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BUSINESS LOAN
Loan Calculator
Quick & easy access to funds to help you take that next step today.
How to Use The Business Loan Calculator
Estimate Your Payments
To make the best use of this business loan calculator, you’ll need a few additional pieces of information. The calculator requires the following:
- Amount seeking
- Loan term
- Annual rate
From the calculator, you will get an estimated monthly payment, origination fee, and total repayment.
Estimate How Much You May Qualify For
You can also estimate how much you may qualify for if you take out a business loan. As soon as you fill out your information, the calculator will give you a range of dollar figures in which you may be able to borrow. This will give you an idea of the types of expenses you might be able to cover and whether or not you might need to seek additional financing from other sources. The inputs for this calculator include:
Business Start Date
This is the month and year your business officially started operations.
Annual Revenue
This refers to the total amount of money your business makes during a 12-month period.
Last Month’s Deposits
Last month’s deposits show how much money you deposited into your business bank account in the previous month.
Terms and Explanation
Here are the essential pieces of information you’ll need to enter and notice as outputs on our business loan calculator.
Amount Seeking
This is the amount you’d like to borrow. Typically, your credit score and business revenue will determine how much you’ll receive.
Loan Term
The loan term is how long you’ll take to pay back your loan. Business loans can be anywhere from a few months to several years or even longer.
Annual Rate
The annual percentage of rate (APR) is the cost to borrow money, expressed as a yearly percentage. It includes your interest rate, plus additional fees associated with taking out your business term loan.
Estimated Monthly Payment
The estimated monthly payment is what you’ll pay each month to repay your business term loan. It can give you an idea of how a business term loan might fit with your budget.
Total Repayment
Total repayment shows the total cost of your loan. This includes the entire principal, interest, and fee amount you’ll pay over time.
In this guide, we’ll answer the following questions and more:
What Is Equipment Financing and Who Is It For?
SBA stands for “Small Business Administration.” The Small Business Administration is a government agency, not a business lender. Applications for SBA Loans are not sent directly to the SBA. Instead, you must apply through one of three types of financial institutions: commercial banks, credit unions, or alternative business financing facilitators like United Capital Source. These loans help small business owners just like you start or grow businesses.
What makes an SBA Loan different than all other business loans is that the SBA guarantees up to 85% of loans up to $150,000 and up to 75% of loans over that amount and up to $500,000. This means that even if the borrower defaults on the loan, the financial institution still makes back 85% or 75% of the borrowed funds.
The SBA, however, does not approve or reject applications. That’s all up to the financial institution, each of which has its own criteria for approval. Once the institution approves an application, it submits its own application requesting the SBA’s guarantee.
How Does Equipment Financing Work?
The primary advantage of small business loans for bad credit is accessibility. A poor credit score won’t prevent you from being approved as long as your business has a steady cash flow. In addition, strong sales can decrease the effect of a bad personal credit score on the small business loan’s cost and terms.
Bad credit borrowers can also use the funds to pay off existing debts, which is a common cause of poor credit. Unfortunately, many traditional lenders require borrowers not to use funds for this purpose or even approve borrowers with too much existing debt.
Another advantage is the establishment of a track record of timely payments. Of course, not every bad credit small business loan will directly impact your personal credit score. But now that you’ve proven you can pay off a small business loan on time, you will likely qualify for a second, larger round of funding with a lower interest rate and more favorable terms.
For this reason, you might think of this type of small business loan/line of credit as your first step towards obtaining all the financing you need to accomplish your goals. After all, less than perfect credit doesn’t mean your goals are unattainable. It just means you’ll have to wait a little longer to reach them.
What Are the Advantages of Equipment Financing?
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What Are the Disadvantages of Equipment Financing?
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Who Qualifies For Equipment Financing?
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How To Apply For Equipment Financing:
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What If I’m Declined For Equipment Loans?
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