How to apply for a loan?
If you need a loan, head on over to Balboa Capital's website to submit your application.
Please submit your application in full, including any supporting materials. Information received will be checked by Balboa Capital's staff. For small business loans from Balboa Capital, the more paperwork you can provide, the better.
Your company's loan application will be reviewed by Balboa Capital, which may approve or deny it. It's possible to get a reply within a working day.
When your loan is accepted and the loan agreement is completed, the money will be deposited into your bank account.
Requirements
To get help from Balboa's short-term loan working capital program, meet one or more of the requirements:
Time In Business: 12 months
Revenue: $300,000/year (lines of credit and short-term loans); $100,000/year (equipment financing).
Even though Balboa doesn't say what the minimum credit score needs to be, applicants must have "good" credit. It's safe to assume this means some number in the 600s. In addition, you have the following qualifications:
To qualify for a loan, the borrower must have at least a 15% stake in the company.
Clear financial past (few overdrafts)
Borrowers who have outstanding senior debt will be rejected by Balboa Capital. Balboa Capital won't take a second position amongst your debts.
Application details
Please submit your application together with all the supporting materials that are required. The team at Balboa Capital will double-check the data that they have received.
Copy of your driver’s license
Certificate of good standing
Voided business checks
Business bank statements for working capital loans
Two-year balance sheet for deals over $250,000
Two years of tax returns for deals above $250,000
Two-year profit-and-loss statement for deals above $250,000.
The Military Lending Act (32 C.F.R. 232) says that the most a lender can lend to a covered borrower in a year is 36%. The annual percentage rates (APRs) for Balboa Capital Small Business Loans are higher than what is allowed by the MLA. Because of this, the product cannot be offered to these borrowers. "Covered borrowers" are people who can get a loan under the Military Lending Act. This includes service members who are currently on active duty and their covered dependents.
