If you are a small business owner looking to apply for a loan, you may be wondering what documents are required for the loan application process. Depending on the type of the loan and the lender, the process can seem overwhelming, but having the necessary documents in hand can make the process much smoother.

 

In this article, we will outline the essential documents required for a small business loan application, as well as demonstrate how easy it is to work with MobyCap versus someone like a traditional bank.

 

Financial Statements

 

Financial statements are essential documents that provide lenders with a snapshot of your business’s financial health. The financial statements that lenders typically require include:

 

• Income statement: An income statement shows your business’s revenue and expenses over a specific period, usually a year.
• Balance sheet: A balance sheet shows your business’s assets, liabilities, and equity at a particular point in time.
• Cash flow statement: A cash flow statement shows your business’s cash inflows and outflows over a specific period.

 

MobyCap only requires your most recent 6 months of business bank statements. In special cases we will request additional docs like a business tax return. That’s it!

 

Business Plan

 

A business plan is a document that outlines your business goals, strategy, and financial projections. A business plan is essential for a small business loan application as it provides the lender with insight into your business and helps them assess the risk associated with lending to your business.

 

MobyCap does not require a written business plan to be funded!

 

Business Tax Returns

 

Business tax returns are required to verify your business’s income and to assess your business’s ability to repay the loan. Lenders typically require the past three years’ tax returns.

 

MobyCap will request a business tax return on occasion, but it is not generally required.

 

Personal Tax Returns

 

Lenders may also require personal tax returns to assess the creditworthiness of the business owner.

 

MobyCap does not require a personal tax return!

 

Business Licenses and Permits

 

Lenders may require proof that your business has the necessary licenses and permits to operate legally.

 

MobyCap does not need proof of business permits.

 

Bank Statements

 

Bank statements provide lenders with insight into your business’s cash flow and how you manage your finances. Lenders typically require the past six months’ bank statements.

 

All we require is your most recent 6 months of business bank statements.

 

Collateral Documentation

 

If you are applying for a secured loan, you will need to provide documentation for the collateral you are offering to secure the loan. This could include property deeds, vehicle titles, or equipment titles.

 

Conveniently for you, MobyCap funding is all unsecured, so no need to put up anything like your house, car, or business!

 

Conclusion

 

When applying for a small business loan, it is essential to have all the necessary documentation in hand to ensure a smooth application process. MobyCap is proud to have the most seamless process in the entire industry.

 

The documents required may vary depending on the lender and the type of loan you are applying for. However, having a business plan, financial statements, tax returns, licenses and permits, bank statements, and collateral documentation will give you a strong foundation for a successful loan application. Be sure to review the lender’s requirements carefully and prepare all the necessary documents in advance to avoid any delays in the loan application process.

 

If you have your most recent 6 months of business bank statements, we can get real rates and terms in front of you right away, and funded in as little as a few hours!

Moby Capital has been helping thousands of businesses just like yours to secure small business loans for over 10 years. We have sourced over $1 Billion in funding for small businesses and we have the expertise to make the loan process as fast and easy as possible. Contact us today to learn how we can help put money in your pocket.

Your business must be on pace for at least $500k in annual revenue for us to be the right fit for your business. Please do not submit our contact form unless your business is on pace for at least $500k in annual revenue. 

*MobyCap specializes in both loans and alternative financing options. Please see our website for our full suite of services and offerings.

Popularly known as MCA, the merchant cash advance offers a quick loan to businesses. Think of it as a paycheck advance that goes to businesses rather than individuals. Although, it is increasingly becoming popular among establishments with a steady volume of sales. Most business owners aren’t entirely sure of whether or not to get a merchant cash advance. Well, below is every reason why your business needs this type of loan.

1. Quick and Easy Application

With this type of funding, an establishment can get the money they need within a couple of days. Understand that your sales history is the most important consideration, both short-term and long-term. Some lending companies will have the funds ready within the day of application, thus increasing convenience and reliability.

Demonstrating that you have a viable business is all you need to qualify. Ensure you have all the documents that can prove a high volume of sales within the year. Getting your MCA will, therefore, be quick and easy.

2. Flexibility

With MCAs, you get to experience all the advantages of flexibility. Understand that you get to choose how to use the funds, which is a huge bonus. Other types of funding will usually need a detailed plan on how you will be spending the money. However, MCAs let you have full control over the funds and your business. 

You also get lots of options when it comes to payment plans. For instance, your repayment plan can be linked to the percentage of daily sales. What this means is that you won’t need to pay a lot of money when the sales are low. Understand that businesses with flatulating sales can significantly benefit from the flexibility of MCAs.

3. No Collateral

MCAs are unsecured loans, which means that they don’t tie up any business assets as collateral. If you are a business with limited assets, a merchant cash advance is an excellent choice. All of your existing assets remain operational and functional.

Understand that MCAs will also not affect your credit ratings, unlike commercial loans. Because your MCA depends on the future sales of your establishment, they are never present on your credit report. You can, therefore, maintain your credit rating and apply for any other loans.

4. Fast Cash Access

Commercial loans take a lot of time to process once approved, sometimes up to a few months. MCA funding, however, is usually available within a few days after approval. You do not need to file a lot of paperwork during the application, making the process fast and easy.

Fast cash access is an important consideration, especially when your business needs immediate funding. Understand that getting quick access to cash might be the difference between keeping your business afloat or shutting down.

5. High Approval Rate

Compared to other sources of business funding, MCAs have a much higher approval rate. The advances are hardly denied because there is always room for negotiation. You can always recalculate the interests or change your payment plan should you run into a problem.

Struggling businesses usually find it challenging to get a regular commercial bank loan. If you find yourself in such a situation, MCAs are your best bet for getting your business back on its feet. You also get to negotiate the payment plans and duration of the loan to suit your needs.

Conclusion

Are you looking for fast and easy business funding to help you meet your goals? MobyCap includes a team of dedicated professionals that will help you attain funds in as little as one day. To move forward today, contact us by email at info@mobycap.com. As a BBB-accredited business, we have experience serving all industries and welcome the opportunity to work with your organization.

Small business loans are a critical source of funding for companies looking to grow their businesses. Whether you’re looking to expand your product line, hire additional staff, or purchase new equipment, a small business loan can provide the financial resources you need to achieve your goals. In this article, we’ll explore the benefits of small business loans and how they can help grow your business.

 

1. Access to Capital – One of the most significant benefits of a small business loan is access to capital. Many small businesses struggle to secure the funding they need to grow, and a loan can provide the financial resources necessary to invest in their business. With a small business loan, entrepreneurs can take advantage of new opportunities, expand their business, and increase revenue. MobyCap is able to access up to $5 Million at a time for your business. As we develop a track record together of successful lending, we can offer you better rates & terms, as well as larger loan amounts.

 

2. Flexibility – Small business loans offer flexibility in terms of the loan amount and repayment terms. Loans can range from a few thousand dollars to several million dollars, and repayment terms can vary from a few months to several years. This flexibility allows companies to choose a loan that best fits their business needs and cash flow. Unlike a bank which has very strict loan structure, we are able to be flexible with our products and customize them to whatever makes the most sense for your business. MobyCap understands that you’re not just some cookie-cutter company or another number on a speadsheet.

 

3. Improve Credit Score – Taking out a small business loan and making timely payments can help improve your business’s credit score. A good credit score is essential when applying for future loans, credit lines, or other forms of financing. The better your borrowing history is, the better the offers will be that are available to you.

 

4. Retain Ownership – Unlike equity financing, which requires entrepreneurs and companies to give up a portion of their ownership in exchange for funding, small business loans do not require any equity. This allows entrepreneurs to retain full ownership and control of their business while still accessing the capital they need to grow. This is a great savings in the long run, especially if your goal is to grow your business as much as possible. Some of MobyCap’s most common customers are ones that have recently raised funding in exchange for equity since the founders have regret about losing their ownership. Debt-financing allows you to keep your equity!

 

5. Tax Benefits – Small business loans may offer tax benefits in the form of interest deductions. Interest paid on a small business loan is typically tax-deductible, which can help reduce your business’s tax liability. Make sure to consult with a tax-professional so you’re aware of the current laws and regulations.

 

In conclusion, small business loans can provide the financial resources necessary to grow and expand your business. MobyCap has seen this countless times with our thousands of happy customers. From access to capital to flexibility and tax benefits, small business loans offer numerous advantages over other forms of financing. If you’re a small business owner looking to grow your business, consider the benefits of a small business loan and explore your financing options today.

Moby Capital has been helping thousands of businesses just like yours to secure small business loans for over 10 years. We have sourced over $1 Billion in funding for small businesses and we have the expertise to make the loan process as fast and easy as possible. Contact us today to learn how we can help get money in your pocket.

Your business must be on pace for at least $500k in annual revenue for us to be the right fit for your business. Please do not submit our contact form unless your business is on pace for at least $500k in annual revenue. 

*MobyCap specializes in both loans and alternative financing options. Please see our website for our full suite of services and offerings.

Leasing is a convenient, affordable way to help businesses of all sizes acquire high-quality equipment they might not be able to purchase outright. But if you’ve never leased equipment, it’s natural to wonder how the process works and what specific benefits leasing can deliver to your business. Below is a look at the top benefits of equipment leasing and the key to a successful equipment leasing experience.

How does the equipment leasing process work?

The path to a smooth equipment lease begins with a clear understanding of how the process works. The process typically begins when a person or business (ultimately the lessee) needs one or more pieces of equipment. In many cases, the equipment needed is costly – sometimes carrying a value of $1 million or more. In a nutshell, there are three primary reasons why a lessee may decide to lease equipment:

• Scenario 1: The lessee needs the equipment indefinitely but is not able to afford to pay cash in advance
• Scenario 2: The lessee needs the equipment for a specific period of time and is not interested in long-term use
• Scenario 3: The lessee is interested in acquiring the equipment with the option of purchasing it at the end of the lease

The leasing company typically pays the equipment provider in advance and the equipment is delivered to the lessee according to negotiated terms. The lessee then makes affordable monthly payments to the leasing company throughout the course of the lease. At the end of the equipment lease, the equipment is either returned to the supplier or purchased at a negotiated rate.

What are the steps involved with a typical equipment lease?

No two equipment leases are exactly alike. However, there are some basic steps that are followed in virtually every equipment lease. Depending on your financial health and the leasing company you select, your application could be approved and your equipment delivery confirmed within just a couple of days. Here are the key steps involved in a typical equipment lease.

Step One: Make a list of the equipment you need

If you are considering an equipment lease, you likely have an idea of the equipment you need and the approximate cost. But it’s best to be as specific as possible with equipment suppliers to avoid confusion. As you prepare your list, be sure to include the following:

• The equipment or machinery you need
• Your preferred manufacturer and model
• The quantity of each item you need

Step Two: Request a quotation from a reputable equipment provider

Depending on your industry and the equipment on your wish list, you could be looking at a multi-million dollar transaction if you were to purchase the equipment outright. Most equipment leasing companies will want to review your estimate, so make sure you request a formal quote that includes the following:

• The delivery address of your facility
• A signature of the company representative
• An expiration date
• Any additional fees

Step Three: Select a trusted equipment leasing company

Not all equipment leasing companies are created equal. As in the case of equipment providers, leasing companies vary greatly in terms of their service, funding abilities, and reputation. As you evaluate leasing companies, look for a company that offers the following:

• The ability to issue payments to equipment providers quickly
• A history of positive reviews from clients
• The ability to make multi-million dollar payments or loans
• An excellent rating by the Better Business Bureau (BBB)
• Access to a variety of funding types in case you wish to explore other options

Step Four: Complete an application

Today’s equipment leasing companies make the application process fast, straightforward, and convenient for prospective clients. It is not uncommon for leading companies to have a short one-page equipment lease application that can be completed online in a matter of minutes. You might be asked to provide some basic documentation along with your application. The documentation requested will depend on the type of business you own and the value of the equipment.

Step Five: Receive approval

If you are working with an efficient leasing company, you can expect to receive approval or feedback on your application within 24 hours. And if you’ve selected a top-tier company to handle your lease, your first lease payment could be remitted the same day you are approved. This means you could have the equipment you need in hand faster than you ever imagined.

What are the top benefits of equipment leasing?

Many people are surprised by how straightforward and easy it is to lease machinery or equipment. In fact, the simplicity of the leasing process is a major reason why many business owners and operators decide to lease again in the future. Here are some other benefits of equipment leasing:

1) Flexible terms and equipment options

Flexibility is one of the many advantages of an equipment lease. You can negotiate the length of your lease to suit your needs and work with your leasing company to arrive at monthly payments you can afford. Additionally, you have a lot of latitudes to choose your favorite equipment brands and models.

2) You may opt to purchase the equipment at the end of your lease

Some lessees find that they don’t want to part with equipment as the end of a lease term approaches. In some cases, employees grow comfortable using leased machines, and some business owners find that their productivity skyrockets after new equipment is introduced. So whether you wish to avoid disruptions to your operations or simply wish to keep the equipment you have grown accustomed to using, you can often negotiate a purchase at the end of your lease.

3) Your maintain a healthy cash flow

Healthy cash flow is the cornerstone of growth for many companies. Leasing a device for a few thousand dollars instead of forking over $100,000 to purchase it outright can help you keep plenty of cash on hand. This cash can be used to fund special projects, expand your product line, or hire new employees.

4) You don’t have to stress about service

Service woes and equipment breakdowns are two of the woes of owning equipment outright. Grappling with equipment repairs can be costly, and equipment problems may even halt your productivity. But with most equipment lease agreements, you aren’t responsible for equipment servicing. So, if a machine you are leasing breaks down or requires maintenance, the equipment provider must repair or replace the item quickly and at no cost as your lease agreement specifies.

What are some common examples of situations that call for equipment leasing?

With leasing offers so many enticing benefits, you may wonder whether it is the best option for your business. As you compare leasing with other financing options, it’s helpful to consider some of the unique ways leasing can help you meet your revenue goals. Here are some examples of situations when equipment leasing makes sense:

1) Your business is a startup or in the early phases of growth

Startups and new businesses rarely have much excess cash on hand. However, many begin generating substantial revenue after being open just a few months. By offering manageable monthly payments, leasing is a good choice for growing businesses.

2) You would like to offer special medical services

Equipment leasing is quite common in the healthcare industry. Capital medical equipment can cost hundreds of thousands of dollars, making procurement a challenge for budget-conscious facilities and doctors starting their own practices. Here are some ways leasing can help healthcare providers:

• Equip temporary pop-up or mobile clinics: Leasing is a great option for healthcare practitioners seeking to open
• Procure high-ticket equipment: Obtaining a costly MRI machine, CT scanner, or mobile x-ray unit becomes more affordable with leasing.
• Ease startup costs: Leasing can help newly licensed doctors and dentists equip their practices without breaking the bank.

3) You need to prepare for peak season

Many businesses depend on revenue from their peak seasons to carry them through the remainder of the fiscal year. And there are few things more frustrating than being unable to deliver service or products when you have the staff but lack the machinery necessary to meet increased production demands. Leasing provides you with access to the equipment you need without destroying your budget.

What is the key to your satisfaction with equipment leasing?

Clearly, equipment leasing offers a host of benefits to businesses in many industries. But why are some leasing experiences picture-perfect while others leave something to be desired? The answer often lies in the leasing company you work with.

The key to your satisfaction is to select a five-star equipment leasing company that is professional, efficient and focused on helping you secure the equipment you need as quickly as possible. As a leader in the equipment leasing industry, Moby Capital is here to guide you through the equipment leasing process. We offer a level of responsiveness that is second to none and have a proven track record of success working with capital equipment suppliers across a variety of industries.

To move forward today, contact us by email at info@mobycap.com. As a BBB-accredited business, we have experience serving all industries and welcome the opportunity to work with your organization!

Boost Your Austin-based Business with Speedy, Short-term Unsecured Loans from Moby Capital

Running a business in Austin, Texas, often requires immediate access to funds to seize unexpected opportunities or manage temporary cash flow gaps. Moby Capital offers quick, short-term unsecured business loans designed to meet these pressing needs without demanding collateral.

Why Opt for Short-term Unsecured Business Loans from Moby Capital?

1. Fast Funding: At Moby Capital, we can process your application and provide funding within one business day.
2. Collateral-Free: You won’t need to risk any personal or business assets to secure a short-term loan.
3. Flexible Terms: Despite being a short-term loan, we work closely with you to ensure the repayment schedule suits your business.
4. Personalized Service: We assign a dedicated expert to guide you through the application process and explain your business funding options.
5. Adaptable Use of Funds: Our short-term unsecured loans can be used for a range of business needs, from paying off immediate debts to investing in quick-growth opportunities.

According to a study published in the Asia-Pacific Journal of Financial Studies, short-term loans can enhance a firm’s value, emphasizing the significance of services like those offered by Moby Capital.

As a business owner in Austin, you operate in a city brimming with opportunities. From the vibrant 6th Street known for its lively music scene to the bustling food markets like Austin City Market, Austin provides the ideal environment for business growth.

At Moby Capital, we understand the fast-paced nature of business and are dedicated to providing quick, reliable financing solutions tailored to your unique requirements. Contact us at 512-686-7747 or apply through our website today.

Your business must be on pace for at least $500k in annual revenue for us to be the right fit for your business. Please do not submit our contact form unless your business is on pace for at least $500k in annual revenue. 

Experience the Ease and Convenience of Online Unsecured Business Loans from Moby Capital

Running a business in Austin, Texas, comes with a multitude of tasks that require your attention. To aid your business’s growth without adding to your burden, Moby Capital offers quick, unsecured business loans online. You can secure substantial amounts of capital without leaving your office.

Why Choose Moby Capital for Online Unsecured Business Loans?

1. Quick Approval: Our online application process is streamlined, offering approval in a short period.
2. No Collateral: As with all our unsecured loans, you won’t need to put up business or personal assets as security.
3. Customizable Loan Terms: We tailor loans to fit your unique needs, making repayment manageable.
4. Substantial Loan Amounts: We offer up to $5M of business capital, which is more than virtually any other company in the unsecured funding space can match.
5. Personalized Support: Despite the online process, we still believe in personalized service. A dedicated expert guides you through our easy application process, explaining all your business funding options.

According to a research article in the International Review of Financial Analysis, online lending platforms like Moby Capital’s have significantly improved businesses’ access to capital.

Austin, the city known for its live music scene, lush parks, and culinary prowess, offers an inspiring backdrop for businesses. The Austin Music Hall and the Zilker Metropolitan Park are just a couple of the landmarks that enrich Austin’s business environment.

At Moby Capital, we combine the latest technology with traditional business values to ensure you get the best of both worlds. Experience the ease and convenience of securing an unsecured business loan online. Reach out to us at 512-686-7747 or visit our website to start the application process today.

Your business must be on pace for at least $500k in annual revenue for us to be the right fit for your business. Please do not submit our contact form unless your business is on pace for at least $500k in annual revenue. 

LLC Unsecured Loan in Austin

Whether your Austin-based Limited Liability Company (LLC) is in its growth phase or looking to fund a new venture, unsecured business loans from Moby Capital can provide the financial push you need without requiring collateral.

Benefits of an Unsecured Loan for Your LLC

1. No Collateral: Unsecured loans eliminate the need for pledging business or personal assets.
2. Quick Funds: Moby Capital’s streamlined process delivers funds to your LLC in as little as one business day.
3. Customizable Loan Terms: We customize loans to match your LLC’s unique needs, improving the chance of approval and creating manageable repayment plans.
4. Build Business Credit: On-time loan repayment can help your LLC build a strong credit profile, which may be beneficial for future funding needs.

A research study in the Journal of Small Business Management suggests that external financing such as unsecured loans plays a vital role in facilitating LLCs’ growth and profitability.

Austin, an entrepreneurial city at heart, offers an array of opportunities for your LLC to flourish. From networking events like Austin Startup Week to iconic attractions like the Texas State Capitol, the city blends business and leisure seamlessly.

For LLC unsecured loans in Austin, choose Moby Capital. Contact us at 512-686-7747 or visit our website to learn more about our loan options.

Your business must be on pace for at least $500k in annual revenue for us to be the right fit for your business. Please do not submit our contact form unless your business is on pace for at least $500k in annual revenue. 

Navigate the Options of Unsecured Business Loans with Moby Capital’s Expertise

Unsecured business loans come in various types, each offering unique advantages based on your specific business needs. Moby Capital brings decades of experience to guide Austin-based businesses through the options and help you select the one that best fits your needs.

Explore the Types of Unsecured Business Loans with Moby Capital

1. Revenue Advances: Access funding based on your business’s future sales. Ideal for businesses with strong sales records.
2. Business Lines of Credit: Enjoy the flexibility of borrowing funds up to a certain limit and pay interest only on the amount used.
3. Term Loans: Receive a lump sum upfront, which is repaid over a set term.
4. Invoice Factoring: Convert your unpaid invoices into immediate capital.
5. SBA Loans: Government-backed loans offering favorable terms for businesses that qualify.

A study in the Journal of Corporate Finance underscores the significant role different types of unsecured business loans play in fostering business growth and development.

Austin, the capital of Texas, is a hub of innovation and cultural diversity. Between visits to the Austin Zoo and exploring the Barton Springs Pool, you’ll find a vibrant city ideal for growing a business.

If you’re an Austin-based business owner looking for an unsecured business loan, Moby Capital is ready to guide you through the process. Contact us at 512-686-7747 or visit our website to learn more about our loan options.

Your business must be on pace for at least $500k in annual revenue for us to be the right fit for your business. Please do not submit our contact form unless your business is on pace for at least $500k in annual revenue.