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SBG Funding Review

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About SBG Funding

SBG Funding is a prominent alternative lender, specializing in catering to the funding needs of small businesses. This reputable financial institution stands out by offering a diverse array of funding options such as standard loans, business lines of credit, equipment financing, and invoice financing. SBG Funding has gained recognition for its commitment to providing relatively fast funding solutions, making it a top choice for small business owners seeking flexibility in their financial arrangements.

SBG Funding

Key features

  1. Generous Business Financing. SBG Funding offers substantial financial assistance, with business financing options reaching up to $5 million.

  2. Swift Approval Process. One of the notable advantages of SBG Funding is its commitment to efficiency. The approval process is designed to be swift, with decisions made within 24 hours.

  3. Inclusive Credit Consideration. SBG Funding stands out by being inclusive in its approach to credit evaluations. Unlike some traditional lenders, SBG is willing to collaborate with business owners whose credit may not be in pristine condition.

  4. Versatility Across Industries. SBG Funding is not limited to specific sectors; instead, it actively collaborates with a diverse range of industries.

Pros and cons

Pros

Accepts Fair Credit. SBG Funding stands out for its inclusive approach by accepting fair credit. This means that businesses with credit profiles that may not be considered excellent still have the opportunity to secure financing.

No Personal Guarantee. One notable advantage of SBG Funding is its willingness to provide loans without requiring a personal guarantee. This can be a significant relief for business owners who prefer not to put personal assets on the line when seeking financial assistance.

Same-Day Funding. SBG Funding excels in providing swift financial solutions, offering same-day funding. This rapid turnaround time ensures that businesses can access the necessary funds promptly, addressing urgent financial needs.

Majority Ownership is Not Required. Unlike some lenders that may require a significant ownership stake in the business, SBG Funding does not demand majority ownership. This flexibility allows business owners to retain greater control over their enterprises.

Cons

May Not Report to Some Credit Bureaus. A potential drawback of SBG Funding is that it may not report to certain credit bureaus. This could limit the impact of timely repayments on a business's credit score and may not contribute to credit-building efforts.

Revenue Requirements. SBG Funding comes with high revenue requirements, which could pose a challenge for smaller businesses or those in the early stages of development. Meeting these stringent revenue criteria may limit eligibility for some enterprises.

Interest Rates and Fees. The variability in interest rates and fees with SBG Funding could be considered a con, as it introduces uncertainty for borrowers. Understanding the specific terms and costs associated with the financing is crucial to making informed financial decisions.

Reliability

SBG Funding has demonstrated reliability, as evidenced by its A+ rating from the Better Business Bureau (BBB). This rating reflects the BBB's assessment of the company's trustworthiness and commitment to resolving customer concerns. An A+ rating is a strong indicator of SBG Funding's reliability and positive business practices.

How to apply for an SBG Funding loan?

  1. Online Application. Initiate the qualification process by completing a straightforward one-page online application provided by SBG Funding. The form collects essential basic business information, such as your business's name, address, and contact details. Additionally, you'll be required to provide your federal tax ID, date of birth, and specify your business's legal entity type.

  2. Financial Information. The application process includes a comprehensive financial information section. You'll need to disclose your business's annual revenue, average daily bank balance, and monthly credit card sales. Furthermore, you are required to outline your intended use for the funds and specify the amount of money you're seeking.

  3. Contact from SBG Funding Representative. Once you have submitted your application, an SBG Funding representative will reach out to you. This personalized contact allows for a discussion about your financing options. It provides an opportunity to gain insights into what you qualify for without making a commitment to a loan with the company.

  4. Decision and Funding. Following your application, you can typically expect a final decision within 12 to 48 hours. SBG Funding prides itself on a streamlined process, with the average time from application to closing reported at 2.2 days in 2022. This efficiency ensures that you receive timely feedback on your loan request.

Сonditions and requirements

Conditions

  • Small Business Term Loan. SBG Funding's Small Business Term Loan provides businesses with flexible financing options. With terms ranging from 12 months to 5 years, this loan is designed to accommodate different business needs. The competitive rates, starting at 1.75% per month, make it an attractive choice. The application process is quick and easy, with decisions made within 24 hours. Funding can go up to $5,000,000, and the loan offers the convenience of bi-weekly and monthly payment options with no prepayment penalties.

  • Business Line of Credit. SBG Funding's Business Line of Credit offers businesses a versatile financing solution. The application process is streamlined and decisions are made within 24 hours. Credit lines of up to $250,000 provide businesses with the flexibility they need. With no prepayment penalties, businesses can choose from weekly and monthly payment options. The revolving terms, ranging from 6 to 24 months, allow for ongoing financial flexibility. Rates start at 1.75% per month.

  • Bridge Loan. SBG Funding's Bridge Loan is a rapid and efficient financing option for businesses. With decisions made within 24 hours, businesses can access funding up to $1,000,000. The loan offers prepayment discounts, providing added financial benefits. Weekly and monthly payment options cater to various business preferences, and terms range from 6 to 24 months. Rates start at 1.92% per month.

  • Equipment Financing. SBG Funding's Equipment Financing is tailored for businesses looking to acquire equipment. With decisions made within 48 hours, businesses can obtain funding up to 100% of the equipment value. The absence of prepayment penalties adds flexibility to repayment. Automatic monthly payments simplify the process, and businesses can choose terms ranging from 1 to 7 years. Rates start at 3.75%.

  • Invoice Financing. SBG Funding's Invoice Financing is designed to address cash flow challenges. With decisions within 24 hours, businesses can access funding up to 90% of eligible receivables. The flexible payment options, including weekly and monthly choices, cater to different business cash flow cycles. Rates start at 0.25% per week, providing a cost-effective solution.

  • SBA 7(a) Loan. SBG Funding's SBA 7(a) Loan is ideal for businesses with varied financing needs. With loan amounts up to $10 million, businesses can secure funding at competitive rates starting at Prime + 2.5%. The repayment terms range from 2 to 10 years with monthly payments and no pre-payment penalties. This loan option provides businesses with the support they need for growth and expansion.

Requirements

  1. Business Duration. Minimum of 6 months in business.

  2. Credit Score. FICO score exceeding 500.

  3. Annual Revenue. Annual revenue of at least $250,000.

Meeting these criteria demonstrates your business's stability and financial health, making you eligible to explore the funding options provided by SBG Funding. These requirements are designed to ensure that businesses seeking financing have a reasonable track record and financial standing, contributing to a more informed and responsible lending process.

Ways to receive the money

You have two options for receiving the borrowed amount from SBG Funding. You can opt for a same-day wire transfer, though additional fees may apply. Alternatively, you can expect the funds to be ACH transferred to your business bank account on the next business day. Choose the method that best suits your preferences and needs.

Products

  1. Small Business Term Loan. This product provides businesses with a lump sum of capital that is repaid over a specified term, typically ranging from 12 months to 5 years. It offers flexibility in funding purposes and comes with a competitive interest rate.

  2. Business Line of Credit is a flexible financing option that provides businesses with a predetermined credit limit. Businesses can draw funds as needed, making it a revolving source of capital. It offers quick access to funds and allows for ongoing financial flexibility.

  3. Bridge Capital. SBG Funding's Bridge Capital is designed for quick and efficient financing. It provides businesses with rapid access to funds, making it suitable for short-term financial needs. The loan terms range from 6 to 24 months, offering businesses flexibility in repayment.

  4. Equipment Financing. This product is tailored for businesses looking to acquire equipment. SBG Funding offers funding up to 100% of the equipment value, with terms ranging from 1 to 7 years. Automatic monthly payments simplify the repayment process.

  5. Invoice Financing helps businesses address cash flow challenges by providing funding based on their outstanding invoices. SBG Funding can fund up to 90% of eligible receivables, offering weekly and monthly payment options. It's an effective solution for managing working capital.

  6. SBA 7(a) Loan is backed by the Small Business Administration (SBA) and offers businesses larger loan amounts, up to $10 million. With competitive rates and a repayment term ranging from 2 to 10 years, this product is ideal for businesses with diverse financing needs.

How to repay an SBG Funding loan?

  1. Automatic Payments. Set up automatic monthly payments from your business bank account.

  2. Flexible Terms. Choose from a range of flexible terms, typically one to seven years, based on the loan product.

  3. Prepayment Penalties. Enjoy the benefit of no prepayment penalties or prepayment discounts for early repayment.

  4. Monthly Payment Options. Select convenient monthly payment options to suit your business's cash flow.

  5. Online Portal. Manage your loan conveniently through the SBG Funding online portal.

Other Loans

Reasons for getting rejected for an SBG Funding loan

  1. Low Credit Score. A credit score below the required threshold may lead to rejection.

  2. Insufficient Business History. If your business has not been operating for the minimum required duration your application may be rejected.

  3. Inadequate Annual Revenue. Failing to meet the minimum annual revenue requirement may result in rejection.

  4. High Existing Debt. A high level of existing debt could impact your loan eligibility.

  5. Unfavorable Business Bank Statements. Poor business bank statements may raise concerns during the evaluation.

  6. Incomplete Documentation. Failure to provide all required documents can lead to rejection.

  7. Failure to Meet Specific Loan Criteria. Not meeting the specific criteria for the chosen loan product may lead to rejection.

Alternatives

  • National Funding is a lender providing various financing solutions, including equipment financing, working capital loans, and business loans.

  • OnDeck offers term loans and lines of credit for small businesses, with a focus on quick and accessible financing.

  • Fundbox specializes in providing invoice financing and lines of credit to small businesses, offering quick and flexible funding options.

  • Fora Financial is an alternative lender that offers working capital loans and merchant cash advances to small and medium-sized businesses.

Loans like SBG Funding

OnDeck

OnDeck stands out as an excellent choice for short-term business loans, offering the flexibility of borrowing substantial amounts, even for businesses with a minimum credit score. What makes OnDeck particularly attractive is its ability to provide funds swiftly, with same-day approval and disbursement for qualifying applicants. Moreover, OnDeck emphasizes the opportunity to build and strengthen business credit by consistently making on-time payments. The loan terms range from 18 to 24 months, with loan amounts spanning from $5,000 to $250,000. While the starting interest rate is 35.40% for a portion of customers, the accessibility and speed of funding make OnDeck a notable player in the short-term business loan landscape.

Funding Circle

Funding Circle distinguishes itself in the realm of long-term business loans by offering competitive rates, extended repayment terms, and a lack of prepayment penalties. This lending option caters to businesses seeking larger loan amounts, ranging from $25,000 to $500,000, with a reasonable starting interest rate of 11.29%. Beyond financial support, Funding Circle prioritizes efficiency, enabling businesses to access funds in as little as two business days. Notably, Funding Circle also showcases its commitment to diversity by providing funding options specifically tailored for women-owned businesses and minority entrepreneurs. The loan terms extend from 6 to 84 months, making Funding Circle a favorable choice for businesses with a more extended financial horizon.

Credibly

Credibly positions itself as a reliable source for working capital loans, particularly for businesses requiring quick funding to address immediate operational needs like payroll or inventory expenses. Notably, Credibly's working capital loans boast a rapid approval process, often providing funds in less than 24 hours. The lender exhibits flexibility by considering applicants with a minimum credit score of 500 and a willingness to look beyond a less-than-perfect credit history, provided there is a healthy annual revenue. Beyond working capital loans, Credibly collaborates with a network of lenders to offer a diverse range of financing options, including merchant cash advances, business lines of credit, equipment financing, SBA loans, and invoice factoring.

Fundbox

For startups in need of swift financing, Fundbox presents an appealing option with its business line of credit, offering up to $150,000. What sets Fundbox apart is its relatively lenient eligibility criteria, allowing new companies to qualify after just six months of operation and a minimum annual revenue of $100,000. The business line of credit provides the flexibility to withdraw funds as needed, and businesses only pay interest on the amount utilized. Additionally, Fundbox offers perks such as up to 20% off fees through its Fundbox Plus upgrade. With competitive starting interest rates ranging from 4.66% for 3-month terms to 8.99% for 6-month terms, Fundbox addresses the financial needs of emerging businesses seeking quick and accessible startup loans.

Editorial Opinion

SBG Funding stands out as a potential financial solution for businesses seeking diverse business loan options, including business loans, SBA loans, and small business loans. With a streamlined online form and a commitment to providing loan approvals swiftly, SBG Funding has positioned itself as a notable alternative lender. While the interest rates may vary and a hard credit pull is involved, the flexibility in loan types, coupled with monthly revenue considerations, caters to a range of business needs. It's advisable for businesses to carefully weigh the terms, compare with other lenders, and consider factors like required documentation, and potential high-interest rates before choosing SBG Funding. Overall, SBG Funding's presence in the financial landscape is notable, and its commitment to client satisfaction is reflected in the positive testimonials that have brought smiles to hundreds of business owners.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 50 business lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional Resources

  • GoKapital Account Review
  • How to Apply for GoKapital Loan
  • How to PayOff GoKapital Loan
  • GoKapital Mobile Apps
  • GoKapital Reviews

Sources

FAQ

How do you qualify for an SBG Funding loan?

To qualify for SBG Funding loans, your business typically needs a minimum of six months in operation, a FICO score exceeding 500, and an annual revenue of at least $250,000. The application process involves providing several documents, including business bank statements and a voided business check.

How much can you borrow from SBG Funding?

Businesses can borrow up to $5 million from SBG Funding, providing a substantial financing option for a variety of operational and growth needs.

Does SBG Funding approve everyone?

SBG Funding does not guarantee approval for everyone. Approval is subject to meeting specific criteria, including a minimum of six months in business, a FICO score exceeding 500, and an annual revenue of at least $250,000. The approval decision takes into account various factors, and meeting these criteria enhances the likelihood of approval.

Is SBG Funding a legitimate company?

SBG Funding appears to be a legitimate company, as indicated by its A+ rating from the Better Business Bureau (BBB). The BBB rating reflects the organization's assessment of business practices, customer satisfaction, and adherence to ethical standards. An A+ rating suggests that SBG Funding has demonstrated a commitment to resolving customer concerns and maintaining a high level of trustworthiness in its operations.

Is SBG Funding a good lender?

A Trustpilot score of 5 indicates a positive customer sentiment towards SBG Funding. While individual experiences may vary, the high rating suggests that many customers have had positive interactions and outcomes with SBG Funding.

Company documents

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We are a niche business financing firm with years of experience in the finance industry. 

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