SBG Funding Review | Business Loans | Interest Rate | Payback Terms
As an online lender, SBG Funding offers short-term business loans, business lines of credit, PPP loans, bridge capital, equipment financing, and other loan programs for small businesses.
We have already reviewed more than five online lenders around the United States. We will review SBG Funding today. We will discuss all the pros and cons, loan programs they offer, interest rate, payback terms, how to apply, and more. And it will help you decide whether to take out a loan from SBG Funding or not.
- 2 Benefits Of SBG Funding
- 4 The Cons Of SBG Funding
- 6 SBG Funding’s Lone Programs
- 8 SBG Funding PPP Loan
- 10 Brower Requirements
- 11 SBG Funding Interest Rate And Payback Terms
- 13 How To Appy To SBG Funding?
- 15 Customer Care and Support
- 17 Partner Program
- 19 The bottom line
Benefits Of SBG Funding
SBG Funding also has some upsides and downsides, like other lenders. Let’s take a look at SBG Funding’s pros.
1. Quick Approval
Sometimes, getting a business loan on the same day is like a blessing. SBG Funding offers same-day business funding with terms ranging from 6 months to 5 years. You can also get up to 5 million in funding for your business. In order to get funded, you need to apply for the loan program and submit some basic paperwork. They can fund you on the same day if everything goes smoothly.
2. Simple Qualification
A traditional loan requires a lot of paperwork and a good credit score. If you want a small business loan from SBG Funding, you don’t have to submit a lot of paperwork. Bank statements from the last six to twelve months, your driver’s license, and other basic documents are all you need. If you have a 500+ Fico score and an annual revenue of $150000, you’re good to go.
3. Top-notch Customer Support
SBG Funding has an excellent underwriting team. They are always available to answer your questions about the loan program or the company. You can get assistance if you don’t understand how to apply or how the loan program works.
4. Bi-weekly and Monthly payment options
Most online lenders don’t offer monthly or bi-weekly payment options. Additionally, it is difficult to pay off loans on a daily or weekly basis. In addition, if you are looking for a lender who offers monthly and bi-weekly payment options, you can check out SBG Funding.
5. No Upfront fees or Pre-payment
Additionally, SBG Funding does not require any upfront fees or pre-payments to get a business loan approval. I really like that. Additionally, it is similar to Credibly Business funding.
6. Second Position Funding and Refinance
Getting new business funding can be difficult if you already have an existing loan. In our review, we can see SBG Funding is a high-risk lender. They can help you refinance or pay off your existing loan. Just explain what you need to their underwriting team.
The Cons Of SBG Funding
Knowing all the pros and cons of a product or service helps you make the right decision. We all know that all online lenders have upsides and downsides. Let’s look at the cons of SBG Funding.
1. No to all industries
I didn’t like that SBG funding didn’t have a loan program for every industry. Construction, Manufacturing, Healthcare, HVAC, restaurants, automotive service, retail, veterinary, trucking and transportation, beauty and wellness businesses are eligible for the loan program. If you own a real estate business or one of them, you will not qualify.
2. Minimum Revenue Required
Small businesses typically do not have much monthly revenue or deposit. They deposit anywhere between 5 thousand and 12 thousand USD per month. In order to get approval from SBG Funding, however, you must have an annual revenue of at least $150,000. Small business owners probably find it difficult to make 150 thousand a year.
3. Shorter Term
Small business funding companies typically offer shorter-term loans. The term of these contracts ranges from 6 to 18 months. They can sometimes last up to 24 months. Though SBG funding claims to have a 5-year term loan, I think it is not 100% accurate. However, it may be possible.
4. A High FICO score required
Having a good FICO score is important when applying for a loan. Almost all online lenders say bad credit isn’t a factor. However, I think it is a big factor in getting a better rate. Nonetheless, the better your credit score, the better your interest rate and terms will be.
5. Extra Fees
As SBG funding has partner programs and the loan program is done online. Then you have to pay some extra fees like processing fees and broker fees. As a result, it could be an expensive loan program for you. If you need it urgently, it is not a problem.
SBG Funding’s Lone Programs
SBG Funding offers multiple financing options. However, their main loan program is MCA or merchant cash advance. A small business term loan is basically a merchant cash advance. Additionally, SBG Funding offers the following loan programs:
- Term Loans for Small Businesses
- Lines Of Credit For Businesses
- Capital Bridge
- Financing of equipment
- Finance for invoices
- Small Business Administration
SBG Funding PPP Loan
In addition to the loan programs we mentioned above, SBG offers PPP programs for small businesses as well. PPP loans are only available to companies with 300+ employees and a revenue drop of 25% or more in any quarter of the last year.
There are no complicated qualifications for these loan programs. You do not need to submit a lot of paperwork, and collateral is not required. To get a business loan with a better rate and terms, you must have a good background, such as a good credit score and a steady monthly deposit into a business checking account. To obtain a better offer, settlement with the previous lending company is also important.
SBG Funding Interest Rate And Payback Terms
The lending institution claims that the interest rate starts at 1.75% a month. SBG Funding’s interest rate ranges from 15% to 40%. Payback term ranges from 6 to 24 months. It can sometimes be a little more or less.
How To Appy To SBG Funding?
SBG Funding makes applying for a business loan simple. To apply, you just need to visit their official website and click the Apply Now button. You only need to click “apply now,” choose how much funding you need, and provide some of your basic personal and business information. One of the loan guys will contact you or assist you via email. You can also call them directly.
Customer Care and Support
Customer support is a major concern when it comes to loan programs. Here, SBG Funding did a good job. Customer service is excellent at this company. If you have questions about their programs or need any help submitting a loan application, they will be happy to help. Their customer relationship officer and loan manager were very helpful and friendly when we called.
If you are interested in becoming a broker, then SBG might be a good fit. Partner programs are available. Find out who is looking for money by applying for partner programs. Introduce your merchants to SBG funding and they will fund your clients and you will receive your commissions. You should contact them for more details. Learn how to start a merchant cash advance business.
SBG Funding is also expensive, like other online lenders. You can work with SBG Funding if you are looking for quick money for your business and hassle-free business funding solutions.
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