Frequently Asked Questions
Shield Funding has set out to assist business owners with securing small business loans for more than a decade now. In order to meet this objective, our associates are here to answer your questions and provide you with any loan information you require. Feel free to read about some of the most commonly asked questions below or call us directly to speak to one of our experienced representatives now.
- How does Shield Funding's small business loan program work?
Your company can receive one of various types of small business loans that range in amounts up to $1,000,000. There are personal guarantees but collateral is not required for many of these options. The type of business loan available is dependent on your company profile but generally we offer business financing based on future sales receipts that is why if you have bad credit you can still get approved. Our business loans are paid back by automatic withdrawals out of your business bank account based on an agreed upon percentage of future sales until the funding is paid back.
- Do I qualify for a small business loan?
Qualifying for a loan is simple, you just need to:
- 1. Depositing at least $8,000 in revenue in 3 recent monthly periods consecutively.
- 2. The ability to provide statements for at least 3 months validating your details.
- How easy is it to get my loan application approved?
Shield Funding’s small business loanprograms are easy to apply for and get approved. We have a very high approval rate for any business operating for at least 2 months, even if you have bad credit or have been denied in the past. For example, one option, our bad credit business loans are tailored for business owners with bad credit. All you have to do is fill out an online application with a basic profile. The paperwork is minimal and approvals are determined almost immediately. Most of our business loans are unsecured and can be transferred to your account in as fast as the same day.
- How do I repay the funded amount?
It really depends on the type of funding you receive. If you apply and receive a merchant cash advance we deduct a portion of each credit card sale as it is generated. We determine a comfortable percentage for your business before we initiate the funding. If you do not process credit cards we can ACH your business bank account on a predetermined schedule that we arrange with you. Each funding option has different terms and can be thoroughly explained before any agreements are made.
- Can I apply for a business loan or merchant cash advance if I have one already?
We receive applications all the time from people who have been funded by other companies but are not getting the service they expect or cannot get additional funding from their current lender. We have a 5 star rating for the excellent way we service our client’s accounts and look forward to hearing from you.
- How much money can I apply for?
Each business is different but a general guideline for approval amounts is based on monthly revenues. We can give you anywhere from 50% to 150% or more of your monthly revenues depending on the consistency of your monthly revenue among other factors.
- If I take a merchant cash advance do I have to switch processors?
The answer is NO. However, we do offer some of the best credit card processing options and do manage a large percentage of our clients accounts. Our clients understand that we are concerned with long term business relationships and the potential of funding larger deals as the business relationship moves forwards, and we are not here to make money off of a client’s processing accounts. It is for this reason we feature the most competitive rates in the industry and why many of our clients choose to switch. The choice is yours and we are here to answer any of your questions or concerns.
- If I apply how long before I receive the actual wire?
Although each case is different depending on the speed in which we receive the documentation we require, we have funded business owners in the same day that they applied. The process is very quick at Shield Funding when our clients are responsive.
- Are there restrictions on how I use the money?
That is the beauty of Shield Funding’s business loans. The money can be used to pay down debt, buy equipment or inventory, marketing purposes, or anything that you see fit. We believe business owners know how to distribute the capital for their own business.
- How much will a small business loan cost to repay?
The cost to repay a small business loan is based on the amount as well as time period to repay, and several other details. A Financial specialist can explain the exact details of the options available to your business shortly after you fill out the online form. We also offer a detailed overview of our rates and terms on our small business loan rates page.
- How will bad credit or no collateral affect my small business loan application?
This is one of the greatest features of our business loan options. Because we consider current and future sales receipts as the main deciding factor for our approvals we rely much less on your credit rating or history. We also do not require collateral for most of our funding programs. Additionally, your credit score will only affect the amount and terms but not your approval which is why business owners with poor credit can take advantage of our bad credit business loans.
- How much financing can I receive?
Generally our small business loans range from $5,000 to $1,000,000. There are always exceptions based on particular requests but this is a general guideline.
- What is the structure for paying back a small business loan?
Your payment amounts are determined based on a small percentage of future revenue while considering your company’s ability to manage the payments.
- After I repay a small business loan how easy is the process to receive another one?
Because we have established a business relationship with you the process to apply again is very simple. As long as there are no major changes in your financial status your approval will go through expeditiously.
- How complicated is filling out the paperwork for a small business loan?
The application process is virtually hassle free. The paperwork requires just a few minutes, an initial one minute form online, or you can simply call us to avoid that process, and then we follow with a one page application by email or fax. Our account specialists are here to guide you through the process.
- If I have a similar loan with another financial company will I be automatically approved?
Although every financing company has different standards, based on our experience over 90% of our clients who apply with existing business loans are approved. The one way you can find out is simply filling out our easy to use online business loan application.
- Are there any costs to apply for a small business loan?
Although other companies charge application fees we do not charge our customers any up-front fees.
- Can you transfer a business loan or receive more than one with multiple companies?
The answer is yes and detailed in two options. First, we have many clients who come to us because the terms of their small business loan are unreasonable or they are just unsatisfied with the service of their provider. There are several ways to transfer your account and we will be more than happy to discuss the options available to you. Secondly, there are occasions where you have 2 or 3 loans outstanding and there are complex structures that we can discuss with you if you find yourself in either situation or something similar. We look forward to hearing from you and walking you through the process.
- Does Shield Funding have a business loan referral program?
The answer is yes. We offer interested individuals or organizations the opportunity to receive referral fees by introducing borrowers to our service. If you are interested you can learn more here.
Have Additional Questions About Small Business Loans?
We would be happy to answer any question that are not listed. You are welcome to call or email us at any time with your questions. Call (888) 882-6117 or visit our contact page for additional questions. We appreciate your interest in our company and look forward to hearing from you.