What types of small business financing are available in Minnesota?
Available options include business lines of credit, bridge or cash-flow gap financing, revenue-based advances, working capital funding, growth and expansion financing, and invoice factoring. Depending on the product and provider, financing may be secured or unsecured. Funding availability, pricing, fees, repayment terms, and approval requirements vary by applicant, provider, product type, and state.
How much can a small business borrow?
Funding ranges depend on the financing product. Business lines of credit and revenue-based advances may range from $10,000 to $5,000,000, while bridge financing and growth financing may range from $30,000 to $5,000,000. The actual amount offered is determined by the independent financing provider after reviewing the application, business activity, cash flow, and other underwriting factors.
Is there a minimum credit score requirement?
Steady Capital Solutions states that there is no specific personal or business credit score requirement for its financing options. Approval is not automatic, however. Applicants may need to provide business information and proof of cash flow, while independent providers evaluate eligibility, repayment capacity, transaction structure, and other underwriting considerations.
How quickly can a business receive financing?
Some financing options may receive approval decisions within 24 hours, and certain business lines of credit may be approved in hours rather than weeks. Funding delivery depends on the product, provider, underwriting, documentation, and transaction details. Applicants should review the written offer for the applicable funding process, costs, and repayment obligations.
Are secured and unsecured business loans available?
Yes. The available catalog includes both secured and unsecured financing options. Unsecured options may not require collateral, while secured products may involve collateral or other transaction requirements. Depending on the provider and transaction, personal guarantees or UCC filings may also be required. The applicable conditions should be explained in the written financing offer.
Are there application fees for business financing?
No application fees are stated for bridge or cash-flow gap financing and growth and expansion financing. Other products may have different fee structures, and fees or charges may be deducted or withheld from the amount disbursed. Applicants should review transaction-specific written disclosures, including APR or equivalent cost metrics when provided.
What documents or information may businesses need to apply?
Businesses should be prepared to provide information supporting the application, including proof of cash flow where required. Applicants may also need to share business and revenue details so an independent provider can evaluate the request. Exact documentation varies by product and provider, so the application and written offer should identify the applicable requirements.
Is Steady Capital Solutions a direct lender?
No. Steady Capital Solutions connects applicants with independent third-party financing providers rather than serving as a direct lender. The platform helps applicants explore potential funding options, but the independent provider makes the underwriting decision, determines the offer, and sets applicable pricing, fees, repayment terms, and transaction requirements.