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US Business Funding Review
US Business Funding is a great choice for equipment financing, SBA loans, or working capital loans. It earned a 95% approval rate and offers 60-second approvals.
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Expert Analyst & Reviewer
UPDATED
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US Business Funding
| Total Rating | 5.0 |
|---|---|
| Rates & Fees | Excellent |
| Application Process | Excellent |
| Sales & Advertising Transparency | Good |
| Customer Service | Excellent |
| User Reviews | Excellent |
Pros
- Borrower qualifications are lower than banks
- Multiple types of financing available
- High borrowing amounts
- Application process is fast & easy
- Funds are disbursed quickly
Cons
- Rates can be expensive
- Some additional fees are charged
US Business Funding Overview
Through US Business Funding, small businesses can apply for equipment financing, Small Business Administration loans, or working capital solutions, including small business loans, merchant cash advances, and lines of credit. Depending on the type of loan you’re seeking, you can be funded in as little as 24 hours with minimal paperwork requirements.
US Business Funding also has competitive rates, claiming to beat competitors on the cost of funds 94% of the time. The professional staff will find a custom solution for your small business, helping you get financing with the best available rates and terms for your situation.
US Business Funding is accredited by the Better Business Bureau. The lender is also a member of the National Equipment Finance Association and an AAA-rated member of the Business Consumer Alliance. They have provided $2 billion in funding to small business owners. Through multiple lending programs, US Business Funding has earned a 95% approval rate by securing funding for new businesses, borrowers with credit challenges, and businesses that haven’t had success with other lenders.
Table of Contents
Services Offered
US Business Funding offers the following:
- Equipment Financing: Equipment financing encompasses loans, leases, and similar products used specifically to acquire equipment. US Business Funding provides both loans and leases.
- SBA Loans: SBA loans are partially guaranteed by the Small Business Administration. These loans tend to have better term lengths and rates than the borrower would typically qualify for, but the application process is longer and more involved.
- Working Capital Loans: These are flexible loans that can be used to finance everyday business operations. Note that in the context of US Business Funding, this may also include loan-like products, such as merchant cash advances.
Borrower Qualifications
Qualifications for financing through US Business Funding are based on the type of loan the borrower is seeking. Some loans, such as merchant cash advances, have more lenient requirements than other products, such as SBA loans. Let’s break down the requirements of each type of loan offered by US Business Funding.
Equipment Financing
Here are the qualifications for equipment financing from US Business Funding:
| Time In Business: | 6 months |
| Business Revenue: | Unknown |
| Credit Score: | N/A |
US Business Funding has several equipment leasing programs to consider. Most of these programs have a time-in-business requirement of at least two years; however, programs are available to businesses that have been around for as few as six months. The lender does not specify credit score requirements or revenue requirements needed to qualify for equipment financing. However, your personal credit score will be a factor for approval, and the highest scores will qualify for the best rates and terms.
Small Business Administration Loans
Through US Business Funding, you can apply for the SBA 7(a) loan or the SBA 7(a) Express loan. To qualify for either loan, you must have a strong personal credit score in the high 600s. Your credit report should be free of bankruptcies, tax liens, foreclosures, and past defaults on government loans. You must also meet the size standards set by the SBA, which limits the number of employees, annual revenue, and net worth of your business.
You must also own a for-profit business based in the US and operate in an eligible industry. Ineligible industries include businesses involved in lending, politics or lobbying, gambling, or illegal activities.
To receive an SBA loan, all owners of 20% or more of the business must sign a personal guarantee. Depending on the loan amount, you may be required to put up business loan collateral to secure the loan.
Working Capital Loans
Here are the qualifications for equipment financing from US Business Funding:
| Time In Business: | 12 months |
| Business Revenue: | Unknown |
| Credit Score: | N/A |
To qualify for a working capital loan, your business must be in operation for at least 12 months in the same location. Your credit report should be free of outstanding bankruptcies or tax liens that aren’t on a payment plan. You must also have a physical location and operate in an eligible industry. Businesses that are 100% online are not eligible to receive a working capital loan.
Your personal credit score is a factor for approval. However, even if you have past credit challenges, you may still qualify for a loan through US Business Funding.
Rates & Fees
The terms and fees for your US Business Funding loan are based upon the type of loan you select, your personal credit history, and your total borrowing amount. Read on to learn more about the terms and fees associated with each US Business Funding financial product.
| Borrowing Amount: | Up to $10,000,000 |
| Term Length: | Up to 10 years |
| Interest Rate: | Starting at 3.5% |
With US Business Funding’s one-page credit application, eligible borrowers can receive up to $75,000 for equipment financing. With a full financial package, you can receive up to $10 million. This funding can be used to purchase new or used equipment, including but not limited to manufacturing equipment, computers and office equipment, software, furniture and fixtures, and commercial vehicles.
Rates vary based on the borrower’s credit profile and the financing program selected. For the most qualified borrowers, rates start at just 3.5%.
Equipment leasing options available through US Business Funding include:
- Fair Market Value Leases: With an FMV lease, you receive the equipment you need while paying low monthly payments. Once your lease ends, you can return the equipment and enter into a new lease, or you can purchase the equipment at market value.
- Dollar Buyout: A Dollar Buyout is also known as a capital lease. Once the lease agreement ends, you can purchase the equipment financed for just one dollar.
- Wrap Lease: This type of lease is for current US Business Funding borrowers. With a Wrap Lease, borrowers can consolidate debt, close out an old lease, and enter into a new one. This is ideal for borrowers who are financing more than one piece of equipment.
- Business Expansion: If you’re opening a new location, you can receive up to $35,000 for equipment through the Business Expansion program. There are several requirements to qualify, including opening the new business within close proximity and in the same industry as the old business. The ownership must be the same for the new business, and the original business must have been in operation for at least five years.
- Refinance Program: Business owners can refinance their equipment through this program. The minimum borrowing requirement is $10,000. Refinancing is only available for hard collateral. Software, soft costs, and obsolete materials are excluded.
- New Business Program: Businesses that have been in operation for fewer than two years can qualify for equipment financing through the New Business Program. If you’ve been in operation for under a year, you can receive a maximum of $15,000. Businesses in operation for 12 to 23 months can receive up to $20,000. Personal guarantees and personal information for all owners are required.
- Sales Lease Back: If you’ve paid off your equipment but want to enter into a lease, you can do so through the Sales Lease Back program. Through this program, you can sell your equipment to US Business Funding and sign a lease allowing you to make affordable monthly payments. You must provide invoices, proof of payment, and other documentation to qualify. You must also meet US Business Funding’s credit guidelines to qualify.
SBA Loans
SBA loans are a popular choice for small business owners because of their high limits, low-interest rates, and long repayment terms. SBA 7(a) and 7(a) Express loans are available through US Business Funding. Each of these loans can be used for nearly any business purpose, including purchasing commercial real estate, buying equipment, using it as working capital, or refinancing existing debt.
Although the terms, rates, and details of SBA loans aren’t spelled out by US Business Funding, the good news is that the SBA sets standards for the lending industry, keeping rates low and terms favorable, so there won’t be any surprises during the application process.
Based on the SBA’s standards, here’s a side-by-side comparison of the rates and terms of standard 7(a) loans and 7(a) Express loans:
| SBA 7(a) Loans | SBA Express Loans | |
|---|---|---|
Time to Approval | 2-4 weeks | 36 hours |
Max. Loan Amount | $5 million | $350,000 |
Interest Rates | Base rate + 2.25%-4.75% | Base rate + 4.5%-6.5% |
Max. Repayment Terms |
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|
SBA 7(a) loans are available in amounts up to $5 million. The interest rates are set at the prime rate plus 2.25% to 4.75%, depending on the amount of the loan and the length of the repayment term. Repayment terms are up to seven years for working capital, ten years for equipment, and 25 years for real estate.
SBA 7(a) Express loans are available up to $350,000. Although the maximum borrowing amount is lower than 7(a) loans, Express loans have a much shorter approval time. Maximum interest rates are set at the prime rate plus 4.5% to 6.5% based on the amount of the loan. The repayment terms are seven years for working capital, ten years for equipment, and 25 years for real estate. Also, Express loans can be used as a revolving line of credit with maximum repayment terms of seven years.
Working Capital Loans
| Borrowing Amount: | Up to $10,000,000 |
| Term Length: | 3 months to 10 years |
| Interest Rate: | Starting at 3.5% |
Through US Business Funding, you can apply to receive funding through a small business loan, merchant cash advance, or line of credit. A Senior Financial Consultant will work with you to help find the best financial solution for your business. Working capital loans have repayment terms starting at three months and go up to 10 years. Rates for the most qualified borrowers start at just 3.5%.
Application Process
The application process through US Business Funding is simple. To begin, fill out the short application form. You will need to include how much capital you are requesting and how it will be used. An instant quote will show your possible rates and terms. However, this is simply an example and may not be indicative of the rates and terms you’re approved for based on your credit profile, business history, and revenue.
The one-page application will need to be filled out with additional information about yourself and your business, including:
- Gross annual sales
- Years in business
- First and last name
- Phone number
- Email address
- Legal business name
Once you’ve provided these basic details, you’ll be contacted by a member of the US Business Funding team to discuss additional information about your business. Once US Business Funding has a better picture of your business, a Senior Financial Consultant will be in contact to discuss the loan options available to you, documentation requirements, and how to complete your application.
The documentation needed to complete your loan application varies based on the loan type. At a minimum, expect to turn over business bank statements from the last three to six months. For other loans, such as SBA 7(a) loans, additional documentation requirements may include:
- Business and personal credit reports
- Business and personal credit scores
- Profit and loss statements
- Business and personal income tax returns
- Balance sheet
- Business debt schedule
- Business plan
- Resumes of all owners
- Articles of incorporation
- Business licenses
Once all information and documentation have been received by the lender, approval, processing, and funding times vary. Loans of higher amounts and SBA loans may take much longer to approve. Many loans through US Business Funding are approved in seven days or less. Repeat customers may receive their funds in as little as 24 hours.
Sales & Advertising Transparency
US Business Funding is fairly transparent when it comes to the financial products it offers, maximum borrowing limits, and its lowest rates. The FAQ sections throughout the company’s site are particularly useful.
However, the rates and the instant quote available on the website assume that the borrower has an excellent credit score. To find out what rates and terms you actually qualify for, you have to fill out the one-page application. You’ll then be contacted by a team member for more information on your business to find out rates and terms specific to your situation.
Because US Business Funding offers multiple products, including merchant cash advances, your overall cost of borrowing may be higher than expected once you’ve connected with a member of the US Business Funding team.
Customer Service & Technical Support
| US Business Funding Support | Availability |
|---|---|
| Phone Support | |
| Email Support | |
| Support Tickets | |
| Live Chat | |
| Dedicated Support Representative | |
| Knowledge Base or Help Center | |
| Videos & Tutorials | |
| Company Blog | |
| Social Media |
US Business Funding has made it easy for new and established borrowers to get in touch. Borrowers can contact the lender through a toll-free number or by email. US Business Funding also has social media profiles on Twitter and Facebook. A live chat function is also available on the company’s official website.
User Reviews
Negative Reviews & Complaints
US Business Funding has been accredited by the Better Business Bureau since 2016. The company currently holds an A+ BBB rating. At the time of this update, US Business Funding had 33 complaints with the BBB that were closed over the last three years. The company also has a handful of negative reviews through Trustpilot.
Points of complaint include:
- Aggressive Marketing: The most common complaint about US Business Funding isn’t about the products at all but about how aggressive the company is about advertising. Complaints about “spam” are numerous.
- Interest Rates Can Be High: Some applicants said they were offered higher interest rates than initially promised.
- Withdrawn Offers: A handful of customers complained that they were initially offered funding only to have the offer withdrawn not long after. This was usually due to issues such as cash flow and low bank balances on the part of the applicants.
Positive Reviews & Testimonials
US Business Funding has multiple reviews from borrowers on Trustpilot, the BBB, its company Facebook page, and other sites. The majority of reviews are positive, with the company receiving a 3.8 out of 5-star rating on Trustpilot and a 4-star rating on the BBB. Overall, borrowers most like:
- Fast & East Funding: Borrowers expressed that the entire process from application to funding was extremely fast and easy.
- Multiple Financing Options Available: Borrowers that had reached a dead end with other lenders stated they found the funding they needed through US Business Funding.
- Excellent Customer Service: The majority of reviewers were pleased with the professionalism of US Business Funding. Reviewers stated that the company’s team members were very communicative, transparent, and helpful throughout the lending process. Multiple reviewers state that the US Business Funding team helped them evaluate their financing options to find the most personalized solutions for their businesses.
- Competitive Rates & Terms: Borrowers reported being satisfied with the rates and terms from financial products offered by US Business Funding.
Final Verdict
US Business Funding offers many different financial products to help business owners score the capital they need. The company’s 95% approval rate, 60-second approvals, and programs for new businesses and the credit-challenged make it an appealing choice for equipment financing, SBA loans, or working capital loans. The high level of customer satisfaction expressed through reviews shows that this lender delivers on its promises to find fast financing for small business owners.
Erica Seppala
Expert Analyst & Reviewer at Merchant Maverick
An expert in accounting, finance, and point of sale, Erica has been researching and writing about all things small-business since 2018. Erica's insights into personal and business finance have been cited in numerous publications, including MSN, Real Simple, and Reader's Digest. She is a graduate of Limestone College.
View Erica Seppala's professional experience on LinkedIn.
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