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After the housing bubble burst in 2008, big banks stopped lending to small businesses. They didn’t completely stop—but they did significantly reduce the number of loans. Loans from big banks to small businesses dropped by 18% between June 2008 and June 2011.

Banks were nervous, and small businesses suffered the consequences. That was bad news for small business owners.

But this opened a door for a new industry: online business loans. Starting in 2015, Google searches for “online business loan” saw a breakneck rise. Business owners started looking for new options, and alternative lenders have been happy to oblige.

Big banks put business owners in a tough spot after the recession. But as with most challenges in the business world, this gave rise to new opportunities. And now the industry of business lending is changing. There is no longer a need for a face-to-face meeting. The entire process can be completed online without leaving the daily tasks of your business. As an alternative lender we can help you secure a business loan online and it just takes a couple of clicks to get started.

Get Your Business Loan Today

What Do I Need to Qualify?

Below is a list of the requirements to get approved for business funding with our most basic program.

  • At Least 3 Months in Business
  • 530 Min. Credit Score
  • $10,000 Min. Monthly Revenue

    • How Do I Apply?

    Applying has never been easier. You can either call our toll free number 24 hours 7 days a week at

    (888) 882-6117

    or

    Submit your online application by clicking apply below and entering a few basic details about your business.

    Types of Business Loan Available

    Small Business Loans

    This is a short term small business loan that you can use for any type of expense. You can use it to cover seasonal swings in business, pay a new chef, or open an entirely new location. Whatever you need for your business, these simple term business loans will help you get it.

    We offer up to $1,000,000 in funds for restaurant owners. And with interest rates of 5–45%, you can get a better deal than you would with some traditional lenders. As long as you’ve been in business for two months, earn $8,000 or more per month, and have a credit score of 500 or more, you can qualify for one of these loans.

    Our terms range from 12–36 months, so you can get the amount and terms that work for you.

    Unsecured Business Loans​

    Traditional lenders often require collateral when they give you a loan, which means you’re putting your business on the line. That’s not a good way to start a financial relationship.

    We offer unsecured business loans, so you don’t need to put up any collateral. Because we’re an alternative lender, we’re able to offer this funding service alongside our already great rates. You can feel more comfortable with our business loans knowing that we aren’t about to take your oven or your bar stools if you miss a payment.

    Merchant Cash Loans​

    We know that  restaurants have a tough time receiving working capital because of the volatility of the industry. If you try to get a loan from a traditional lender, you’ll get denied fast. But we don’t think your industry should disqualify you from getting funding for your restaurant business.

    So we offer short term merchant cash advances of up to $1,000,000 to restaurant owners with credit scores above 500. You’ll pay 12–45% interest on terms up to 36 months. As long as your restaurant has been open for a few months and you have $8,000 in monthly revenue, you can qualify.

    Working Capital Loans

    Restaurants have a lot of day-to-day expenses, and that’s what working capital funding is for. Whether it’s covering payroll, stocking the bar, or taking advantage of a marketing or advertising opportunity, these loans help you with the more mundane expenses of running a restaurant.

    Like our term loans, you can get up to $1,000,000 in working capital. You still get the option of terms between 12 and 36 months and interest rates from 9–45%. You’ll need to have two months in business, and at least $10,000 in monthly revenue to qualify. You’ll also need a credit score of 650 or better.

    If you meet these qualifications, you can get the funding you need to cover any expense you might come across, from an emergency repair to making sure your freezers are full of food.

    Apply Directly to One Source!

    Work with a direct lender and get a business loan as fast as the same day. Shield Funding offers competitive rates and terms on all it’s funding programs. Apply now with a trusted lender that has been helping business owners secure working capital for almost two decades.

    Apply Now
    What’s an Alternative Lender?

    An alternative lender is a financial institution other than a bank that makes business loans often structured as a cash advance for business. They might name it working capital loans, term business loans, business lines of credit or some other alternative financing product. The important thing is that they’re not banks.

    When you read about online loans, you’ll see alternative lenders mentioned a lot.  Most online loans are provided by alternative lenders. Shield Funding is a great example of an alternative lender.

    And there are some big advantages to working with a company like us.

    Advantages of Online Business Loans From Alternative Lenders

    Getting a business loan is a complicated process, and many factors go into your decision in choosing a lender (as well as that lender’s choice to work with you). Here are some of the best things about online business loans:

    They’re Fast

    How long does it take to get a business loan from a bank? Up to 90 days. (That’s for an SBA loan, which typically takes a bit longer than a standard loan.)

    You’ll fill out an application form that requires a lot of information and reams of paperwork. Then you’ll wait while the bank puts your information through its risk algorithms.

    If you pass—which many small businesses don’t—it can take a while longer to get your money. The entire process, from application to deposit, could take up to three months. That’s a long time if you need a loan to repair or replace a piece of equipment.

    Online business lenders can sometimes delivery your money the same day you submit your application. There’s virtually no waiting. Most of the time, it takes a few days or even a couple weeks. But you can expect to get your money significantly faster than you would with a bank.

    This is possible because online lenders are smaller and more flexible. They use different criteria to measure your creditworthiness, too. We’ll talk about that in a second.

    Less Documentation Required

    One of the reasons it takes big banks so long to process your loan application is that they need to review a huge amount of documentation. Here are some of the things you’ll need to include in your business loan application at a bank:

    • Business plan
    • Intended use of the loan
    • Cash flow statements
    • Personal bank statements
    • Business bank statements
    • Balance sheets
    • Profit-and-loss statements
    • Proof of identification
    • Personal credit report
    • Business credit report
    • Personal tax returns
    • Business tax returns
    • Proof of collateral

    And there could be more. Do you have all of that documentation easily available? If not, the loan process will be even longer.

    Online business lenders usually require far less documentation. For example, we only require a handful of documents for loans less than $100,000. And our application form is very short.

    The entire process is much more reasonable. That’s one of the reasons it’s faster—and a big factor in making the loan application process less stressful.

    More Holistic Lending Criteria

    Big banks use complicated lending formulas to get an idea of how likely you are to pay back your loan. But there are some things they just can’t get past. For example, if you have a credit score under 650, you probably won’t get approved for a loan.

    The same is true if you haven’t been in business very long. You’ll get denied for some loans just because you don’t have as much experience as other applicants.

    Online lenders look at more factors to determine whether you’re creditworthy. That’s why you can find bad credit business loans online—alternative lenders look at a range of factors to see if you’re a default risk.

    Some situations mean you just can’t qualify at a big bank. That’s much less likely with online lenders.

    Flexible Loan Terms and Amounts

    Big banks tend to work with big loans. It’s understandable when the loan process takes three months—you wouldn’t want to go through that extended process for a loan of $1,000.

    Online lenders provide a wider range of loan terms and amounts for business owners. You can still get big loans. Shield Funding offers loans of up to $1,000,000. But if you need a smaller amount of cash, you can get that too.

    For example, we also offer loans of $5,000. And you can pay them back in as little as two months if you prefer. That means you can find a loan that works for your situation—not a bank’s.

    This is especially useful if you need a fast, short term business loan to replace equipment or take advantage of an opportunity. You get the money fast, and you can pay it back in the amount of time that works best for your business.

    Unsecured Loans Are Available

    Many bank business loans require collateral. You need to provide proof that you own an asset to back the loan. If you default on your loan, the bank will take that asset and sell it.

    That means you’re putting your business—or sometimes your home—on the line. We don’t like that idea. Which is why we (and many other online alternative lenders) offer unsecured business loans. You don’t need to provide any proof that you own an asset to cover the loan, because we’ll never take anything from you.

    This makes it easier for newer and struggling businesses to get an online business loan.

    Potential Disadvantages of Online Business Loans

    While online business loans give small business owners access to a lot more capital, there are a few things to watch out for. As long as you’re aware of them, you should be able to avoid the few pitfalls of these loans.

    High Interest Rate Ceilings

    You can get a very-low-interest rate from an online alternative lender. But because these lenders are willing to take on a lot more risk, they can also have high interest rates to make up for that risk.

    There are a few things you can do to mitigate this

    First, work with an online lender who’s been in the business for a while. They have a better idea of how much risk they’re taking on and what it will cost them to do so. For example, we’ve helped secure thousands of business loans and secured millions in capital for businesses. That’s a good sign.

    Second, if you have bad credit, consider improving it before taking out a business loan. This isn’t always feasible, and it can be a long-term process. But it’s worth considering.

    Finally, make sure to avoid payday-style online lenders. Some online business loans come from predatory lenders with huge APRs. Keep an eye out for astronomical interest rates.

    As long as you’re aware of these areas where you could see high interest rates, you should be able to avoid them.

    Inexperienced Lenders

    There are a lot of alternative lenders out there, and you have what feels like unlimited options for online business loans. But just because a company has a professional-looking website doesn’t mean they know what they’re doing.

    Inexperienced lenders have little or no proven business sense, which means they could be misinterpreting risk. That’s bad news for borrowers—and it could mean very high interest rates and fees.

    There’s also the possibility of fake lending websites set up just to nab your personal details and identifying information. It’s not especially likely, but it’s possible.

    Read the fine print. Pay attention to reviews about alternative lenders. Look at a company’s history before you submit your application. If they’ve been around for less than ten years, be extra cautious.

    High Fees

    This is true of any loan, but it’s worth being extra vigilant if you’re looking for business loans online. Origination fees, processing fees, prepayment penalties, late payment fees, and other expenses add up fast.

    Again, you can avoid this by getting the details from your lender before you sign for the loan. Many online lenders provide loans with low fees. You just have to be on the lookout to get the best deal.

    Online Business Loans Give You More Options

    In the end, online alternative lenders give you a lot of options. And that’s a big advantage for business owners. There are tons of reasons to look at online business loans:

    • You have bad credit
    • You don’t have collateral
    • You need money fast
    • Your business isn’t very old
    • You’re looking for a great deal

    And many more. If you have all the time in the world and great credit, you could consider a bank business loan.

    But if you’re like most small business owners, an online business loan could be a much better fit for your situation.

    Want to find out about our online business loans and how we can help your small business succeed? Get in touch today for a no-pressure chat about it!

    Get Started on Your Small
    Business Loan

    Looking for fast business funding without the hassle? Work with a direct lender for same-day funding! Avoid endless calls and broker fees. Apply now and get funded as fast as today!

    Apply Now
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