Gateway Financial LLC

Frequently Asked Questions

Common FAQ's

Frequently Asked Questions

There's a lot that goes into qualifying a loan. Learn more by reading through the most frequently asked questions.

What can I use the funds for?

The business loans from our lending partners can be used for any business purpose. It is up to you to decide how you want to use the money. These are some of the most common ways that customers have used their loans:

  • Increase cash flow
  • Pay expenses
  • Purchase inventory or supplies
  • Hire more employees
  • Upgrade equipment
  • Renovations/refurbishments
  • Marketing
  • Purchase a business
  • Buy real estate
  • Payroll
  • Expand
  • Run your business
  • What kind of business loans can I get?

    We understand every business has different needs, so our partners have different loan types available for you including:

  • Unsecured Business Loans
  • Merchant Cash Advances
  • Micro Loans
  • Equipment Loans
  • Invoice Factoring
  • Lines of Credit
  • What is Same Day Funding?

    Same Day Funding is as simple as it sounds. It allows you to receive funds in your account as early as the day you finalize your loan. There’s no special enrollment and no additional cost. This may vary depending on the loan type and lending partner.

    How does payback work?

    Payment terms will vary depending on the type of loan, the size of the loan, and your business qualifications. Our lending partners pride themselves on providing flexible payment terms customized to fit your needs.

    How long does a loan take to process?

    The timeframe varies depending on the loan type, loan amount, and the lending partner. However, it generally takes only a few days to complete the process and to get your loan funded. Our partners pride themselves on being much faster and more customer focused than banks.

    Which loan option is best for my business?

    There's no one-size-fits-all answer. The best loan for your business depends on many factors such as your needs, budget, timelines, and qualifications. The best way to get started is to complete our easy and secure online application to begin evaluating your options.

    How much will the money cost?

    There’s no standard rate that applies to all businesses. The cost of your loan depends entirely on what you qualify for and the type of loan that fits best for you. Lenders will look at criteria such as your business income, credit, and time in business, then qualify you for loans that have varying terms and rates depending on your particular situation. To understand the cost of your loan, you’ll want to understand the interest rate and APR. The best way to get started is to complete our easy and secure online application to begin evaluating your options. How long do I need to be in business to qualify? There’s no standard length of time your business needs to be in operation in order to qualify for a small business loan. Our lending partners have financing options for newer businesses as well as more established businesses. However, you will typically need to be in business for at least 12 months to qualify. The thing to remember is that how long you’ve been in business will certainly affect which loans you qualify for.

    What are the revenue requirements to get a loan?

    Generally, our lending partners will require that your business generate at least $100,000 in sales each year to qualify for a loan.

    What documents will I need to get a loan?

    The documents needed to get final approval and funding of your loan will vary depending on the type of loan and the lender. However, in general you will need several months of bank statements, your business license, and articles of incorporation at a minimum. Our lending partners aim to make the process as easy and fast as possible.

    What happens if you default on a loan?

    Our lending partners value the relationship with their customers. Their primary goal in the event that you hit a bump in the road will be to work out arrangements that are manageable for them and for you. Remember that the most important thing to do in the event of hardship is to maintain good communication with the lender so that you can work together to get back on track.

    What is considered a small business?

    There is no exact definition for the term “small business”. However, businesses with less than $40 million in annual revenue are typically classified as small businesses.

    What is APR?

    The term annual percentage rate of charge (APR), corresponding sometimes to a nominal APR and sometimes to an effective APR (EAPR), is the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc. It is a finance charge expressed as an annual rate. Those terms have formal, legal definitions in some countries or legal jurisdictions, but in the United States: · The nominal APR is the simple-interest rate (for a year). · The effective APR is the fee+compound interest rate (calculated across a year). In some areas, the annual percentage rate (APR) is the simplified counterpart to the effective interest rate that the borrower will pay on a loan. In many countries and jurisdictions, lenders (such as banks) are required to disclose the "cost" of borrowing in some standardized way as a form of consumer protection. The (effective) APR has been intended to make it easier to compare lenders and loan options. Source: https://en.wikipedia.org/wiki/Annual_percentage_rate

    What is a short term loan?

    A short term loan is typically a loan with a term of 24 months or less. Short term loans are typically easier to qualify for than long term loans and can typically be obtained faster than longer term loans.

    What is Gateway Financial?

    Gateway Financial came to exist out of its founder’s frustration with the status quo when it came to securing loans for small and medium sized businesses (SMB’s). Banks’ strict criteria meant that 80% of businesses don’t even qualify for loans with them. And for those that did, the underwriting and approval process took forever—not to mention the mountains of paperwork that they make you provide. Gateway Financial sought to shift the paradigm by connecting businesses with lenders seeking to provide a better and easier process for businesses to secure loans to run and grow their companies. We understand that every business is unique, and we work to help businesses find the right customized solution for them. Gateway and its lending partners offer a customer focus process aimed at getting you money fast so that you can focus on running your business. At Gateway Financial, we understand that small and medium sized enterprises are the backbone of our country and that they have been underserved by the banking system. We aim to serve them. To us and our partners, you’re more than a credit score.

    What industries do you provide lending for?

    Our partners provide financing for virtually all industries including but not limited to:

  • Real Estate
  • Hospitality
  • Retail & Fashion
  • Restaurants and bars
  • Online stores and e-commerce
  • Manufacturing
  • Hair & Beauty
  • Automotive
  • Trade & Labor
  • Cleaning Services
  • Logistics, Trucking and Transportation
  • Oil and Gas
  • Service Providers
  • Consulting
  • Consumer products and services
  • Engineering
  • Information Technology
  • Staffing
  • Telecommunications
  • Agriculture and farming
  • Wholesale and distribution
  • And many more industries
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