Online Small Business Fund | Business Fund
With traditional lenders maintaining strict lending criteria, more business owners are turning to online lenders for their financing needs. Utilizing web-based tools that expedite the application process and determine eligibility swiftly, online lenders often approve more funds and provide funding faster than traditional banks.
Shorter-term funds from 3-24 months. Longer-term funds from 2-5 years. Higher approval rates than most banks.
Overview of Online Business Fund
Online business funds are becoming increasingly popular among small business owners due to their streamlined application process and quicker approval times compared to traditional funds. These funds can be used for various business needs such as working capital, purchasing equipment, or scaling inventory.
Online lenders use technology to evaluate businesses differently from traditional lenders. They may access a business’s transactions and cash flow via their bank account’s website or examine other digital data points.
Shorter Term funds
Funds ranging from 3 to 24 months, often used for short-term projects like inventory purchases or marketing campaigns. For example, OnDeck offers funds up to $250,000.
Long Term funds
funds ranging from 1 to 5 years, suitable for long-term projects like major renovations. Funding Circle, for instance, offers funds up to $500,000.
Flexible Financing
Online lenders provide a more flexible, faster financing option for small businesses, utilizing technology to streamline the application process and offer quicker approvals.
How to Apply for Business funds Online?
Follow these steps to apply for a business funds online:
- Submit Your Online Application: Fill in your basic and company details. Mention your fund requirements and prepare the essential documents for submission.
- Attach Your Documents: Upload the scanned copies of the documents needed for a business funds like business registration proof, bank statement, PAN card, Aadhaar card, Company PAN card, Partnership deed, Drug Licence, VAT Registration, and GST filing as applicable.
- Wait for Approval: Once the correct documents and the filled application form are submitted, Biz2Loan will process your application and send the approval within 72 hours.