FAQs – Empower Group
At Empower Group, we’re committed to providing clear, straightforward answers to all of your financing questions. Below are some of the most commonly asked questions about our services and how we can help your business access the capital it needs to grow.
General Questions
What is alternative business financing?
Alternative business financing refers to funding solutions outside of traditional bank loans. These can include business loans, merchant cash advances, lines of credit, factoring, and more. At Empower Group, we offer a range of flexible financing options tailored to your business’s needs.
How does Empower Group differ from a traditional bank?
Empower Group specializes in alternative financing, which means we offer faster, more flexible funding options with less stringent credit requirements. Unlike traditional banks, we provide customized solutions that allow businesses to access capital quickly, often within a few days.
What industries does Empower Group serve?
We work with businesses in a wide range of industries, including retail, manufacturing, healthcare, construction, professional services, and more. Our goal is to help businesses of all sizes and sectors achieve their financial objectives.
Business Loans
What can I use a business loan for?
A business loan from Empower Group can be used for a variety of purposes, including purchasing equipment, expanding operations, covering payroll, or managing cash flow. Our loans are designed to be flexible and meet the unique needs of your business.
How do I qualify for a business loan?
Qualification depends on factors like your business’s revenue, time in business, and credit history. We take a holistic approach to evaluate your business and customize the best loan package for you.
Business Line of Credit
What is a business line of credit?
A business line of credit is a revolving credit option that allows you to borrow funds as needed, up to a predetermined limit. You only pay interest on the amount you use, making it a flexible solution for short-term expenses.
How quickly can I access funds from a line of credit?
Once approved, you can draw from your business line of credit at any time. Funds are typically available within 24 to 48 hours, giving you quick access to the capital you need.
SBA Loans
What is an SBA loan?
An SBA loan is a business loan that is partially guaranteed by the U.S. Small Business Administration (SBA). These loans offer competitive rates and favorable terms, making them an excellent choice for businesses looking for long-term financing.
What is the approval process for SBA loans?
SBA loans require more documentation and a lengthier approval process compared to other types of financing. However, Empower Group helps streamline the process by guiding you through the necessary steps and working closely with lenders to ensure timely approval.
Factoring
What is factoring and how does it work?
Factoring involves selling your business’s unpaid invoices to Empower Group in exchange for immediate cash. Instead of waiting for customers to pay, you can convert those invoices into working capital right away.
Who is responsible for collecting payment from my customers?
Once your invoices are sold through factoring, Empower Group handles the collection process from your customers, allowing you to focus on running your business.
Merchant Cash Advance (MCA)
What is a merchant cash advance?
A Merchant Cash Advance (MCA) is a type of financing where you receive an upfront lump sum of cash in exchange for a percentage of your future credit card sales. It’s an ideal solution for businesses that need quick access to funds.
What are the repayment terms for an MCA?
Repayment for an MCA is flexible and is made through a portion of your daily credit card sales. This means payments adjust based on your revenue, offering more flexibility compared to traditional loans.
Term Loans
What is a term loan?
A term loan provides a lump sum of capital that is repaid over a fixed period of time with a set interest rate. This is ideal for larger investments, such as purchasing equipment, real estate, or expanding your business.
How long are the repayment terms for term loans?
The repayment terms for term loans vary based on the loan amount and your specific needs, but they typically range from one to five years. Empower Group works with you to determine the best term for your financial situation.
Application & Approval
How do I apply for financing with Empower Group?
Applying for financing is simple. You can either fill out our online application or contact our team directly to discuss your needs. We will guide you through the process and ensure a smooth, fast approval.
How long does the approval process take?
Approval times vary depending on the type of financing. Many of our funding options, such as business loans or merchant cash advances, can be approved and funded within a few days.
What documents do I need to apply?
The required documents depend on the financing option you’re applying for but typically include business bank statements, tax returns, and other financial records. Our team will provide a clear checklist once we assess your needs.
Still Have Questions?
If you have any additional questions, don’t hesitate to contact our team. We’re here to help you find the right financing solution for your business and guide you through every step of the process.