Eastbrook Finance in Charlottesville, Virginia answers common funding questions in plain terms; funding partners make the decisions on any request.
What Credit Score Do You Need for a Small Business Loan to Add Salon Chairs?
There is no single credit score that every partner requires. Each funding partner sets its own standards, and many read personal credit alongside the business's revenue, time in business and existing debt. A salon adding chairs with steady card sales and a clear equipment quote presents more than its score alone.
If your score has a known problem, such as a past late payment that has since been resolved, say so on the call. Context belongs in the request.
Can You Get a Business Loan From a Credit Union? A Central Virginia Grocery Store Asks
Yes. Many credit unions offer business loans to members who qualify. A credit union reads the same kind of file as any other partner: statements, returns, the purpose and the collateral. Membership rules and lending limits vary by credit union, so ask your own credit union what it offers before or alongside any other request.
Comparing a credit union offer with another partner's offer for the same purpose, by total dollars, is a fair test.
Is a Merchant Cash Advance a Loan? A Charlottesville, VA Motel Owner Asks
No. A merchant cash advance buys a slice of future card receivables, which makes it something other than a loan. The provider pays a sum now and collects a share of each day's card sales until an agreed total is reached. A motel with card-heavy revenue may be offered one; compare its total cost with a loan before signing. The merchant cash advance page explains holdbacks and factor amounts.
What Is a Commercial Business Loan, Measured Against Parts Accounts and Store Refreshes?
A commercial business loan is money lent to a business for a business purpose, paid back on agreed terms. That covers term loans, working capital loans, lines of credit and equipment loans. A parts account gap and a store refresh are both commercial purposes, but they fit different types: a line for the parts, a term loan or equipment financing for the refresh. The comparison page matches each type to its uses.
Are Merchant Cash Advances a Good Idea for a Charlottesville, VA Retail Store?
They can be, for a short need with steady card sales, and costly for a long one. A retail store with seasonal card sales should weigh how the holdback behaves in a slow month and what the advance costs in total compared with inventory financing or a line. The total collected is set at signing and does not shrink if sales come in early.
What Does It Take to Get a Business Loan When a Contractor Faces Bonding Costs?
It takes a clear purpose, records that show the business can pay, and a funding type that fits. For a contractor facing bonding costs, that means the contract, the work-in-progress schedule, financial statements and the surety's requirements. A partner reads the business's cash flow against the new payment. The request steps explain the stages and the request form starts one.
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