements
Invoice or Quote for Equipment
Equipment Financing Loan Amounts: $10,000 – $5 Million
Terms: 1 – 5 Years
Funding: 1 to 5 Days
ACCOUNTS RECEIVABLE FINANCING
Accounts receivable financing is when a company will sell or finance off their outstanding invoices for working capital. It can either be in the form of selling the asset to the lender or using the accounts receivable (invoices) as collateral for the loan.
Benefits of Accounts Receivable Financing:
Typically lower interest rates (lower cost), with longer terms and larger amounts
Doesn’t require other collateral
Ability to factor new AR as they become available
Saves time for collecting your receivables
Opens up cashflow
Revolving Line of Credit
Accounts Receivable Financing Qualifications and Requirements:
$500,000 in Annual Gross Sales
Aging AR Report Required
3 Month’s Bank Statements
Accounts Receivable Financing Loan Amounts: $10,000 – $5 Million
Terms: 6 Months – 10 Years
Funding: 1 to 5 Days
Franchise Financing can be used to open a new franchise location or assist with your franchisor mandated updates at a lower cost.
Benefits of Franchise Financing:
Ability to start a Franchise
Obtain start-up cost assistance
Cover infrastruture costs
Franchise Financing Qualifications:
Franchise Financing Loan Amounts: $10,000 – $5 Million
Terms: 6 Months – 10 Year Terms
Funding: 2 to 7 Days
MERCHANT CASH ADVANCE
A Merchant Cash Advance isn’t technically a loan, but rather a cash advance that is paid back by withdrawing a percentage of your credit sales, typically on a daily basis.
Benefits of Merchant Cash Advance:
Fully customizable based on business need
No compounding interest
Funds can be used for any use
Pay back based on the sales of the business
Merchant Cash Advance Qualifications:
6+ Months in Business
$120,000 in Annual Gross Sales
No Minimum FICO
Merchant Cash Advance Loan Amounts: $10,000 – $5 Million
Terms: Flexible Terms
Funding: Same Day
An SBA loan is a government backed loan that can be used for starting or expanding a business. The loan has certain requirements for eligibility, such as size standards, providing the ability to repay and a solid business purpose.
Benefits of an SBA Loan:
Fixed and variable options
Terms up to 25 years
SBA Loan Qualifications:
$120,000 Gross Annual Sales
3 Years Time in Business
No Loss on Previous 2 Years Tax Returns
SBA Loan Amounts: Up to $5 Million
Terms: Up to 25 Years
Funding: 90 to 120 Days
Business Loan Programs
Unsecured Business Loans: Businesses with no real estate collateral can obtain funding. There are no industry and expertise restrictions. Industries we can assist include: agricultural, transportation, trucking & commercial vehicles, construction, manufacturing, restaurants & franchises, retail & wholesale, healthcare and other industries.
Equipment Financing: Farm equipment, construction equipment, heavy equipment and other commercial equipment.
Small Business Loans – $10K+
Larger Business Loans – 1 Million to 5 Million Dollar Business Loans.
Other Business Loan Options: No Collateral Business Loans; Working Capital Loans; Business Line of Credit; Purchase Order Financing; Accounts Receivable Financing, Bad Credit Business Loans – Businesses with negative credit histories or no real estate collateral can also obtain funding. Is your credit score less than perfect? That’s okay! The fast approval process looks at your Business holistically using a comprehensive underwriting process that is not based solely on credit score. It looks at the big picture and use realistic underwriting practices. Even if your local bank denied your loan, it is still possible to secure financing through our Business Loan programs. Almost 70% of Applicants were previously denied Business Loans by traditional banks but were able to successfully secure a loan.
More info about Business Loans
Business Line of Credit
A business line of credit gives you the flexibility to access needed funds quickly and conveniently.
It is an excellent tool designed to meet the specific needs of your business. One of its best features is that you only pay for what you use. (You are only charged based on the amount you draw from your line of credit rather than the entirety of the line of credit itself.)
Even if you do not have an immediate need for funding, a business line of credit can be used for emergencies or when an unexpected opportunity arises.
Business owners can also use the advantage of a credit line for discounts on numerous business contingencies such as bulk purchases, short-term cash flow, working capital needs, increasing staff, boosting inventory, slow account receivables, or tax payment obligations.
Additionally, a business line of credit also gives you greater flexibility to take advantage of exciting prospects with only a brief window of opportunity. Use a business line of credit to improve your business cash flow, borrow according to seasonal needs, and eliminate the stresses of time gaps between capital needs and revenue realization.
Business owners can draw as much as they want from their credit line as frequently as they want, up to a maximum predetermined amount. Once a repayment is made on any money drawn from a business line of credit, that amount becomes immediately available once again.
Business Equipment Financing
With Rok Financial’s equipment financing, you can purchase new or used equipment for virtually any industry. We work with a wide range of businesses including healthcare, software, manufacturing, construction, agriculture, commerce, food services, automotive, and much more.
If you are looking for equipment funding or financing to grow, modify, or keep your business up to date, we are here to help you discover the best equipment leasing and financing options to accomplish just that. You can finance used or new equipment, or purchase inventory in anticipation of future sales or rentals. Get the equipment you need in order to take on more customers or grow your business.
A comprehensive package of equipment loans is available with terms ranging from 12 to 60 months, offering a solution to any type of business owner. There are also 10-year terms for more extensive manufacturing equipment financing.
Franchise Financing and Funding
Do you own a franchise? Are you looking to lease a new location for your existing franchise?
Rok Financial assists with franchise financing and restaurant financing for current franchisees and can help with funding programs with a variety of customizable options. We offer lower rates, larger amounts, and longer terms through our streamlined and simplified process.
Due to the relatively low margins in this industry, restaurant and franchise owners often face working capital challenges that require sound financial backing. These issues may include code compliance, making payroll, renovations, and the repair and replacement of equipment and furnishings.
Many franchisees will also use franchise financing for remodeling, mandatory franchise updates, new location acquisition, equipment purchases, or repairs and upgrades.
Accounts Receivable Financing
Accounts receivable financing allows businesses to generate capital by using receivables as collateral. It means no more waiting for slow customer payments.
Get the funding you need to fill your customers’ invoices and accelerate the growth of your business. Hire more staff, purchase more materials, and take on more customers faster. Use your accounts receivable credit line to receive payments immediately and get the capital you need to grow.
Merchant Cash Advance
A merchant cash advance is a great option for certain business owners to utilize future sales to access capital immediately. Use your merchant cash advance to cover virtually all business expenses including labor costs, managing payroll, purchasing inventory, and bridging gaps in cash flow.
This financing option is often overlooked, or never explored, but can sometimes be a better option than a business loan – one of the main reasons being the repayment can fluctuate with your monthly sales.
Doctor, Medical, Healthcare, Dental and Physician Loans
Doctors and healthcare professionals are servants of the community. They should not be forced to shutter their practices or scale back services due to financing issues.
Rok Financial offers doctor loans and healthcare professional financing options for all types – including dentists, pharmaceutical professionals, veterinarians, chiropractors, optometrists, primary care physicians, and other healthcare professionals to help their practices grow and succeed.
The healthcare loans provided by us offer exclusive benefits for medical and healthcare professionals including zero upfront fees and approval in as little as 2-10 working days.
We work with healthcare practices of all sizes, from two-person LLCs to sprawling enterprises.
Restaurant financing is available for almost every type of restaurant in the USA. Due to the relatively low margins in this industry, restaurant owners often face working capital challenges requiring sound financial backing. These issues may include code compliance, making payroll, and the repair and replacement of equipment and furnishings.
Even if you have an open tax lien, Rok Financial can still help. For trustworthy financing, restaurant owners turn to us for restaurant business loans providing the working capital they require to grow their businesses at a faster pace.
Many restaurants will use the financing for remodeling, mandatory restaurant updates, renovations, new location acquisition, equipment purchases, or repairs and upgrades.