Covid-19 has shaken the foundations of the global economy. The lockdown has brought unprecedented economic miseries for millions around the world. Many businesses have shut down completely and others are struggling to survive. The US economy has gone into a tailspin too and the small-scale business sector is understandably the hardest hit. Herein we will tell you how you can get small business loans for your business in the wake of Covid-19 to salvage its flagging fortunes. So let us get started on it.
SBA is a great source of small business funding and has less harsh conditions for getting a small business loan than commercial banks. As you may already know you do not go to SBA directly for the loan, rather you apply for it through your local community bank. The bank sends your application to SBA who after due diligence approves it. This gives protection to the bank and also the small business owner gets the money at more favorable terms.
To help small businesses cope with the pandemic’s aftereffects the government initiated the SBA Economic Injury Disaster Loan (EIDL). The EIDL offers assistance to up to US$10,000 for business funding purposes.
Besides EIDL, there is the SBA Express Bridge Loans program as well. To qualify for this program, the small business should already have a relationship with an SBA Express Lender. The funding is available to the tune of US$25,000. You can use this money to augment your working capital or for other business financing needs. The SBA is bound to provide business funding here within 45 days after its approval and no later than 90 days. You can apply for an express disaster bridge loan even when you have applied for the EIDL and awaiting a response.
Payroll Protection Program
The payroll protection program or the PPP is part of the stimulus package approved by Congress under the CARES act in March 2020. In its first phase, more than 4.4 million loans were approved totaling more than US$500 billion. Loans were provided to businesses for up to US$ 10 million. However, the second phase of the PPP could not really take off. There were accusations of partisan disbursement of loans and frequent changes in terms and conditions of getting business loans.
Now with the Biden administration at the helm, it is expected that the second phase of this program would start soon. It would be worth around US$300 billion with more open, transparent, and friendlier terms. Small businesses with less than 200 employees and a reduction of 25% in revenue can get a business loan of up to US$2 million.
If you as a small business owner have been hit hard economically in the aftermath of the pandemic and struggling to get assistance from government agencies and other lenders you need an alternative source for your business financing. A source from where you can get the business funding of your choice, on soft terms, and you have the freedom to spend it as you like. This is where VIP Capital Funding steps in to help you finance your working capital requirements and provide business loans for other purposes.
VIP Capital Funding; a short intro
VIP Capital Funding is a fin-tech that provides business loans to small organizations. It has been in service for many years now and has been helping thousands of businesses spread across the country. Now you do not have to look for investor funding, a merchant cash advance (MCA), or other such expensive business funding options. VIP Capital Funding is here to provide you small business loans for literally every purpose. The company has been helping businesses survive the Covid-19 aftermath too. It became the mouthpiece of small businesses across the country and rallied for the EIDL program for small businesses to help them tide over their difficulties. Their Owner and Executive Manager Partner, Mr. Joshua Triplett personally campaigned for this cause along with small business owners. By the way, you can reach Mr. Joshua at [email protected], 919-521-8459.
The company has been ranked highly by many renowned rating agencies consistently for many years now. The trust reposed on it by its clients is also a testimony of its integrity and authenticity. It has a diverse portfolio of customers belonging to hundreds of industries. The company focuses on small businesses as it believes they have the capacity to spur economic activity in the country like no other. The contribution of small businesses is often ignored by big corporate lenders but VIP Capital Funding recognizes their role and gives them the credit they so rightfully deserve. In the process, the company helps these businesses reach their true potential and expand into medium or even big businesses.
How does it work?
Getting a business loan from VIP Capital Funding is easier than you thought it would be. You can reach them easily via their URL vipcapitalfunding.com. The organization has a staff of highly trained, professional individuals who will see to your business financing needs and walk you through the entire process. There are no stringent conditions, extensive documentation, heavy collaterals, or personal guarantees. Your loan application will be processed on a fast track basis as the organization understands the importance of time for a business. You can get your desired small business loan in 3-5 working days. There will be no monitoring of how you choose to spend your business loan. You can use it as you like. Also, there will be no hidden charges and/or hidden conditions. Everything will be in the black and white right before you. With all these benefits, you cannot afford to ignore VIP Capital Funding for your business funding needs.
Contact VIP Capital Funding
VIP Capital Funding is your best source for obtaining small business loans. You can log in to their website at www.vipcapitalfunding.com and drop them a line there. Their contact info is;
We are a leading firm that provides consulting services to small business loans, low-interest business loans with bad credit business with easy approval.