North Central Idaho Small Business Development Center

Online Small Business Lenders Various including Street Shares, Funding Circle, Fundera, On Deck, Kabbage, and those in the equipment lease and factoring businesses

CAUTION RED FLAG! Please see an SBDC consultant before proceeding. You have no consumer protections in this arena. The interest rate is probably not your total cost. Compare the Annual Percentage Rate (APR), if it can be calculated. Are you being provided an annual, monthly, or daily rate? A rate of 1.4% per day may not sound like much, but times it by 365 days and you are paying an APR of 511% plus fees, and whatever else may contribute to unclear pricing.

Some of these are better than others. Street Shares, for example, targets Veterans and abides by the Small Business Borrower Bill of Rights. Their rates typically range from 6 to 25%. Most loans are 6 month to 3 year terms. They target businesses with at least $25,000 in annual sales, who are incorporated, and have a minimum 12 months of history. The owner will need a 600+ credit rating and alternative sources of income may be considered. 

If you are possibly considering a cash advance to small businesses, please read this article first: It's The Wild West Out There

Are you ready to meet with a North Central Idaho SBDC Consultant?

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