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Frequently Asked Loan Questions for Small Business Owners

Find Answers to Common Business Funding Inquiries in California

If you have been searching for a lender to fund your business in San Diego, look no further. Fidelity Advance is a proud ally of small business owners, supporting startups and day-to-day operation with intelligent funding solutions.

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How Long Does an Application for Funding Take to Fill Out?

Our applications are designed with convenience in mind, taking only a few minutes for a small business owner to complete.

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Will a Request for Funding Hurt My Credit Score?

Unlike traditional lenders, borrowing from Fidelity Advance will NOT negatively impact your credit score.

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How Quickly Will I Receive Funding After Approval?

Fidelity Advance offers a fast turnaround for funding, often within days of the application. By contrast, you might wait anywhere from weeks to months when applying with a traditional lender.

Q

What Industries Does Fidelity Advance Support?

Fidelity Advance serves numerous types of small businesses in commercial endeavors, ranging from retail stores to restaurants to construction companies. If you have questions about whether your San Diego small business qualifies, call our support team at 888-316-2246.

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What Types of Financial Support Does Fidelity Advance Offer?

Fidelity Advance offers different types of funding solutions tailored to your needs, whether you need short-term capital or a continuous line of credit. Some of these commercial loans include term loans, merchant cash advances, and equipment loans.

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How Can I Use Funding from Fidelity Advance?

Funding secured through Fidelity Advance is entirely at your discretion to use, as long as it contributes to the health and/or growth of your small business. This could mean hiring new staff, moving to a new building, or purchasing new equipment.

Q

What is a Small Business Administration Loan?

You may qualify for a Small Business Administration (SBA) loan after you have exhausted all other avenues of funding, personal assets included. Additionally, your business must be for-profit and operating within the US. The business in question must also have a reputable credit score.. If you meet all those criteria, you could be granted an SBA loan, where the Small Business Administration acts as an intermediary between you and a traditional lender, securing you benefits such as low interest rates, high loan amounts, and a flexible repayment schedule.

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What is a Merchant Cash Advance?

A merchant cash advance, or MCA, allows for small business owners with substandard credit to take out a large lump sum amount on short notice. It is then paid back from a percentage of your credit card income, allowing for some flexibility in the repayment schedule.

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What is a Term Loan?

A term loan allows you to make large purchases upfront, taking out a lump sum that is paid back to the lender over a predetermined period. This is common of commercial real estate loans, when a small business owner purchases a new building.

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What is a Business Line of Credit?

A business line of credit is extended by a lender to a small business owner, allowing them to take out funds as needed. You may find this option helpful if you have to constantly refresh your stock of a particular item, or need to make continual payments for a service.

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What Will Be Considered Before I Can Take Out a Loan?

Fidelity Advance will weigh different factors to determine your eligibility, including how many years you have been in business for, how much revenue your business generates in annual sales, and your credit score. A funding advisor will reach out to you after you apply and inform you of your eligibility for financial assistance at Fidelity Advance.

If you have any more questions, our staff is happy to answer any inquiries online or over the phone at 888-316-2246.

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