Many Cleveland businesses are currently struggling amid the COVID-19 pandemic. As businesses struggle, their owners are looking for business funding options in a hurry. Quick business loans in Cleveland are still available for many business owners thanks to a local Ohio City outfit called Capital Source Group.
If speed is the biggest financing concern your business has, there is little reason to panic. Many of the quick business lenders available can provide loans to borrowers of all credit scores.
Quick Business Loans in Cleveland
The fastest business loans you’ll get in Cleveland come from alternative lenders, and your best bet is to use a broker. There are various loan agencies available in Cleveland, but few in particular for alternative business loans. One major player in the local scene is a division of Capital Source Group (“CSG”). With a network of over 30+ alternative lenders, they can direct you to their partner lenders based on your credit score and bank deposit or credit card revenue. They’ll go over your requirements and see if they can match you with the right business loan.
As a partner, we can help you with your application to CSG here. Upon applying, we will reach out to help you get the best deal for your Cleveland-based business.-Kyle Pizzuto, CSG funding specialist and LendingBuilder liaison located in Ohio City
CSG’s alternative lenders can provide Cleveland businesses with funds in less than one business day. Quick business lenders will vary in quality. But some will give you good rates as well as excellent speed. Read our guide on fast business lenders here.
Warning: Payday Loans
Business payday loans are one of the fastest ways to acquire business financing. But they are almost invariably awful when you consider their costs and repayment terms. You will have to pay interest rates of over 199% in many cases. And you’ll only have a few weeks to pay the lender back. That is not what is offered by CSG. Instead, CSG provides a revenue advance, which you can read and learn about here.
Choosing the Right Partner
The alternative lender you choose should offer you the best rates you are eligible for. Your credit score and several other factors will determine the rates lenders offer you. However, trying to compare all the available business lenders on your own will be tedious.
Cleveland Quick Business Loan Partners
There are several local partners you can use to find your business loan a bit quicker if you’re in Cleveland. These lending brokers just ask you for some basic information when you sign up. They will then match you with business lenders that are best for you given your. Some to consider:
- Capital Source Group, LLC
- Segway Financial, LLC
- Apply to both here
If speed is your greatest concern, you’re in the right place. These platforms will help you browse options from the fastest lenders. Many alternative lenders can approve your loan in a matter of hours or days, and they will help you find a business loan that is both quick and fair.
Other Resources from the City of Cleveland
The City of Cleveland is offering businesses struggling due to COVID-19 several grants and incentives. Many of these local government resources can provide you with much-needed funding. You can also avoid the interest rates and fees that come with business loans. If this assistance doesn’t meet your needs, you can apply for quick business loans in Cleveland.