See more in Miami's Business Funding Guide

Online Lenders

There are many, many online lenders available to small business owners with a range of products and services. Because there are so many different options available, it is important to make sure you find a lender that fits the needs of your business.

Be aware of marketing campaigns that try to convince you a product is the right fit. The easier it is to get financing, the more expensive it likely is to pay off.

Ideal for businesses that:

Feel comfortable using the internet and/or do not have time to visit a lender in person.

These lenders are known for:

Having an easier application process that is fully online but sometimes more expensive.

Benefits

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You can complete the entire loan process online and approval is usually fast.
Application process is simpler and less documentation is required.
There are many comparison sites that allow you to compare the different loans that are available.
There are a huge variety of products. Business owners can usually find the type of funding they need.

Lenders to consider

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There are many articles and tools that will compare online loans. The best way to find the right fit is to contact the lenders directly to learn more about their products. If you fill out a matching survey online, be prepared to be contacted regularly via phone and email by lenders trying to offer their products to you.

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Below are a few articles and comparison tools that can help you determine the best fit.

Online Business Loans 2021 (NerdWallet)

Your Best Options Now (Value Penguin)

Typical documents you will need

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Online lenders typically do a pre-approval process. You will complete a pre-application that will inform you whether or not your are eligible to apply. The pre-approval won't require any documentation or proof but will likely ask you about your business history, revenue, industry, credit score, etc.

After you are pre-approved, the online lender will ask you to upload documentation and proof of the information you shared. The entire process will be available online but the documentation needed may vary by lender. You can expect less documentation then a typical bank but will typically need the following:

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- Contact information and background for all owners.
- Financial statements and projections (usually past two years).
- Explanation of how you plan to use the funds.
- Tax returns and other bank statements.
- Other business documents, including, Articles of Incorporation, By-Laws, Certificate of Good Standing, etc.
- Documentation of all outstanding debt.

Tips and resources

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The first question is usually, How much $ do you need? This can make online lending difficult for business owners that have never had a loan before. If you have the time, we recommend first going to a CDFI where you can develop a relationship with your lender and learn more about the process.

Common phrases to know

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Capital: Money, cash, funds. Capital is provided when you finance your business.
Financing: To provide funding (cash, capital, credit, etc.)
Term Loans: A certain amount of cash is given upfront and paid back over time. The interest rate and length of time to pay back is decided before the funds are given.
Interest Rate: The cost of borrowing money, usually presented as a percentage of the total amount given.
Credit: The ability to borrow money with the understanding that you'll pay it back later.
Working Capital: Money available to cover daily expenses when cash flow is slow.
Technical Assistance: Coaching, training, or advice to get your paperwork and financials in order.
Collateral: An asset that's value can be measured and is given to your lender if you are unable to repay your loan (like a car or piece of equipment).
Secured Loan: Requires collateral. You are providing security that the loan will be repaid.
Unsecured Loan: Does not require collateral. Lenders take more risk so the interest rate is sometimes higher.

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Online Lenders

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Online Lenders

Benefits

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Lenders to consider

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Typical documents you will need

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Tips and resources

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Common phrases to know

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The Axis Update

Helpful Links

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