Consultation Company Business Loans

Consultation Company Business Loans

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Business consultant companies must help struggling companies overcome their issues at the workplace and generate a better business strategy to gain revenue. Consulting companies provide professional advice to organizations in a variety of fields. Through their experiences, they have the knowledge and system to help their clients ultimately become successful in their projects or business goals.

Throughout the pandemic, reports show the consulting sector suffered a 12.5% decrease in revenue in 2020. In the coming years, consulting businesses are looking to bounce back from the loss stronger than before. If you own a consulting company, make this your comeback year by helping clients recognize the business disruptions and creating a solution to help your clients learn and become better.

Having the proper applications and supplies on hand is necessary. Most consulting companies utilize business funding options to help bridge the gap until they receive payments from their clients. The funds cover all the required business expenses and support fuel business initiatives. As a growing consulting business, two of your focuses are advancements in technology and marketing.

A consulting company business loan can provide small and growing consultation companies with funds to manage their capital flow, day-to-day expenses, etc. Various loan options are available to help fund and ultimately expand your business.

First Union Lending has provided funds to thousands of businesses run by passionate owners who strive to deliver high-quality service to their clients. We are ready to help consulting companies attain the necessary funds to succeed.

What is a consultation company business loan?

A consultant company business loan is an industry-specific loan that provides funds specifically to consultation businesses that need financial assistance. It provides funds to manage capital flow, cover the day-to-day expenses, fulfill season demands, marketing expenses, pay employees, etc.

Consulting companies have to take the time to analyze companies, locate the disruptions, create a solution, and implement the necessary changes while also educating their clients on maintaining a healthy business. Sometimes, there will be times when the companies will need to spend money to make money. Business owners will often utilize consultant company loans when funds are not readily available to cover the research and solution expenses.

There are various loan options that small and growing companies can use to help your business thrive! First Union Lending is here to help! Consultant business owners will utilize these funds to cover payroll, travel, supplies, and marketing to streamline their business.

Types of consultation company business loans

Types of Consultation Company Business Loans

Several business loans are available to help qualify small and growing consultation businesses. These include:

SBA Loans: Partly guaranteed by the U.S. Small Business Administration, traditional and non-traditional lenders offer SBA loans. The program provides highly flexible rates and terms ideal for small businesses. Several variations of SBA loans help well-established hotels and motels looking to expand.

Businesses must meet the following requirements to be eligible:

  • Operate for profit
  • Be considered a small business, as defined by the SBA
  • Be engaged in, propose to do business in, the United States or its possessions
  • Used alternative financial resources, including personal assets, before seeking financial assistance
  • Use the funds for a sound business purpose
  • Not be delinquent on any existing debt obligations to the U.S. Government.

Listed below are types of SBA loans that can benefit an e-commerce business:

SBA 7(a) loans: 7(a) loans are the most common within the SBA family. With access to up to $5 million in working capital for 25 years, these loans are typically adequate for most industries. Interest rates are between 7 and 8%, depending on trade and the nature of your business. Most opt-ins for an SBA loan will fall under this 7(a) category.

SBA 504/CDC loans:504 loans are particular. It provides long-term, fixed-rate financing through Certified Development Companies (CDCs), SBA's community-based partners who regulate nonprofits and promote economic development within their communities. If your business needs to purchase commercial real estate or perhaps a large piece of equipment, this may be the ideal loan program. Borrowers may need to provide 20% of the loan's total value, the SBA provides 40%, and the lender will give the rest. The cap on this type of loan is generally $5 million.

Businesses must meet the following requirements to be eligible:

  • Have a tangible net worth of less than $15 million
  • Have an average net income of less than $5 million after federal income taxes for two years preceding your application

Business Lines of Credit: Banks, financial institutions, and other licensed consumer lenders extend credit to creditworthy customers to address fluctuating cash flow needs of the customer. The maximum amount of funds a customer can draw from a line of credit is typically called the credit limit or overdraft limit.

At a minimum, lenders will require your business to be operational for at least six months and able to earn $25,000 in revenue. A minimum credit score of 500 or higher may be required to qualify, depending on the lender. By partnering with non-traditional lenders, companies can obtain their business line of credit within days.

Short-term Loans : Short-term business loans can be highly beneficial during a growth period, fluctuating cash flow times, or a need for seasonal purchasing. Long-term

business loans: typically include more significant funding amounts and lower interest rates and payments. If you know that taking the loan will put you in a position to pay back the loan quickly, a short-term loan may be the solution.

The application process requires proof of ownership of your business, financial statements, tax information, P&L statements, and a copy of your driver's license. Lenders will check your business and personal credit as well. Once approved, companies can obtain their funds within 1-2 business days.

Equipment Financing: Equipment loans provide the funds for companies to buy business-related equipment.

Equipment can include phone systems, computer monitors, printers, copiers, tools, specialized software, etc. Most lenders will require three years of tax returns for the business, the purchase agreement of the equipment, personal financial statements, and identification from each owner.

Inventory financing: Inventory financing allows you to replenish your stock without utilizing additional collateral. This type of business funding works well for retail shops that need to place large inventory purchases to keep their business streamlined with the current trends on the market.

Most lenders will require businesses to be up and running for six months to a year to qualify.

Advantages of Consultation Company Business Loans

Advantages of Consultation Company Business Loans

Not only can these funding options provide businesses with working capital, but they can also offer other perks that can benefit your business in the long term. Most business loans offer competitive interest rates, predictable monthly payments, and credit-building opportunities. Build your business credit while utilizing the working capital to fuel your client projects and business endeavors.

These loans allow successful business owners to invest and accelerate their growth. Keep your business moving forward by utilizing a business loan made to help you.

Choosing First Union Lending As Your Premier Lender

At First Union Lending, we believe that small and medium-sized businesses deserve the right to access the capital they need to succeed.

Our goal is to build long-term, lasting relationships by providing business owners with what they need when they need it. We pride ourselves on being educated, knowledgeable, and caring about conducting business. We have acquired much of the same licensing traditional banks require to cement our fiduciary responsibility to our clients and work culture.

We are here to consult, help you save, and guide your business to success.

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