Less than two months following his acquisition of Bonanza, CEO Quincy Faison is fulfilling one of his initial commitments to assist sellers in expanding their presence on the platform by introducing a new service that provides working capital loans.
Check Out These Resources
- Do you need a business bank account for your online business? Take a look at our review of the five best bank accounts for sellers, some of which are free with no minimum balance or deposits. [sponsored]
- Boost your social media engagement with Publer. Learn how you can save time writing engaging content faster with AI. [sponsored]
- Could your online business use capital for growth? Here is a primer on revenue-based loans, and how they work.
“Complete your application in as little as 15 minutes. Review your options, choose the right offer, and you can get the funds deposited as fast as 24 hours after your approval,” the newly launched lending site says.
To be eligible for a loan, the business must meet specific criteria, including a minimum average revenue of $4,000 on Bonanza, a minimum of six months of active business operation, and a credit score of at least 550 for the business owner.
Bonanza offers a wide range of financing options, with loans up to $1 million and varying terms based on the need for capital. Most loans will likely fall into the 6 to 36 months option.
There is no fee to apply, and the initial application for a loan will not impact the business owner’s credit score.
After submitting the loan application, an advisor team will assess it, and a dedicated advisor will lead the applicant through subsequent steps, including any credit checks or extra requirements that may be necessary to complete and fund the loan.
If approved, sellers can receive their funds in as little as 24 hours into their checking account to help them scale their business. Learn more here about Bonanza Lending.
Bonanza Lending is powered by Lendflow, a lending marketplace that offers a variety of loans to applicants based on their business needs.
Subscribe to Our Newsletter
We do not sell your information.
You can unsubscribe at any time.
Head over to our Facebook Group for Small Business Marketplace Sellers and interact with us and other small business owners. Follow us on Facebook, Twitter, or LinkedIn to stay up to date with relevant news and business insights for your online business.