How to apply?
To apply for a business loan
with Idea Financial simply click on the green apply now button in the upper right-hand corner of your screen. This will take you to our applications page.
Step 1 is business information. Tell us about your company so we can understand what you do and where you are based. This helps us get an idea of who we are lending to.
Step 2 is the owner information. This section helps us learn everything we need to know about you. This is important as we need to assess any risk associated with the loan.
Step 3 is a financial review. This lets you tell us about your finances so we can understand your ability to repay a loan.
Once these 3 sections are filled out you just need to submit the application and we will get back to you with our decision.
Who is eligible?
At Idea Financial we want to make sure our funding options are available to as many small businesses as possible. That is why we keep our eligibility rules simple. If you meet these 4 criteria we will be able to consider your loan application.
First, you must have been in business for at least 2 years. This shows your business is able to sustain itself and means you can provide potentially important financial documentation.
Second, you must have a credit score of at least 650. This helps us assess the risk we are taking lending you money and it also helps us keep interest rates low for our customers.
Third, you must not be a sole proprietorship or non-profit. We are not able to grant funding to these business types.
Fourth, we require that the small businesses we lend to generate at least $15,000 in monthly revenue. This is important because it shows you have a healthy and steady cash flow. It also means you are more likely to be able to afford loan repayments.
Our funding is perfect for small businesses because it is as flexible as they are. You can use your commercial funding to grow your business, buy merchandise, open new locations or invest in equipment.
We understand that you know your company better than anyone else. That means you know where a cash infusion would help your business the most.
If you have specific questions about how you can use business financing, we are always happy to help. Contact our dedicated business advisors today and they can answer any questions you may have.
Applying for business funding takes just minutes. Start by filling out our 3 step application. When you have finished and pressed submit it will be sent directly to our expert team.
Once we have your application we do our best to get you an answer fast. We aim to provide same-day approval and funding wherever possible. That means once you are offered a loan you could have your money the same day.
If there are any questions about your information we will be in touch. Our professionals know that getting you your money fast can mean the difference between success and failure as a small business owner. That is why we work so hard to keep our turnaround time as short as possible.
Idea financial is all about creating funding solutions that put the power back in the hands of business owners. Our company was formed with the goal of helping small businesses take their ideas and make them a reality.
That is why we provide funding for small businesses that is designed to improve cash flow, manage risk, lower borrowing costs and improve your business acumen.
With this in mind, we work with each of our customers to build an equitable relationship. That means going above and beyond what is necessary to help you meet and exceed your goals. We believe that small businesses are the backbone of the American economy and it is essential to support the entrepreneurs who build these companies.