Realize Your Dreams Of Entrepreneurship With A Comprehensive Funding Solution
You're ready to begin your entrepreneurial journey, and you want to know: "What are some of my options for funding a business?" To find the right solution, one that is absolutely right for your business and its growth, Benetrends Financial helps you customize a funding option that best meets your current and future needs – a service that other funding companies don’t provide.
Leaving your current situation and undertaking a new entrepreneurial project can be intimidating, especially if you’re dealing with the banks alone. Banks are extremely careful about approving small business start-up loans. Benetrends will advise you about the proper steps to obtain these start-up loans and provide you with clear access to the financial routes necessary to undertake a new business venture. While start-up loans may be considered high-risk, we understand the importance they carry for the creation of new businesses – and we make the process both easy to understand and worry-free for you.
Start-up business loans may be obtained from a number of different sources, most commonly from private banks or government-sponsored programs for new businesses. It is always important to remember that start-up business loans tend to be competitive in nature and obtained by following a series of processes dictated by the lending institution.
We aren’t just another place to get funding. Unlike your local bank, we work with several national and regional lenders to secure multiple offers so that you can choose the one with the best terms. Small business funding that puts you in charge? That’s just one of the ways Benetrends is different.
We help you secure multiple offers and choose the best terms
If possible, it is recommended to use start-up loans in conjunction with your retirement funds. Benetrends' strategy for investing funds from a qualified retirement plan into your own business can provide an equity injection when applying for a start-up loan. Lending institutions will note your own financial commitment to your business.
When to use start-up loans:
If you don’t have the necessary retirement funds to cover your financing, start-up loans may be needed.
If you're new to the entrepreneurship world, taking up a franchise business is one of the safest routes. It is a smart way to secure your future wealth, without the risk of starting a brand-new company. The rules for franchise businesses are often more regimented than those for non-franchise ones, but this option can also be very profitable and stable once established.
Lenders know that franchise businesses have greater potential for success because there are proven models in place. While the current economy does not allow lenders to indiscriminately approve loans, there is a good chance of getting a well-presented business franchise loan approved, as compared to securing financing for a start-up business that's brand new.
Benetrends simplifies the process by monitoring what concepts lenders are seeking. We can help you apply early on with the bank that prefers your concept and forgo the ones that don’t. Different lenders have unique credit boxes and appetites for particular concepts, so knowing which lender favors your “flavor” is vital to ensuring you don't waste your time on the wrong banks and get denied repeatedly.
We monitor which lenders are more likely to approve your concept
It's important to consult and review the choices and opportunities carefully with one of our financial experts before pursuing a business franchise loan. We work with all the major and smaller franchise brands so you can start the franchise of your dreams, and our loan approval success rate is 97%!
When to use franchise loans:
- Interested in using an already proven business model
- Need a quick start-up time
- Desire a less risky business venture
The Small Business Administration (SBA) has a number of financial programs for small businesses, like the commonly used SBA Loan Advantage Program (previously known as 7(a)), but the process to get your funding in place can be confusing. These funds can be used for anything from construction of a new building to stocking inventory. Benetrends has one of the best SBA loan approval success rates in the industry. You’ll have access to dedicated staff – experts in loans for businesses – to ensure the fastest possible application processing, including a dedicated loan closer to assist with the closing process.
At Benetrends, we specialize in assisting you with the entire loan process, from application to closing. Our loan approval success rating is 97% over our 35+ years of SBA experience. In fact, we’ve helped secure loans in all 50 states. We’re so sure we can aid your funding journey that we offer free SBA prequalification.
Our loan approval success rating is 97% over our 35+ years of SBA experience
SBA Advantage Loan Program (previously known as 7(a))
This is most commonly used to purchase a business or expand an existing one.
Loan amount you can qualify for: $50,000 to $5 million
When to use SBA Advantage Loan Program:
- Funding of new business start-up costs
- Construction of a new building
- Refinance of business debt
- Working capital
- Purchase of commercial real estate
- Tenant improvements
- Equipment financing and inventory
- Strong personal credit
- May need to provide collateral
- Usually 20% to 30% down
- Written business plan
- Three years of tax returns
- Personal financial statement
- Updated personal resume
SBA Preferred Loan Program (FastTrack Program)
The FastTrack Program is an easier, more streamlined process that many find suit their desire to get their business funded, open and running quickly. Given our high success rate of 97%, this has become one of our most successful funding options.
Loan amount you can qualify for: $50,000 to $150,000
The Benetrends Advantage:
- No charge for qualification screening
- Process and send application after in-house review and issuance of service agreement
- Money-back guarantee on 100% of our fee (restrictions apply)
- Feedback on applications within 48 hours, and closing within 45 days of approval
- Approval within five to seven business days
- Low interest rate
- No bankruptcy judgements of liens within the past 10 years
- Typically, the franchise would need to be on the SBA-approved registry, but we can provide assistance if it is not
- Requires 20% equity injection in most cases
SBA Grow Loan Program (previously known as 504)
This long-term financing is used to acquire real estate or equipment for expansion or modernization. The borrower is expected to come up with 10%, and the bank takes a first mortgage of 50%. The remaining 40% is raised by the sale of debentures that provide the borrower with a 20-year fixed rate.
Loan amount you can qualify for: $200,000 to $5 million+
When to use the SBA Grow Loan Program:
- Start up or expand an existing business
- Fund a franchise
- Purchase real estate
- Finance equipment
- Require longer terms for expansion projects, equipment or real estate purchases
Small Business Loans For Women
Small Business Loans For Women
Female small business owners are one of the fastest-growing sectors of our economy, according to the Small Business Administration (SBA). Based on this year's American Express OPEN State of Women-Owned Businesses report, 1,200 new businesses a day were started by women over the past year (up from an average of 740 a day the year prior), with small business loans for women being an integral component of these new companies. Between 1997 and 2014, the total number of small businesses increased by 47%, while the number of women-owned small businesses increased by 68%. That means new women entrepreneurs account for more than 1.5 times the national average!
We are champions of female entrepreneurs – and offer a variety of loan options for the best funding results
Considerations for small business loans for women:
- Women are often favored for start-up or small business loans in a variety of niche industries
- Start-up business loans for women may come from several different resources, including government programs, academic institutions and women’s organizations
- SBA loans can be a terrific option since the SBA zeroed out fees to borrowers on SBA-supported loans under $150,000, which helps traditionally underserved segments of the population like women
- Utilizing retirement funds to start a business, either as the sole funding method or as the capital injection for an SBA loan, is also becoming more popular with women entrepreneurs
Business women of all levels of experience may qualify for loans, whether they're expert entrepreneurs or brand-new ones.
Securities-Backed Line Of Credit
Securities-Backed Line Of Credit
If you already own stocks and bonds, you can leverage them to secure a Securities-Backed Line of Credit. This type of loan is backed by securities held in a portfolio, so the cash needs are satisfied without disrupting investments, investment strategies and asset allocation or creating unexpected tax consequences. Benetrends guides you through this option so can enjoy unparalleled flexibility, convenience and access to your funds while using your business loan to open your desired start-up company.
We enable you to enjoy flexibility, convenience and access to your funds
Loan amount you can qualify for: 70% to 95% of your investment portfolio
Why use a securities-backed line of credit:
- Satisfy cash needs without selling assets, keeping your long-term investment plan in place
- Ensure investments remain in your name and do not need to be sold
- Because you don't need to sell your investments, you can avoid paying capital gains tax on your low-cost basis stock
- Keep all the appreciation and dividends from your portfolio
- Take advantage of an interest rate that’s usually lower than an SBA or home equity loan
- Funds can be used for any purpose
- No non-usage or cancellation fee
- Receive funding in as little as 10 days
- Account application is a simple, two-page form
- Monthly interest-only payments available
Capital Financing And Equipment Leasing
Capital Financing And Equipment Leasing
To be able to operate successfully, your new start-up might need to acquire assets or capital equipment, such as furniture, vehicles, computer equipment or machinery, that you don’t want to purchase outright. Benetrends helps you take advantage of the option to lease this much-needed equipment, an often overlooked yet viable avenue for new businesses. In many cases, we are able to secure this type of loan quickly and with no down payments.
We help you take advantage of the option to lease and save money
Many businesses qualify for this type of financing, but the loan amount and interest rate are determined by the value of the equipment, business history and credit score. By leasing equipment, you have less initial costs than if you were to purchase outright, as well as easier, more predictable payments, making this a fantastic avenue for many small business owners.
Advantages to capital financing and leasing:
- 100% financing
- Conserve capital
- Quick approvals
- No additional collateral
- No down payments
- Potential tax advantages
- Fixed payments
- Cash flow
Many people don’t realize they can utilize the funds in their retirement accounts to purchase a business, tax-deferred and penalty-free. While we often refer to this concept as a 401(k)/IRA loan, technically, it is not a loan, given the fact that there are no loan payments or interest involved. You are simply using the money you put aside to invest in yourself and your new business.
Over 30 years ago, we pioneered using retirement funds to purchase a business without loan payments and interest
Benetrends has been a pioneer in implementing ROBS (Rollovers as Business Start-Ups), helping entrepreneurs like you use their retirement funds to finance their dream of owning a small business, as opposed to seeking a traditional loan. The Rainmaker Plan® is your option for funding a business without loan payments or interest.
Advantages of The Rainmaker Plan®:
- Invest your retirement funds in your business, without taxes or penalties
- Use a safe, proven plan based on long-standing provisions of the IRS
- Use pre-tax dollars to fund your business
- Gain business equity and an improved cash flow position from the start
- Pay yourself a salary from the beginning
- Accelerate business profitability by eliminating or reducing interest and debt
- Secure your funding quickly, often in two to three weeks or less
- Set aside tax-deductible retirement savings up to $200,000 per year
- Optimize business equity and value
- Take full advantage of tax benefits
Funding For Existing Businesses
Funding For Existing Businesses
For those who want to own their own business, but not create it from the ground up, purchasing an existing franchise or business can generate income quickly. While it's a fantastic way to get into business ownership, financing the purchase of an already-existing business can still be a challenge for some would-be entrepreneurs.
Many entrepreneurs utilize their retirement funds through 401(k) business financing. If this isn't a viable option for you, you'll need to obtain credit. Interest rates will vary, depending on your overall credit picture and the amount of financing you require. Each business situation is different, so each borrowing process is as well. Fortunately, Benetrends has over 30 years of experience and can accommodate your unique situation to find the best financing option, or options, for you.
Through SBA loans and other funding options, we can work together to aid in connecting you with up to 100% of the financing you'll require to purchase an existing business.
Benetrends is well equipped to assist you with all of your business acquisition funding needs, and works often in the following industries:
- Professional practice (doctors, veterinarians, accountants, lawyers)
- Service renderer
- Hotel and motel
Why Partner With Benetrends For Your Small Business Loan Needs?
Trusted Advice Provided By Financial Experts
You’ll receive the right advice, provided by experienced financial experts, so you truly understand your best business loan options. Whether it’s The Rainmaker Plan® or another funding option, we have the experience to help you make the right choice for your unique situation.
Funding Help Provided By Pioneers In The Industry
Benetrends pioneered The Rainmaker Plan®, a funding solution that makes it easy to finance your small business. While it is our flagship product, we also offer a comprehensive suite of funding vehicles that can be used individually or in conjunction with the Rainmaker. These offerings include: SBA Loans (97%+ loan approval success rate), Securities Backed Lines of Credit, Commercial and Health Insurance, Payroll Services, and more.
Vice President, North American
Franchise Development at Tutor Doctor
President and CEO of the
International Franchise Association