Business Loans
Connecting You with the Financing to Grow Your Business
AddBack Solutions finds you the best financing options for your business. From equipment financing to SBA funding, we find the best loans and interest rates for your unique situation.
A Solid Business Plan Needs Solid Financial Support
For years now, we’ve been helping small business owners achieve their full potential by overcoming difficult hurdles and allowing them to focus on the most important part: their business.
Many small businesses don’t have access to traditional bank financing because they don’t meet the strict capital and bank credit requirements. We can help you find alternative forms of financing to achieve your company’s goals.
We’ve Helped Many Companies Get the Financing They Need
We understand the challenges of starting, financing and growing a business. And that’s why we’re here to help you identify the most appropriate business loans to provide stability and growth opportunities for your company.
We provide:
Powerful yet affordable financial consulting services
An extended network of lenders with regional and industry-specific expertise
A streamlined paperwork and documentation process to turnaround your loan quickly
AddBack Solutions can help determine which loan option is best, and how to successfully apply and secure the right business loan for your needs.
Let’s Find the Right Loan for You
It is nearly impossible to establish or expand a business without adequate working capital. The stability of your company and continued partner support depends on it.
At AddBack Solutions, we offer an extensive range of small business financing resources to help your business realize its full potential.
SBA Funding
SBA loans are available for most start-ups or existing small businesses, aimed primarily at the many owners who can’t meet traditional bank loan requirements. These loans can be used for virtually any business need, from buyouts to refinancing, and are partly guarenteed by the U.S. Small Business Association
Refinancing
If you are on the lookout for a better loan option for your business, refinancing your loan may be a good fit for you. This can allow you to take out a new loan with better terms, and lower monthly payments while using that capital to pay off previous debts.
Construction Funding
Whether you need conventional, HUD (Housing & Urban Development) or new construction funding, a real estate loan can often be the best way to finance your construction. Speak to us today to determine what financing is best for your project.
Factoring Loans
A factoring loan is an advance of funds that are guaranteed to be paid at a later date. A factored loan alleviates cash flow stress by providing immediate payment. For example, businesses that are waiting for funds from the IRS may opt to receive the funds sooner via factoring.
Business Line of Credit
With a business line of credit, you will be granted access to funds that you can use for your organization’s needs. This works similarly to a credit card, meaning interest only needs to be paid on funds utilized. You can withdraw as much as necessary up to your credit limit. Business lines of credit also help you build your credit while being extremely flexible. Competitive interest rates are available and next day funding may be possible.
Working Capital Loans
If you need a loan to help finance your organization’s day-to-day operations for a limited period of time, a working capital loan can help you keep your business running smoothly. There are different loan types available, so please contact us to determine which is best for you.
The Right Plan + The Right Loans = Your Success
We have been helping small business owners grow and thrive for decades.
We work with you to create the right plan of action to secure the business funding you need, mitigate business debt, and make smart, direct financial management desicions that set you up for success.
How it Works
We have streamlined the process to make it easier to begin solving your company’s cashflow challenges.
Choose Your Service
Simply answer a few basic questions to help us understand your specific business challenges.
Assess Your Needs
Once your information is submitted, we will schedule a call to take a deeper dive into the organization, its operations and processes, pain-points, and performance metrics to-date.
Advise & Plan
Working closely with you, we create a business strategy tailored to your needs, and map out the steps your company will take on its path to long-term success.
Let's Get to Work
We offer expert advice and utilize our strong relationships with various lenders to ensure you receive your capital as quickly as possible. Whether you’re in the Columbus area or anywhere in the U.S., do not hesitate to reach out to us by using the contact form to discover how our financial consulting services can best help your small business grow and flourish. We look forward to working with you!
Business Loans Frequently Asked Questions
What are the most common types of business loans?
There are many business loans available to entrepreneurs including term loans, business lines of credit, SBA loans, equipment financing, invoice financing, commercial real estate loans, microloans, personal loans for business use, and merchant cash advances.
At AddBack Solutions, our skilled funding specialists can walk you through the various business financing options and help you apply for the most appropriate small business loan for you.
Can my excellent personal credit score help when I apply for a business loan?
Loan applicants are most often rejected due to bad credit history or a low credit score. So, starting out the loan application process with a great personal credit score goes a long way to helping you secure loan funds, more favorable loan terms, and a better interest rate. Unsecured business loans are not out of the question with a sufficiently high personal credit score.
Even so, we recommend not going it alone. Work with a team of finance professionals like those at AddBack Solutions, to help identify and secure the best small business loan.
Is there a maximum loan amount available with a Small Business Administration loan? And are there specific repayment terms?
The SBA 7(a) loan has a maximum loan amount of $5 Million, whereas the SBA Express loan’s maximum amount is $350,000. The amount of your SBA loan will vary depending on the loan, your credit history and current credit score, business debt, personal assets, the SBA lender, the strength of your business plan, and a host of other factors.
For example, an Export Express or Export Working Capital loan eligibility may be impacted by your company’s export sales.
Repayment terms for your loan will vary depending on the type of loan, and can range from five to 25 years.
What are the eligibility requirements for the SBA loan?
To qualify for an SBA loan, you need good credit (700+), management experience, and sufficient cash flow (minimum 1.25x DSCR). You’ll need to provide collateral and personal guarantees from all 20% + business owners. To be eligible, you must be a for-profit, U.S.-based small business.
What kinds of documents does the SBA require?
The main documents required by the lender include:
- Loan Request Amount and Detailed Allocation of Funds
- Business Financials
- Year-to-Date Profit and Loss (P&L) Statement
- Year-to-Date Balance Sheet
- Projected Financials (one to three years)
- Proof of Ownership
- Business Certificate/License
- Loan Application History
- Business Tax Returns (last 3 years)
- Personal Tax Returns (last 3 years)
- Personal Financial Statement
- Owner Resumes
- Business Overview and History
- Business Lease
What documents do I need to furnish to the SBA for a loan to buy an existing business?
If you are getting an SBA loan to buy an existing business, in addition to the general SBA loan documentation, you will need to provide:
- Acquisition’s year-to-date balance sheet and profit and loss statement
- Acquisition’s last two years of business tax returns
- Purchase Agreement (should include asking price with a schedule of inventory, machinery and equipment, furniture and fixtures, accounts receivable, and intangible assets)
What are the SBA 7(a) loan requirements that pertain to eligibility?
The key SBA 7(a) loan requirements pertaining to eligibility include that you are:
- A small business as defined by the SBA (generally means under 500 employees or less than $7.5 million in annual sales)
- Engaged in an industry that is eligible, such as medical practices, retail, or hospitality (most active, non-speculative businesses qualify)
- A for-profit business engaged in, or planning to do business in, the United States or its possessions
- Using alternative financial resources, including personal assets, before seeking financial assistance
- Able to demonstrate a need for the loan that also qualifies as a sound business purpose
- Required to create or retain jobs and meet public policy goals that are in line with the SBA goals
What things do I have to consider when choosing my SBA loan?
Key questions to ask yourself are:
- Can I pay back this loan?
- Am I comfortable with this payment amount?
- Am I comfortable with the repayments being daily, weekly or monthly?
- Is this the best rate I can find?
- Am I aware of all the fees associated with this loan?
Can I factor my ERC refund?
Yes, however it is preferable to wait for the IRS to process the employee retention credit.
I still want to factor my Employee Retention Credit refund. What documents do I need to provide?
The typical documents required for factoring an ERC refund are:
- ERC calculations for each of the relevant quarters
- Proof of ERC eligibility for each of the relevant quarters
- Executed 941-Xs for each of the relevant quarters
- Proof of filing the 941Xs (i.e. tracking number, shipping label, receipt, etc.) and date that the 941Xs were filed with the IRS
- 3 years of Financial Statements (2019, 2020 and YTD 2021) and Tax Returns, showing at least income statement and balance sheet.
- Full name(s) and DOB for principal shareholder(s) for a background check
- Capitalization table
- Signed 8821
- Signed 8822B
What are the pre-screening criteria for a potential factoring loan?
Pre-Screening Criteria:
- Principal shareholders have no historical bankruptcy filings
- Principal shareholders have no ongoing/pending materially adverse litigation, or ongoing obligations from past litigations
- Principal shareholders have no outstanding federal or state tax liabilities
- Principal shareholders have no debt maturing and becoming due in the next 12 months
- Principal shareholders have been in business for at least 5 years