July 20

by Michael Granados

Are you left stranded wondering How to get a business loan in Washington state and feeling like you can’t get the right answers?

What if you were shown not only how to get a Washington business loan but how to get it without collateral, no hard credit checks and even bad credit is acceptable?

Welcome in to this post where I “Michael” an expert business loan broker who actually lives in Washington and is a business owner like yourself will be pulling back the curtains to FINALLY show you how to get funding so you can continue to build, grow, expand, and even get out of a tight pinch, but first…

What will YOU do when the big banks turn you down, or you can’t reach deeper into your savings account, or turn to friends and family for help (again, and again - Energizer bunny anyone?)?

Even if you qualified for traditional banking, you’re being asked to put your home on the line, give up sufficient collateral to get your funding and you end up having to supply so much documentation and don’t even get me started on how long it takes to get funding…

So you’re about to witness how to get funding online through fintech companies faster and to give you an easier path to your funds.

Alright, let’s get into it.

Look Locally Like This…

OBVIOUS Answer Alert: The most obvious answer is to go to your local bank or credit union since they can offer you the most favorable terms and rates, however, they can be HARD to qualify (as over 80% of businesses can’t get financing at the bank, so what should you do if this is your situation?

You can turn to online lenders on the internet as they often offer you the fastest approvals (can be same-day approvals), and even more funding but the costs may be higher IF you don’t have collateral and even with collateral, they are not bank rates.

Most online lenders require you to have about 4+ months in business and we can evaluate you on 1 or all 3 of these:

  • Cash-flow
  • Credit
  • Collateral

Related: Same-day instant approval funding up to $25k

Now let's look at the small business loan Washington state steps to get one.

5 Ultimate Steps To Getting A Business Loan In Washington…

5 for business funding
  • STEP 1: Identify your specific needs for funding
  • STEP 2: Identity “how much” funding you will need
  • STEP 3: Be aware of your funding Details
  • STEP 4: Understand the qualifications/requirements of different programs
  • STEP 5: Apply for funding

These 5 steps you’re seeing are the PIVOTAL elements to helping you understand ultimately which loan program is best for your needs…

And the reason you needed to see this is that so many people find “ANY” loan program and go and apply or they are fixated on getting the best rates and terms, that they block everything else like your:

  • Time in business
  • Revenue
  • FICO
  • Industry
  • And More

What you have to look at first are these elements and know that you usually get lent between 10%-15% if not up to 20% (more in the 10%-12% range) of your annual sales. So with that said, I’m going to show you “the types of business loans you can get”...

Types Of Business Loans You Can Get…

Starting with one of the fastest and low documentation needed services are...

Merchant Cash Advances

These are technically not loans but rather “advances” where you get advanced funding based on your future receivables which means if your business takes credit cards and credit card processing, you will receive funding based on those sales and you’ll pay back the lender with what you make in the future. For example…

One day you make $3,000, then you get taken out a higher percentage and returned back to the merchant/lender, and if you have a lower day of sales like $300 or so, then less is taken out. You can get a fixed percentage and or variable. There are “Hybrid” Merchant Cash Advances where you know what’s getting taken out of your account on a daily basis and don’t have to worry about getting taken out more one day because of higher sales and put a constraint on your cash flow…

And if you’d like to see my #1 recommend a program for getting up to $35,000 and even up to $25,000 same-day instant approval along with up to $2,000,000+ incredibly fast funding without collateral, no hard credit checks, low documentation needed, and bad credit is fine, then click here to see my in-depth review.

Lines Of Credit

How would you like to use your funds for whatever you want WHENEVER you want? 

With a business line of credit, you get approved for a certain amount and can withdraw as much as those funds and only pay interest on what you use. Once you pay off the interest, then it becomes a “revolving line of credit” and you start fresh from your original approved amount. This helps bring the gaps for cash flow and maintain your business up.

If you’d like to see my #1 way to get a business line of credit up to $100,000 and even up to $250,000 unsecured (without collateral) or secured with collateral, click here to see how to get a business line of credit fast.

Term Loans

Unlike a Merchant Cash Advance, that’s generally between 3-12 months, a term loan 1-2 year term unsecured or 2-10 years secured in a lot of cases. The requirements are a bit higher and can vary by industry, but if you have a 660+ FICO, with 2+ years in business and $25k+ consistently being deposited into your business bank account over the last 6 months or $300,000 annually consistently…

Then this can be a good option for you. If you’d like to learn about term loans, whether unsecured or secured (without much income restrictions and credit score), then click here to see my #1 recommend term loan option(s).

SBA Loans

For many these SBA Loans seem to be the “Mecha” of all business loans - It’s almost like you’re kneeling to a higher power if I’m to be honest and here’s why.

It’s no surprise the governments been helping people and businesses get back on their feet with the COVID EIDL Loan but did you know there are more programs like the:

  • SBA 7A
  • SBA 504
  • Microloans
  • Community Advantage program
  • SBA 8a mentoring
  • And more?

The SBA EIDL is for COVID Relief and the SBA 7a as well as the others are more for growth and expansion uses or just getting started with your business and you’re newly established. You can expect to get terms from 5-25 years (5-7 or 10 years is usually for working capital, more it’s for like a business purchase and or equipment, and 25 years for real estate)...

And interest rates are somewhere between 5-9% or so in today’s market and economy. If you’d like to learn more about qualifying for SBA Loans, you can click here to check out our SBA Loan Quiz to get you an answer fast.

Equipment Financing

Do you have a large piece of equipment (or of any size) you have your eyes on whether it’s new or used?

With equipment financing, you can get funding towards the purchase/lease/lease to own of a vehicle in just about every industry and you usually see terms between 1 to 5 years at 6%-35% or so in interest and this can vary per lender.

The demand for equipment may be higher at some points and the supply is less which then can mean a bigger down payment on a vehicle or any other piece of equipment. But if the benefit of getting the equipment far exceeds your repayment and interest, then it makes sense.

To get the best equipment financing options, You can fill out the equipment financing form right here and I’ll get in touch with you.

But if you’d like to check out a program where you can get in with a minimum of $120k in gross sales and not even factor in credit, click here to see this business capital program

Personal Loans

How does getting a personal loan you can use for business sound?

Delightful, right? Personal loans have been around for AGES (I’m aging myself just thinking about it), but you can find the right personal loan for personal uses and then a personal loan for business which is very common especially when you have strong credit.

These are highly credit-based programs where generally you’d want to have a 680+ FICO with some form of business credit established and tradelines built. If you’d like to learn more about how to get a personal loan you can use for business, check out my #1 recommended place in GoKapital here.

Startup Loans

Similar to the personal loan option you just saw above, you can get a startup loan with higher credit-based requirements such as a 680+ FICO, with $50,000 in annual revenue required (Taxes or paystubs) and a little more with the GoKapital program. What about with no revenue requirements?

First of all, there’s “No true” startup funding at least with a private lender because your business is NOT proven and there’s no revenue or not enough of it to justify giving you a loan BUT there are more startup options such as:

  • 401k IRA Financing
  • HELOC Credit Lines
  • Cash-Out Refinances on properties
  • Credit Line Hybrid
  • Angel Investors
  • Private Equity
  • Hedge Funds
  • SBA Community advantage loans
  • SBA Microloans
  • Grants
  • And more!

My favorite above all are 401k IRA Finance and the Credit Line Hybrid program and here’s why. You can withdraw funds from your previous employers and do it on multiple occasions if you have multiple past employers and it’ll help you with your startup.

If you’d like to learn more about this 401k IRA Finaincg option, see here for more.

And then there’s the Credit Line Hybrid program where it’s once again credit focused at having a 680+ on ALL 3 consumer credit bureaus and more but you can get access to business credit cards and stack one on top of the other…

This way you get access to more limits and the maximum amount you need up to $150,000+ and you can get 0% interest for 6-18 months!

If you’d like to learn more about the credit line hybrid program, I made an in-depth review of how with the Credit Suite program here.

Accounts Receivable Financing

Do you have unpaid invoices you collect from your customers who pay on terms?

If so, you can use these invoices as collateral to give up to a “factoring company" in exchange for cash at a faster turnaround. This way you can bridge cash-flow gaps, and you can use the funds for whatever you need.

You’re in TOTAL control of how much you give up unlike other forms like equity, real estate properties, equipment, etc. And the great thing is it’s not like we make a decision based on the cash-flow or credit side of your business since you’re offering up collateral.

If you’d like to learn more about how Accounts receivables work and getting a revolving line of credit from $250,000 - No cap, then click here to check out the #1 accounts receivable option.

Microloans

Do you remember under the "SBA Loans" segment earlier where I mentioned “Microloans”? If not no worries…

But these Microloans are usually up to $50,000 given out by the SBA and their subsidies. These are usually given to people who are startups and newly established businesses. If you’d to learn more about getting an SBA Microloan, then click here to see.

Commercial Real Estate Loans

The name gives it away - You can get funding on a commercial property you’re trying to acquire and even in some cases build from the ground up. These can be financed up to 95% in many cases and offer up amazing terms like up to 25 or so years.

To learn more about Commercial Real Estate Loans, see here.

And The Fastest Business Funding program Is...

Of All the services you’re seeing above, the one that will get you the fastest funds with lower documentation required, bad credit is acceptable and there's no collateral you need to put up are Merchant Cash Advances.

Although these come with medium/high rates beacuse the lender assumes 100% of the risk in the case of a default and because you don't offer collateral and so forth, it's a great way to fuel your businesses growth and expansion in the shorter and eve long-term.

If you'd like to see my #1 recommendation for getting what's called a "Hybrdid Merchant Cash Advance" where it's generally 50% less expensive than traditional ones and gives you more fleixiblity, then click here to learn more about Bitty Advance and their partnership.

How Can I Get A Loan to start my own business?

If you came here today looking for a “Startup Business Loan”, then just know there are options BUT it’s much harder to get funding with a private lender because you don’t have a proven business with revenue and more, but some startup options are:

If you’d like to learn more about how to qualify for a startup loan with one company I did a review for to get over $100,000, then click here to learn more.

Can I get an SBA Loan If I Just Started a business?

business financing

Yes and No. Honestly, the only options available for SBA startups (and are pretty hard to get) are:

  • The community advantage program
  • Microloans
  • How much money do you need to get a loan for a business?

If you’re asking how much it costs to get a business loan, then for the most part there’s no application fee (and if there is one, You’ll want to question it and usually RUN), but if you’re wondering what you must be doing in “revenue” per month…

It depends on the service - Like Merchant Cash Advances can get you in with about $3k+ per month within the last 3 months, or you can get in with $5k+, $15k+, $20k+, $30k+, etc.

Each lendre has different requirements, so you have to keep that in mind.

What Qualifies For An SBA Loan?

I made a separate video review for what qualifies for an SBA Loan that I’ll link to down below but here are some required for the SBA 7a loan program (not EIDL):

  • 650+ FICO credit (usually 680+ though)
  • $120K+ per year and or $300k+
  • 2+ years in business
  • Minimal Debt-to-income ratio
  • Low credit utilization
  • Minimal Inquiries
  • 10%+ profit per year if not 15% or 20%+
  • And more

Final Thoughts And Next Steps

Are you more confident and certain on how to get yourself a business loan in the state of Washington and literally anywhere else?

Although there are LOADS of business loans and cash advance options, you have to look at it like this…

What is the BEST option to position you for growth and expansion as well as just getting started out and getting out of a tight pinch?

You shouldn’t base your decision on just getting the lowest interest rates possible but rather this…

How can I get a longer-term (if possible the first time around and if not as I grow), and a better repayment? If your benefit exceeds your repayment, then you can justify taking the funding, but if not…

You’ll keep fighting tooth and nail for the lowest price and that may not exist for you. So be strategic on what you need your funds for and how EXACTLY you will use them to help you produce an ROI in the immediate and or long-term future and if not, how are you positioning yourself?

So if you’re ready to get started financing your next project(s) or you just need to stay afloat, then i invite you to fill out a highly personalized and customized questionnaire where I’ll be able to evaluate and analyze your best funding option(s) while at the same time getting a FREE 6-step pre-approval lending checklist to get you approved for funding much faster.

Michael Granados


Michael Granados is an expert blogger and a 5+ figure-a-year affiliate marketer. He's created a health and wellness brand as well enjoys helping others learn about different marketer tools and helping people achieve an awesome life personally, physically, and professionally.

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