COVID-19 Loans From Credit Unions, Banks, SBA. Here Are Some Quick Resources

Small businesses across the country are struggling with payroll, rent, mortgages, utilities, and other bills. To avoid layoffs and closures, and odds are many small business owners are turning to government-backed loans as an answer to keep the lights on. However, the banks receiving applications are swamped, and not everyone is eligible for one of the SBA loans for COVID-19. Sometimes the odds seem to be against small business owners. And some banks like Bank of America reported it has already received $22 billion in loan amount requests. Bankers have been unable to tell business owners how soon their application will be processed or when they can expect to see the money in their account. With cash flow severely limited by a shelter in place and social distancing orders, small businesses are facing firing employees or closing altogether. Not all banks are offering SBA loans. Some banks require you to be a customer before applying for the Payment Protection Program loan. People are constantly asking, ” How to get a Business loan.” At UMC we listened and quickly added it to our services.

Many small businesses have had trouble getting an sba loan or PPP loan. Unlike the PPP loan, a small business loan from United Medical Credit does not have restrictions on company size. There are no requirements around using the funds mostly for payroll costs or other restrictions so be sure to check the most up to date information. Small businesses of any size can apply for a line of credit from one of United Medical Credit’s network of lenders. Some companies have been running into trouble securing a PPP loan because of affiliation standards. Venture-backed companies must count all employees in their venture investors and their portfolio of companies. This has pushed many companies above the 500 employee limit for eligibility for the PPP small business loan. Another limitation of the PPP loan is that business owners cannot include wages paid to independent contractors in their loan amount. Forgiveness for the loan is contingent upon employee retention or rehiring quickly, which is not a possibility for some small businesses. How to get a business loan – has been one of the most widely talked subject matters in the business world.

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In short, many small businesses will fall through the cracks of the current coronavirus relief funding. Providers like doctors and merchants may not be able to take advantage of the SBA coronavirus loans because of company size, or the purpose for which they need the funds. They also may be trying to avoid credit card debt on their business credit card or are unable to secure funding for other reasons for their business loan.

How to Receive a Small Business Loan During Coronavirus

A traditional loan from one of United Medical Credit’s network of lenders can provide business owners with the cash flow they need to stay operating throughout the COVID-19 crisis. With a quick online application process, a small business loan is a good option for business owners who have immediate needs for cash flow but are having trouble securing an SBA-backed loan or don’t qualify for other reasons. Anyone can apply – you do not already have to be in United Medical Credit’s network. When you apply for your Business loan, United Medical Credit will use its in-house calculator to help tailor your business loan for your business. Getting a business loan isn’t an easy decision. UMC will guide through the business loan process.

Business Loans For Your Business

Trust UMC With The Process Of Getting A Business Loan For You

Every Business Matters

Make Sure Your Business Financials Are In Order

If you have annual revenue of $250,000 or more and have been in business for three years or more, you meet the pre-eligibility requirements for a small business loan. You must also have a business bank account. Apply through our online portal to get started today: Apply Here

We get asked a lot by the business community on how to get a business loan. The first step is to contact UMC.

At United Medical Credit, we’re committed to your success. We connect providers and merchants with financing options that work for them. Our network of lenders allows us to specialize in finding the right fit for your business. Our associates have years of experience matching providers with lenders that have loan options with their desired terms and repayment plans. We have a reputation for being reliable, trustworthy, and easy to work with. It’s our mission to make sure that providers are aware of all their options when it comes to small business loans and can take advantage of financing during this difficult time.

United Medical Credit-Will Guide You In Every Step Of The Way In Your Business Loan Process

Our Business Loans Are Not Guaranteed But We Will Do As Much As Possible To Help Your Business

With so many options to choose from, how do you decide which loan program is right for your small business?

Business Loans For Most Industries

Getting A Business Loan Shouldn’t Be Difficult

Your Business Matters, Getting A Business Loan Will Help You To Navigate During Tough Times

Businesses Across America Are Trusting United Medical Credit For Their Business Loans

Getting A Business Loan: What steps do I take to apply for a small business loan for my business?

How to Get a Business Loan?

The application process is simple. We can accept your information via our online application form. You will need some basic information, like loan amount requested, loan purpose, desired loan term, financial information, and owner information. One of our qualified loan specialists will respond to your application as soon as possible. Denied a small business loan from another lender? United Medical Credit works with numerous lenders to secure financing options for our applicants to get loans. Can you get a small business loan with no credit check? In most cases, your credit will need to be run. In most cases, will need some basic information, like loan amount requested, loan purpose, desired loan term, financial information, and owner information.

At UMC We Care About Your Business

Getting You A Business Loan Is Our Top Priority

Business Loans Shouldn’t Be Difficult To Get

Our Loan Calculator Will Help Determine Your Eligibility