Small business loans from United Medical Credit are available to providers and most Businesses. Getting a business loan can range from $5,000 to $500,000 with term lengths from 1 to 24 months. Your business loan can be tailored for your business. Find out how you can start the quick application process to save your company and improve your cash flow now. If your business is cash strapped, put the calculator away, and apply at United Medical Credit.
If you’re struggling as a small business owner, you are not alone. COVID-19 has had an unprecedented impact on our economy. The odds are not all the same. Not all banks are offering SBA loans. Some banks require you to be a member before applying. It’s important to check what some banks offer vs others. If you’re experiencing issues and roadblocks working with traditional banks, consider United Medical Credit’s business loan programs. Relief packages have been slow to roll out and are still failing to provide financing options for many small businesses. The application process has been slow and unreliable. The SBA usually processes 60,000 applications a year, but they have had tens of thousands of new applications in the past week. The United States has 30 million small businesses and most of them are being negatively impacted by the coronavirus pandemic. United Medical Credit has been in the Medical Lending space for a long time. We often get asked “How To Get a Business Loan”, well now we offer that!
Small businesses across the country are struggling with payroll, rent, mortgages, utilities, and other bills. All businesses are experiencing financial difficulties, from Auto Mechanics, to water restoration companies, farmers, and more. To avoid layoffs and closures, and odds are many small business owners are turning to government-backed loans as an answer to keep the lights on. However, the banks receiving applications are swamped, and not everyone is eligible for one of the SBA loans for COVID-19. Sometimes the odds seem to be against small business owners. And some banks like Bank of America reported it has already received $22 billion in loan amount requests. Bankers have been unable to tell business owners how soon their application will be processed or when they can expect to see the money in their account. With cash flow severely limited by a shelter in place and social distancing orders, small businesses are facing firing employees or closing altogether. Not all banks are offering SBA loans. Some banks require you to be a customer before applying for the Payment Protection Program loan. People are constantly asking, ” How to get a Business loan.” At UMC we listened and quickly added it to our services.
Many small businesses have had trouble getting an sba loan or PPP loan. Unlike the PPP loan, a small business loan from United Medical Credit does not have restrictions on company size. There are no requirements around using the funds mostly for payroll costs or other restrictions so be sure to check the most up to date information. Small businesses of any size can apply for a line of credit from one of United Medical Credit’s network of lenders. Some companies have been running into trouble securing a PPP loan because of affiliation standards. Venture-backed companies must count all employees in their venture investors and their portfolio of companies. This has pushed many companies above the 500 employee limit for eligibility for the PPP small business loan. Another limitation of the PPP loan is that business owners cannot include wages paid to independent contractors in their loan amount. Forgiveness for the loan is contingent upon employee retention or rehiring quickly, which is not a possibility for some small businesses. How to get a business loan has been one of the most widely talked subject matters in the business world.
In short, many small businesses will fall through the cracks of the current coronavirus relief funding. Providers like doctors and merchants may not be able to take advantage of the SBA coronavirus loans because of company size, or the purpose for which they need the funds. They also may be trying to avoid credit card debt on their business credit card or are unable to secure funding for other reasons for their business loan.
A traditional loan from one of United Medical Credit’s network of lenders can provide business owners with the cash flow they need to stay operating throughout the COVID-19 crisis. With a quick online application process, a small business loan is a good option for business owners who have immediate needs for cash flow but are having trouble securing an SBA-backed loan or don’t qualify for other reasons. Anyone can apply – you do not already have to be in United Medical Credit’s network. When you apply for your Business loan, United Medical Credit will use its in-house calculator to help tailor your business loan for your business. Getting a business loan isn’t an easy decision. UMC will guide through the business loan process.
If you have annual revenue of $250,000 or more and have been in business for three years or more, you meet the pre-eligibility requirements for a small business loan. You must also have a business bank account. Apply through our online portal to get started today.
We get asked a lot by the business community on how to get a business loan. The first step is to contact UMC.
At United Medical Credit, we’re committed to your success. We connect providers and merchants with financing options that work for them. Our network of lenders allows us to specialize in finding the right fit for your business. Our associates have years of experience matching providers with lenders that have loan options with their desired terms and repayment plans. We have a reputation for being reliable, trustworthy, and easy to work with. It’s our mission to make sure that providers are aware of all their options when it comes to small business loans and can take advantage of financing during this difficult time.
The application process is simple. We can accept your information via our online application form. You will need some basic information, like loan amount requested, loan purpose, desired loan term, financial information, and owner information. One of our qualified loan specialists will respond to your application as soon as possible. Denied a small business loan from another lender? United Medical Credit works with numerous lenders to secure financing options for our applicants to get loans. Can you get a small business loan with no credit check? In most cases, your credit will need to be run. In most cases, will need some basic information, like loan amount requested, loan purpose, desired loan term, financial information, and owner information.