Automotive service companies seeking financing often turn to the same sources, including banks, credit cards and loans from friends and family. Unfortunately, these options can hinder a business before it even has a chance to flourish.
In today’s economic world, it’s that much harder to receive the financing your business needs from traditional lenders like banks, and those who do qualify may find they’re dealing with stringent loan terms and uncompromising repayment conditions.
Meanwhile, credit cards may provide owners with the small business financing they require in the short term, but they also often come with high interest rates that can drive up debt and lead to significant financial headaches down the line.
Finally, while friends and family can often be counted on to support a business endeavor, mixing money and personal relationships is usually a recipe for disaster. The chances that family and friends have enough money to loan for business financing are quite low.
Fortunately, there is still a wealth of options for business financing available to owners across the country.
At Crestmont Capital, we understand that no two automotive service companies are alike, and that’s why we view each scenario individually to ensure that our clients get the financing that suits their business needs. By looking at each business on an individual basis, we can approve many more business owners than our competition.
We can provide funding programs for automotive service companies with less-than-stellar credit, newer businesses, and businesses that perform well but can’t show it with financial statements. Our financing terms can range from 3 months to 10 years! With our common sense process, we approve a large percentage of our applications and are able to our clients significantly more capital. It only takes a few seconds to apply and less than 24 hours for approval.
Small business loans provide your business with the cash it needs to expand, increase or replace inventory, advertise, consolidate debt, or even pay taxes. We do not offer “one-size-fits-all” lending. We work with you to make sure you understand all your options and help you to choose a loan that makes sense for your business.
SBA loans are the cream of the crop of small business loans. The Small Business Administration partially guarantees SBA loans, and because of this, lenders are willing to lend to small businesses more often and with better terms. SBA loans come with exceptionally ideal terms, but they will be the hardest type of business loan for which to qualify.
Business term loans offer a straightforward, affordable funding solution for small businesses. A traditional business term loan is a lump sum of capital that you pay back with regular repayments at a fixed interest rate. The set repayment term length will typically be one to five years long. Most business owners use the proceeds of term loans to finance a specific, one-time investment for their small business. Like an SBA loan, the terms of a traditional term business loan are ideal, but the requirements are somewhat stringent.
Businesses face emergency expenses and impromptu investment opportunities. Sometimes, they may not have the necessary funds available. That’s where a business line of credit comes in to play. Our Small Business Line of Credit Process makes this desire a reality.
With a business line of credit, you get access to a pool of funds which you can draw from whenever you need capital. Unlike a traditional business loan, you have the flexibility to borrow up to a specific, set amount. Then you repay only the amount you withdrew, with interest. Business lines of credit are conveniently available whenever needed, so you can use it to handle gaps in cash flow, get more working capital, or address almost any other emergency or opportunity.
Unsecured working capital helps businesses with their daily costs. Sometimes, businesses experience lapses in working capital which affect their ability to maintain daily operations. Unsecured working capital is a method of financing that can keep things running.
Our working capital programs provide the funds a small business needs at terms that make sense for the success of that business. We offer loans up to $500,000 with little or no documentation. Our loans can be funded and the cash in your account in as little as 24 hours. The loans are unsecured, meaning we don’t need an interest in any assets for collateral. Apply for a working capital loan or working capital line of credit and watch your business grow. Once you apply, we do the work and leave you free to do what you’d actually like to be doing, running your business.
You did it! You opened your business. You’ve carefully planned and fine-tuned. Now, there’s one more obstacle between you and getting your business off the ground: money. Without it, you can not implement your ideas. Fortunately, there are startup loans for small businesses!
A startup business loan is a type of financing specifically tailored to help get new, small businesses the capital they need to get things moving. Fortunately, Crestmont Capital has a variety of startup loans to fit your new business’s financial needs.
Sometimes, businesses need fast cash. Often, going through the process of procuring a traditional loan will take too long, and the requirements are stringent. In these cases, merchant cash advances (MCA’s) can come in handy.
An MCA isn’t technically a loan; it’s an advance. With this option, we will advance your business’s future credit and debit card revenues that you will repay in a predetermined daily percentage of your business’s credit and debit card revenues. In a nutshell, you will receive an upfront sum of cash in exchange for a percentage of your future sales. Plus, they’re some of the easiest and quickest loans to acquire! Crestmont Capital offers a variety of flexible MCA options for your small business cash needs.