Business Loan Options for Small Business Owners in Huntsville
Are you a small business owner in Huntsville, Alabama, who is having trouble getting approved for a traditional loan? We specialize in No Doc Business Loans, created specifically for business owners who earn strong revenue but show low net income.
How a No Doc Business Loan Works
A no doc loan is underwritten using the gross income of your business instead of net profit. If your business generates high revenue but most of it is written off for tax purposes, leaving little net profit, that is not an issue with our program.
Ideal for New and Growing Businesses
Many new businesses, as well as companies making major renovations or operational improvements, reinvest most of their income back into the business. This often results in low net profit at the end of the year, which can make loan approval difficult through banks. Our program is designed with this situation in mind.
The Problem With Factoring and Receivable Loans
Business owners with strong monthly cash flow but low adjusted net income are often pushed toward factoring loans or accounts receivable loans. These loans usually require six months of bank statements and come with extremely high repayment costs. For example, borrowing $25,000 could mean paying back around $37,000 in just six months. After the loan is paid off, many borrowers are forced to repeat the process.
Our Stated Income No Doc Loan Program
Our stated income no doc program allows you to qualify based on your annual income. If you state that your business earned $100,000 or $200,000 last year, that figure is used by underwriters when reviewing your application. Using yearly income often results in larger loan amounts and more affordable rates.
Better Rates and Flexible Terms
Unlike factoring companies, our loans offer:
1. Low interest rates
2. Long repayment terms
3. Simple interest loans
4. Monthly payments instead of daily withdrawals
5. No prepayment penalties
Apply for a No Doc Business Loan in Huntsville, Alabama
If you are experiencing difficulties getting approved for a business loan in Huntsville, Alabama, please contact us today. We would be happy to discuss your situation and help find a loan solution that meets your needs. Fill out the form to the right, and one of our representatives will contact you soon.
