Get to Know Us Better
Main Street Business Loans started in the financial services industry in 2011. We offer a variety of loan solutions to best fit our customers’ needs. Experienced in Small Business Administration (SBA) and USDA lending. As a loan brokering firm, we work with direct lenders and specialize in offering our clients with high leverage and minimal cash investment, long terms to minimize debt service and flexible underwriting requirements that achieve the perfect results – key benefits, competitive rates and fast turnaround time.
Traditional lending doesn’t favor all businesses. Our team at Main Street Business Loans serves as an alternative lender offering innovative ways to secure credit with a fast-closing process for both traditional and alternative financing. We understand the complexities that face small and mid-sized businesses. We’re committed to helping them with the financing they need to achieve their goals while offering flexible terms and a simple loan process to make this happen as fast as possible.
Main Street Business Loans has experienced what it takes to make a dream reality. What we also realize is that you’ve experienced the doubts, the late nights, and yes — the celebrations. But what we also know, is that for any idea that needs to be completed, flexibility is required; suddenly what’s unknown becomes a possibility — not fear. We get it.
Why Choose Us?
Buy a business or acquire
$500,000-$25,000,000 in Commercial Real Estate but 51% of property’s sq. ft. must be both occupied and used by business.
No investment properties (for flip or leasing).
No construction (for example, can’t purchase an empty lot then build a new structure).
Refinance a loan, debt or expand with an SBA(7a) loan or use our business Rent Replacement Option but new loan payment must be less than your current monthly lease payment with a low 6.00% to 7.25% rate.
(ex. $3,221 per month for 25 years on a $500,000 loan).
Purchase equipment, working capital, hire employees, marketing and advertising with
$30,000-$350,000 and a low 7.25% to 8.25% rate. (ex. $367 per month for 10 years on a $30,000 loan).
Must be a profitable business with positive cash flow.
Best Interest Rates
The interest rate on SBA loans will be variable based on Prime plus 1.5% to 6% or the
maximum allowable by the SBA; however, fixed rates may be available.
Each SBA loan will be repayable on a term of 7 to 25 years; however, longer or shorter
terms may be available.
Business Loans and non-SBA Loans have a fixed interest rate from 7.99% and have a 2 – 5 year repayment terms. Loans above $5,000,000 have a longer repayment term. These loans have monthly payments and no prepayment penalties.
Alternative Loan or Merchant Cash Advance (MCA) loan interest rates are determined reading the charts located here.
Once you’ve clicked the “apply now” button, you’ll be redirected to complete an online application. Next, Alternative Loan or Merchant Cash Advance (MCA) applicants need to upload or email your last 3 months of business bank statements to firstname.lastname@example.org .
Business Loan applicants may either wait for us to speak with you first or you can partially email or upload, the following documents:
1. Year-to-Date P & L (Jan. 1, 2019 – Aug. 31, 2019)
2. 2017 P & L (Jan. 1, 2017 – Dec. 31, 2017)
3. Balance Sheet (Jan. 1, 2017 – Dec. 31, 2017)
4. Your Most Recent Corporate Federal & Personal Tax Returns (2016 & 2017 if you have this. If not, 2015 will work just fine.)
Do you have Any Questions?
What’s a Non-SBA Loan?
Non-SBA loans are term loans meant to be repaid in a shorter amount of time than the 10-year term of a typical SBA loan. This type of loan can be a great way to get the funds you need to successfully grow or maintain your business until you are ready for an SBA loan.
Non-SBA loans through its bank partners for working capital, debt refinance and new equipment purchase:
- 1. $30,000 to $200,000 loan amounts
- 2. 2 – 5 year repayment terms
- 3. Fixed interest rate from 7.99%*
- 4. Monthly repayments
- 5. No pre-payment penalties
- 6. Business owners must be U.S. citizens or legal permanent residents.
- 7. Business owners must have personal credit scores above 640.
- 8. Must show positive cash flow to support loan payments.
- 9. No bankruptcies in the last 3 years.
- 10. No foreclosures in the last 3 years.
- 11. No outstanding tax liens.
- * Interest rate depends on loan term and the applicant’s credit and financial profile.
What’s an Alternative Loan?
An alternative business loan is a short-term loan program based on the total gross monthly sales volume as shown on your business’ bank statement deposits. It does not require the collateralization of your assets. While a personal guarantee is needed from some 200 of our lending partners, a validity guarantee is needed from others. A validity guarantee states the information submitted on a borrowing base certificate or factored invoices is true and accurate. It holds the signer liable in the case of fraud or misrepresentation, but doesn’t hold the signer liable for other types of losses. You do not have to switch bank accounts to qualify and all credits are considered. This is a short term financing solution for small to medium sized businesses and is not affiliated directly with a bank.
- 1. Financing of up to 11% of the gross yearly sales.
- 2. Fixed daily payments / direct ACH (Monday-Friday)
- 3. Program terms range from 5-15 months
What’s the cost of the money on Alternative Loan?
The cost of the money varies between 22 cents on the dollar to about 39 cents on the dollar for our Standard Pricing Program. High quality merchants may have the opportunity to take advantage of our Premium Pricing Program for costs ranging between 15 cents on the dollar to 29 cents on the dollar.
How is the money paid back on an Alternative Loan?
Only the total loan repayment is calculated and the term is established, a fixed dollar amount will be deducted directly from your business bank account 5 days a week, Monday through Friday (twice after a weekday bank holiday). Larger loans will qualify for weekly repayment schedules. If you want a monthly repayment term, you must state this upfront. This requires one lender that we use and only certain States qualify for this monthly repayment schedule. No checks, no hassle.
How long are the loan terms for on an Alternative Loan?
The loan term is determined based on the loan amount and your qualifying criteria. Terms will vary between 5 and 15 months. Some of our lending partners offer 3 years to 10 years loan repayment terms.
How much will I qualify for on an Alternative Loan?
Most merchants will qualify for up to 11% of their annual gross sales volume (based primarily on a combination of business bank account daily balances and amount of annual balances. Amount of business bank(s) balance is key to approval). We might ask you to tell us a dollar amount you feel comfortable paying back daily from your business bank account to arrive at a qualifying amount based off of the figure you give us. Qualified merchants could get up to $500,000. For Example: Someone needing a $300,000 – $500,000 loan would need an overall gross sales volume of approximately $2,000,000 – $2,500,000 annually.
What are the Alternative Loan’s qualifying requirements?
• 6 months to 1 year in business. • Positive checking balance • No open bankruptcies • Bankruptcies will need to have been either Dismissed 1 year or Discharged 1 year). • No Tax liens (or must be in a repayment plan) • A 500 to 540 FICO score and above is required for this program.
How fast is an Alternative Loan underwriting process?
Once the full submission package is received, underwriting will issue you a Conditional Offer within 24 hours. The full length of the underwriting process depends on how quickly the requested supporting documents are received.
What documents are needed for an Alternative Loan approval?
• An Application signed by an owner with 51% or more of ownership • 3 months of business bank statements (all pages) • Driver’s license • Voided check.
What is a Merchant Cash Advance (MCA)?
A Merchant Cash Advance (MCA) is an alternative financing solution which offers merchants access to capital based on their monthly credit / debit card sales. Through the purchase and sale of credit / debit card receipts, money is advanced upfront to a merchant and the advance is repaid by taking out a small % of the daily credit / debit card sales until the advance is paid off.
What’s the cost of the money on a Merchant Cash Advance?
For every 75 cents we advance you, we are going to take roughly $1.00 of your future credit card sales back.
What will determine if I qualify for a Merchant Cash Advance?
• Process at least $7,500 per month in Visa/MasterCard / Debit / Discover sales from their customers including Amex and Discover Network. • Credit cards processed daily • Immediate delivery of goods and / or services to the customer (no future delivery) • Cards are swiped in – person at the place of business • Brick and mortar locations • Merchant owns their inventory (no drop – shipping) • Batches out their terminal at least 12 days per month
How does a merchant qualify for a Merchant Cash Advance?
Merchants must process at least $7,500 per month in Visa / MasterCard sales. We can include Amex and Discover Network as well. We only require the merchant to batch/settle out 12 days per month. We will look at new businesses that have been processing credit cards for at least 60 days. Our 50% rule states that if a merchant has a balance with another cash advance company, they must be processing double the amount that they owe; this way the merchant will net at least 50% of the advance.
How do you determine how much capital a merchant will qualify for a Merchant Cash Advance?
Merchants usually qualify for up to one month’s worth of their processing volume. For example, a merchant that processes $20,000 per month will usually qualify for up to $20,000 in working capital, hard money loans, and business loans. Qualified merchants could get up to $500,000.
How long must a merchant be in business to qualify for a Merchant Cash Advance?
Merchants only need to have been in business accepting credit cards for 6 months.
How fast is the underwriting process for a Merchant Cash Advance?
One of the main benefits of a merchant cash advance is how quickly we can provide the merchant with working capital, hard money loans, and business loans. We can provide an approval the same day or within 24-48 hours with the proper documentation. Once approved, a final contract is available and ultimately, the merchant can be funded in as quickly as the same day. Funding is supplied to merchant via wire transfer.
What documentation or paperwork is required to get a merchant approved for a Merchant Cash Advance?
1) Short application 2) Four most recent credit card processing statements 3) Most recent business bank statement (3 months, all pages) 4) Copy of driver’s license 5) Business license or proof of ownership 6) Voided business check
For seasonal businesses, we may need additional processing statements. For deals where the merchant currently has a cash advance with another cash advance company, we will need the pay off letter from the company with their most updated balance and pay off instructions, once approved and ready to fund.
What are the merchant’s credit requirements for a Merchant Cash Advance?
We look at average transaction amounts rather than the higher ones. Merchants must have at least a 500 FICO score. • No bankruptcies • Bankruptcies will need to have been either Dismissed 6 months or Discharged 1 year. • No open tax liens (or must be in a repayment plan) • No recent foreclosures • No collection accounts • No civil judgments
A merchant needs to have a positive beginning & ending bank balance with minimal negative balances / NSFs / overdraft fees throughout the month.
How does the merchant pay-back the Merchant Cash Advance?
We set up a separate checking account in the merchant’s name whereby the daily credit card deposits will be directed. Once we receive the daily credit card deposits, we take out our withholding percentage and send the balance of the funds via ACH credit to the merchant’s main operating bank account. With this pass-through account, there is typically a 24-48 hour day delay on top of when the merchant would normally receive their money from their credit card processor. There is no fee to set-up the account, but there is a $25.00 per month fee to use the account.
We have the potential to directly ACH from the merchant’s bank account. However, the merchant requires certain criteria to fit this option.
What is the daily withholding percentage taken out of the merchant’s credit card batch?
We typically will take between 10-20% when the merchant settles out nightly to pay-back the advance. The percentage can be a little higher or lower depending on the business owner’s overall cashflow and also will be based upon how much capital they are looking for. As another safeguard, we will not take out more than 10% of the merchant’s total gross sales.
How soon after can the merchant obtain another Merchant Cash Advance?
The merchant will be eligible for a renewal opportunity once they have paid back 50-60% of their current advance. The majority of merchants renew for additional working capital, hard money loans, and business loans.
What are the location requirements for a Merchant Cash Advance?
Merchant must have at least one year left on their lease or be ready to sign a 1 year extension. If merchant is overdue with a significant amount of rent, we will put them on hold until they are current. Must be the original tenant (only on a case by case basis will subletting be permitted). We prefer brick and mortar locations and will not accept a merchant doing business solely through E-commerce (i.e. accepting PayPal, etc.) or mail-order-telephone-order(MOTO).