Business Funding Group: The Complete 2020 Review

Advertiser Disclosure

Want to Fund With Business Funding Group? Read This Guide First

As you search for small business funding, you’ll come across many names that are some iteration on the words “business” and “funding.” It can be hard to sift through so many names that all sound so similar.

Not to worry—we’re here to help.

One option that you might’ve come across while combing through all of these names is Business Funding Group. You’re probably wondering how they compare to all of your other small business loan options out there, and you’re in a good place to find out.

Here’s your ultimate guide to seeing how Business Funding Group stacks up against its top competitors.

Who is Business Funding Group, and What Do They Offer?

So, before we dive into all of the details, let’s take a step back. Who is Business Funding Group, exactly?

This funding source is a Washington state-based loan match service, and while they function much like a loan broker, they like to call themselves “a lender’s partner.”

They don’t do any direct lending themselves, but they willhelp you sift through your options and navigate through their nationwide network of lenders—both public and private—and investors.

Because they aren’t an actual direct lender, Business Funding Group can offer your business a lot of funding options. In fact, they’re sort of a “jack of all trades” when it comes to what kinds of small business loans they can offer you. And while this can open up your options, it will mean that you’ll ultimately need more assistance in sifting through so many choices.

Which types of small business funding does Business Funding Group help connect your business to?

Here’s your comprehensive list:

  • SBA 504 Loans
  • SBA Express Loans
  • SBA 7(a) Loans
  • Revenue-Based Loans
  • Franchise/Business Term Loans
  • Equipment Financing
  • Business Directed Retirements Accounts
  • Purchase Order Financing
  • Startup/Unsecured Business Capital

Your Top Alternatives to Business Funding Group

Now, as you’ve probably gathered, Business Funding Group has a lot to offer when it comes to types of business funding to choose from. That said, if you have even some idea of what kind of funding you’re looking for, having to wade through so many options might be a bit drudgerous,

Plus, many other brokerage services out there will have a more choosy network of funding types to help you be more selective of what kind of debt you and your business take on. Not to mention, if you really have an idea of what kind of funding you’re looking for, many small business lenders have perfected their main type of loan type. As such, it might be prudent to check out your less broad, more focused brokerage services and direct lenders that you could work with.

Let’s take a look at your top direct lender and loan marketplace alternatives to Business Funding Group.

Celtic Bank

First up on our list of top alternatives to Business Funding Group is the direct SBA lender Celtic Bank.

This bank is an SBA lender with one of the quickest turnaround times—at 4 to 6 weeks—in the game. And even though they fund quicker than the others, they still offer the same ideal terms that all SBA loans will come with.

If you decide to opt to fund through an SBA loan from Celtic Bank, you’ll gain access to the following ranges of terms:

  • Loan amounts ranging from $25,000 to $150,000
  • Repayment term lengths that typically fall at 10 years as a standard
  • Interest rates that will range from 7% to 9%, never hitting the double digits

If those terms—and that funding speed—sound like exactly what your business needs, then your next step will be making sure you and your business are eligible for an SBA loan from Celtic Bank.

Just like any other lender—especially those providing SBA loans, Celtic Bank will have a few minimum requirements that you’ll need to fulfill in order to be an eligible borrower. If you check off the following 3 boxes, then you’re on the road to qualifying for this alternative to Business Funding Group:

  • A personal credit score of at least 640
  • At least 2 years in business
  • At least $50,000 in annual revenue

Does this sound like you and your business? Great! You’re well on your way to getting an SBA loan from Celtic Bank—your next step is to simply apply.

Direct Capital

Up next on our list of your top direct lender alternatives to Business Funding Group is the lender Direct Capital.

This private lender offers a wide variety of financing options, including equipment financing, working capital loans, and franchise financing.

Their equipment financing option will come with the following ranges of terms:

  • Loan amounts of up to $250,000
  • Repayment term lengths from 12 months all the way up to 72 months
  • Loan rates as low as 5.49%

Meanwhile, if you opt for Direct Capital’s working capital loans, you’ll be able to access these ranges of terms:

  • Loan amounts of up to $150,000
  • Term lengths from 6 months to 18 months
  • Loan rates as low as 9.99%

Finally, if you choose to finance a franchise through Direct Capital, your financing will come with the following ranges of terms:

  • Loan amounts of up to $250,000
  • Repayments term lengths as quick as 6 months and as long as 84 months
  • Loan rates that will vary by the product you need to finance

Do one of these funding options sound like the perfect fit for your business’s financial needs? If so, your next step to take is making sure you and your business are eligible to borrow from Direct Capital.

They’ve established the following minimum requirements for their borrowers:

  • A personal credit score of at least 620
  • At least 2 years in business
  • At least $150,000 in annual revenue

Does that sound like you and your business? All that’s left to do is apply and see what terms you qualify for, and you could get funded in as little as a single day.

BlueVine

Last but certainly not least on our list of your top direct lender alternatives to Business Funding Group is the online lender BlueVine.

This lender offers 2 funding options to small business owners like you—an invoice factoring product and a short-term line of credit

With their invoice factoring product, you’ll be able to secure an advance for your business’s outstanding invoices. This product will come with the following ranges of terms:

  • Loan amounts of $20,000 to $2.5 million
  • Loan terms as quick as 1 week to as long as 12 weeks
  • Loans rates in the form of a weekly discount of 0.4% to 1%

On the other hand, through their short-term line of credit, your business will be extended a credit limit from which it can withdraw funds and pay them back incrementally. This product will come with the following ranges of terms:

  • Credit limits ranging from $6,000 all the way up to $150,000
  • Repayment term lengths of either 6 months or 12 months
  • Loan rates from 18.20% to 62.40%,/li>

Depending on which of BlueVine’s funding products you want to pursue, you’ll need to fulfill specific minimum requirements.

As for their invoice financing you’ll just need to check off the following 3 boxes:

  • A personal credit score of at least 530
  • At least 3 months in business
  • At least $100,000 in annual revenue

On the other hand, if you want to fund your business with their line of credit, you’ll need to have these 3 qualifications to be eligible:

  • A personal credit score of at least 600
  • At least 6 months in business
  • At least $120,000 in annual revenue

If it looks like you and your business check off all of the necessary boxes, it’s your time to apply. Provided you’re able to move quickly with your paper and correspondence, then BlueVine can fund your application in a matter of hours.

Loan Marketplaces

Maybe you’re not sure the exact type of funding you’re looking for, and that’s why you were interested in Business Funding Group.

The idea of having an advocate looking through many options to find the best funding for your business can be enticing, especially when you’re not quite sure where to begin. However, there’s something to be said for choosing from a curated pool of options, rather than combing through all of your options out there—both good and bad.

There are a few loan marketplaces out there that dare to be more choosy. Let’s take a look at your top loan marketplace alternative to Business Funding Group.

    SmartBiz

    Your top loan marketplace alternative to Business Funding Group is the SBA loan marketplace SmartBiz.

    This network will allow you to find the very best SBA 7(a) loan for your business, and it can help you do it fast. In fact, if you can move quickly, SmartBiz can fund your application in a mere 5 days, which is one of the quickest SBA loan turnarounds out there.

    And even though they’re able to fund you quickly, they still offer the ideal terms that SBA loans boast:

    • Loan amounts from $30,000 to $350,000
    • Repayment term lengths of 10 years
    • Loans rates from 6.25% to 7.25%

    That said, though SmartBiz can up your chances of getting an SBA loan, their services will still be pretty difficult to qualify for. Do you and your business fulfill SmartBiz’s minimum requirements?

    • A personal credit score of at least 600
    • At least 24 months in business
    • At least $100,000 in annual revenue

    If you’ve got those 3 qualifications under your belt, what are you waiting for? SmartBiz can up your chances of accessing the most ideal loan terms out their for small business, all you have to do is apply.

The Bottom Line for Business Funding Group

There you have it!

All the information you’ll need to decide if Business Funding Group is the right move for your small business’s financial needs. And now that it’s right at your fingertips, you can harness your newfangled knowledge to decide for yourself.

However, if you want our advice, we suggest that, in order to streamline your funding process, you look to a more selective, specific funding source when shopping for loans.

 

Maddie Shepherd

Maddie Shepherd is a former Fundera senior staff writer and current contributing writer for Fundera. 

Maddie has an extensive knowledge of business credit cards, accounting tools, and merchant services, but specializes in small business financing advice. She has reviewed and analyzed dozens of financial tools and providers, helping business owners make better financial decisions. 

Read Full Author Bio