How to get a Low Small Business Working Capital Loan Interest Rate
Ever since the COvID-19 Pandemic of March 2020 VIP Capital Funding has been hard at work helping small business owners obtain federal working capital loans at low interest rates. These products include the PPP (Paycheck Protection Program) and the EIDL (Economic Injury Disaster Loan). I Joshua Triplett being the Owner and Principal Managing Partner has experienced first had in the trenches of the struggle that small businesses have been facing. Several small businesses first don’t know where to start in applying, and secondly have no clue what to do during the funding process. Some $700 bullion was printed but there was no clear direction for small businesses to apply. VIP Capital Funding has been solving massive financial problems in the market place by representing small business owners by pointing them in the right direction for the Paycheck Protection Program (PPP) and hand holding the business owner throughout the EIDL process. You would be surprised as many business owners are in their 50s and lack the technological savviness to operate a PC. With that being said VIP Capital Funding has helped 100s of small business owners with low interest federal backed loans. We are extremely professional, confident, and personable at what we do; hence the great reviews we have been receiving.
Despite the low interest small business working capital we have been helping business owners get, they do have to fit the criteria in which I will outline both. Starting with the Paycheck Protection Program (PPP) one must have at least 1 employee and do $10,000 or more in revenue. Credit score is usually not an issue here. There is a 10-month deferment and it is forgivable as long as you are using it for payroll and mortgage/rental.
Next we have the EIDl where approvals range from $100,000-$150,000 on avergae. There has been a lot of fraudulent activity in this category so you will be asked a lot of times to confirm identity such as License, EIN Letter, Articles of Incorporation and Operating Agreement, along with the front and back of your driver’s license. This gives the loan officer proof that the money you will be receiving is going to a legitimate for your business. As mentioned in the reviews VIP Capital Funding has done an excellent job in the sales process by making sure all necessary documents are scheduled in and approaching the SBA representative relentlessly to get business owners funded. As per the terms of the EIDL, it is a very good loan despite it being unforgivable. It is a loan between $100,000-$150,00 on average with a 12-month deferment re-paid back in 30 which makes for a very cheap monthly repayment. Along with this to as per my knowledge early payment discount applies after 3 years. With it being a 30-year repayment, this gives business owners plenty of time to put the deployment of capital in great places to prosper.
With both loans combined this has been able to prop up the economy tremendously as business owners have capital to be put to work and slowly but surely employees will return to work as normal. If money ever grew on trees this is the first time in American history where money was stimulated into the economy at a magnitude where it was as if money did grow on trees. The next step for the economy is to get back to business as usual.