Business Financing FAQs
Get the answers you need to common questions about small business financing
A. Applying for Financing
What information do you need to submit an application?
You’ll need some basic business and personal information to submit an application. See what you'll need to apply.
Can I apply online for a small Business loan or Line of credit?
Yes. If you have a Small Business Online Banking login you can apply for an unsecured business loan and unsecured business line of credit online.
- You can apply online at any time for a small business auto loan.
You can apply for all small business financing products by scheduling an appointment by phone or in person with a business lending specialist.
Once a loan or a line of credit is approved, how long does it take to received Funds?
Our team will work closely with you to make sure your financing is in hand as soon as possible. Factors such as type of loan, type of collateral and the speed of documentation back and forth can affect the overall timeline.
Do I need to have an Bank account with Fasten Loan in order to apply for small business Financing ?
No, you can apply with a business lending specialist without a Bank of Fasten Loan LLCs. To apply online for an unsecured business loan and unsecured business line of credit you’ll need to login with your Small Business Online Banking login.
Does Fasten Loan LLCs fund New business Start-up?
Bank of Fasten Loan LLCs financing requires that your business be under current ownership for at least 6 Month. If you have not been in business for 6 month, learn more about SBA Loans.
B. Unsecured Business Line of Credit
Is there a minimum and maximum amount I can apply for?
You can borrow from $30,000. There is no interest until you use the funds and no collateral required.
How can I apply for unsecured business line of credit?
Apply now or connect with us to schedule an appointment with a specialist to inquire about available products and services.
What Determines my interest rate?
Your interest rate may differ based on your credit worthiness, business overall relationship with Fasten Loan LLCs' and line amount.
Will I pay any interest on my line of credit if I have a zero balance?
No. You only pay interest on any amount you draw from your line of credit. Once your line of credit is paid down to a zero balance, no more interest will accrue.
C. SBA Loans (Small Business Administration Loans)
What is Small Business Administration (SBA) Loans?
The SBA is a federal agency that helps established businesses grow and helps new businesses get started. As a borrower, you're not borrowing from the SBA, you're borrowing from a financial institution like Fasten Loan LLCs that works with the SBA to provide loans to small business customers.
Learn More about SBA loans
How does SBA Loans Works?
When you apply for an SBA loan, you're borrowing from Fasten loan LLCs' in partnership with the SBA to get your business the financing that it needs. The benefits of getting an SBA loan from Fasten loan LLCs' include easier qualification, longer loan terms and lower down payments.
How Can I apply For SBA loans from Fasten Loan LLCs'?
A business lending specialist can assist you by phone or in person with any loan or line of credit application. Call us at 888 257 5485 (Mon-Fri 9 a.m. – 6 p.m. ET) or make an appointment.
Learn More about SBA loans
How do I get An SBA Loans?
For more information and to move forward, please contact an experienced SBA Specialist in your area to get started right away or Call us at 888 257 5485 (Mon-Fri 9 a.m. – 6 p.m. ET) or make an appointment.
Learn More about SBA loans
How Long does SBA Loan Processing Take?
SBA loan processing times can vary depending on the loan purpose. As an SBA Preferred Lender, Fasten Loan LLcs is able to process your SBA loan request just as efficiently as we process other conventional small business loans.
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What can an SBA Loan can Use for? Can I get an SBA Loan to Buy or Start a Business?
SBA loans can be used for a variety of purposes, including: buying or expanding an existing business; partner buyout; tenant improvements; ground-up construction; equipment financing; and owner occupied commercial real estate financing for purchase and refinance.
Learn More about SBA loans
Can I get an SBA Loan to start a Business?
Start-up financing is currently available for qualified doctors, dentists and veterinarians, Retailer, Farmers, Restaurant, Shopkeeper as well as bank approved franchises.
Learn More about SBA loans
What Happened after your SBA loan is approved?
Once your loan is approved, you will continue to work with your dedicated team of SBA specialists to collect any remaining outstanding closing items in order to close your loan.
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How do I check the status of my SBA loans?
Your dedicated team of SBA specialists will be providing you with regular updates and open communication throughout the entire loan process from start to finish.
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What are the SBA Loan requirement ?
SBA loans have specific eligibility and qualification requirements. Partnering with the highly experienced SBA Specialists will ensure that your loan request is handled correctly and efficiently.
Learn More about SBA loans