How to Get a Quick Business Loan
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How to Get a Quick Business Loan

Need a quick business loan to get your company back on track?


Maybe your business is actually doing great, and you just need a little extra working capital to help with the growth.


As you know, obtaining working capital through a traditional lender can be pretty tricky. Just take a look at our recent blog, 3 Reasons Why Business Loan Applications Get Declined By Traditional Lenders and Alternative Financing Solutions.” Not only is the application process long and tedious, the wait time for an approval can take weeks, and in many cases, business owners are met with a decline due to very strict rules, guidelines, and criteria, but not to worry!


There are quick business loan options out there. Business owners like yourself do have the ability to obtain working capital in as little as three business days.


What are Some Common Uses of a Quick Business Loan?

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Inventory and Equipment Purchases – Many business owners choose to use working capital to take advantage of bulk pricing on inventory and equipment.Similarly, equipment such as machines, computers, vehicles, and more can reach well into the thousands of dollars. Because many vendors require a large upfront payment for this type of pricing on inventory and equipment, working capital gives business owners the funds they need to purchase the items they need before it’s too late.  


Expansion – Once your business gets through the startup stage and figures out a regular routine, the best time is when there is just too much business to keep up with! Many business owners find themselves needing to expand and grow to keep up with the demand. Working capital can be put to use to open a new location, build onto an existing location, add on additional parking, and much more!


New Hires and Employee Training – Another form of expansion can be hiring new employees. Once you business starts to boom, you may need some extra help. Maybe you want to hire additional cashiers for your store. Maybe your restaurant needs additional wait staff. Maybe your doctor’s office needs another receptionist. Maybe you even need to hire a few accountants to help take care of your finances. Additionally, many of these employees will need adequate training. Working capital can be used for all of these things!


Unforeseen Problems – Unfortunately, with every business, problems do arise. Equipment fails, vehicles breakdown, natural disasters occur, employees leave. The headaches are unforeseeable and can be expensive, but working capital can help to cover the costs in a matter of a few days.


Business Expenses – By acquiring working capital for your business, you will be able to pay for things that may not have been affordable in the past. You may need office supplies, new computer software, or you may have a few bills to pay. These payments can all be made possible with working capital.



What are the Four C’s of a Quick Business Loan?

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Before you start applying, let’s look at the process of how to get a quick business loan and the qualities lenders will look for in your business. To start, let’s discuss the four C’s of getting a quick business loan – Collateral, Capital, Capacity, and Character. While each of these factors individually won’t completely eliminate your business from acquiring a loan if negative, they are important qualities as a unit. Lenders take these factors into consideration when approving your business for a quick business loan, presenting an offer, and finally, actually funding your business bank account.


Collateral – Typically in the form of property, collateral are any assets a borrower will offer to secure a loan. If the borrower defaults on the loan, the assets they used as collateral can be seized. Many small business owners are wary of secured loans because of this reason.


Capital – Capital is any business asset that can be sold to make loan payments. This includes available money and savings, investments, properties, and other assets that you could sell quickly for cash.


Capacity – Capacity is a track record that shows your business’ ability to make the revenue needed to pay back the loan.


Character – This is determined by taking a look at the borrower’s personal credit history. Some of the factors taken into account are your total amount of debt, delinquent accounts, available credit, and whether you make payments on time.

Once you identify if you have each of the four C’s, the next steps to take are identifying why you need a quick business loan, doing your due diligence, choosing the best quick business loan option for your company, and finally applying. It sounds like a long process, however, it is much simpler than you think – much simpler than applying for traditional financing, that’s for sure. Here’s a breakdown of the process to help guide you along the way.

Steps to Follow When Applying

Identify Your Business’ Needs
– First things first, why does your business need a loan in the first place? Sit down with your core staff members, financial advisors, or simply yourself to determine your business’ needs and how a quick business loan could help. Do you need to purchase inventory, hire additional staff, catch up on bills? Having a plan of execution once the loan is acquired is essential for success, as well as a plan for paying the loan back.

Do the Due Diligence – You may hear the phrase, “do the due diligence” a lot when researching quick business loans. In simpler terms, this means doing the necessary research before applying and accepting an offer with a lender. There are thousands of lenders and brokers out there – traditional and alternative. Don’t take everything at face value. Learn as much as you can about each lender you are interested in, compare pricing, read reviews, ask questions, and follow your gut if something just doesn’t seem right. You have the right to protect yourself and your business. The last thing you want to do is put your business in more of a financial bind or have setbacks. Research and knowledge is key. Do your due diligence.

Choose the Best Quick Business Loan Option – Maybe you did this when identifying why your business needs a quick business loan, but it’s a good idea to confirm again the type of loan product your business truly needs. Could your business benefit from an SBA Loan, Term Loan, Startup Loan, or something else? Speak with your chosen lender to go over all of your options and get a better understanding of how everything works.

Find Out What’s Needed To Qualify and Apply – All lenders have different business loan qualification guidelines. Depending on your business’ financial standing the amount of money you are looking to obtain, the documentation needed to be presented with an approval will vary. It is a good idea to at least have your last six months of business bank and credit card processing statements available, as well as additional financial documents like P&L and Balance Sheets and tax returns easily accessible.

Getting a quick business loan doesn’t have to be difficult – Excel Capital Management is here to help! Skip the tedious application process and long wait for traditional financing. Consider one of the alternative funding options listed above for a quick infusion of working capital and the ability to focus on what you love – your business!  APPLY NOW or call one of funding specialists at 877-880-8086 today to learn what you qualify for!

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