Balboa Capital Merchant Cash Advance Review 2023
Loan Amount
Factor Rate
Terms
Min Credit
Time to Fund
Company Profile
Balboa Capital is a top-rated business lender that has delivered over $7 billion in funding to small businesses. The company is a technology-driven financing company that provides business owners with fast, hassle-free solutions for commercial financing and equipment leasing. They are a direct lender that specializes in small business loans, equipment financing, commercial financing, equipment vendor financing, and franchise financing. Balboa Capital has become one of the largest and most respected independent financing companies in the United States, with a proven track record of success and customer satisfaction.
The company was established in 1988 and has since grown to become a leading provider in the financing industry. They have a team of dedicated professionals who work tirelessly to provide their clients with the best possible financing solutions. Balboa Capital prides itself on its speed, simplicity, and flexibility, offering a streamlined application process, competitive rates, and a high level of customer service.
Products & Services
Balboa Capital offers a wide range of financial products and services to meet the diverse needs of businesses. These include small business loans in the form of an MCA, equipment financing, commercial financing, equipment vendor financing, and franchise financing. Their small business loans are designed to help businesses get the capital they need to grow, with loan amounts ranging from $5,000 to $250,000 and terms from 3 to 18 months.
Their equipment financing services allow businesses to purchase the equipment they need without a significant upfront cost. This includes everything from machinery and vehicles to software and office furniture. Balboa Capital also offers commercial financing for larger-scale projects and investments, as well as specialized financing programs for equipment vendors and franchises.
Pros and Cons
Pros:
1. Top-rated business lender.
2. Delivered over $7 billion in funding to small businesses.
3. Provides fast funding.
4. Competitive rates and easy terms.
5. Established and reputable company with a proven track record.
Cons:
1. Not all businesses may qualify for their services.
2. Some customers may find their rates higher than those of traditional banks.
3. Not easy to get approved.
4. Some customer reviews mention issues with customer service.
5. The company does not operate in all states.
Ideal Customer
The right type of customer for Balboa Capital is a small to medium-sized business owner who needs quick and hassle-free access to capital. This could be for a variety of reasons, such as purchasing new equipment, covering operational costs, or investing in growth opportunities. Businesses in a wide range of industries can benefit from their services, particularly those that require expensive equipment to operate, such as manufacturing, construction, and healthcare. The company's minimum requirements are one year in business, $300,000 or more in annual revenue, and a FICO Score of 620 or higher.
Required Documentation
The specific documentation required to get funding from Balboa Capital may vary depending on the type of financing you're applying for. However, in general, you can expect to provide basic business information, financial statements, and possibly personal financial information. It's always best to contact Balboa Capital directly or visit their website for the most accurate and up-to-date information.
Industries and Restrictions
Balboa Capital serves a wide range of industries, including but not limited to healthcare, construction, manufacturing, and IT. They offer specialized financing solutions tailored to the unique needs of these industries. However, the company does not provide specific information about any industry restrictions on their website.
State of Operations
Balboa Capital operates in all 50 states, providing businesses across the country with access to their financing solutions. However, the specific terms and availability of their products may vary by state. It's recommended to contact Balboa Capital directly for the most accurate information.
Basic Qualifications
The basic qualifications to receive funding from Balboa Capital may vary depending on the type of financing you're applying for. However, in general, you can expect to need a minimum credit score 620, one year in business, and an annual revenue of $300,000 plus. Specific information about these qualifications is not provided on their website.
Collateral or Guarantees
The type of collateral or guarantees required for Balboa Capital's products may vary depending on the type of financing you're applying for. For example, for equipment financing, the equipment itself often serves as collateral. For more specific information, it's recommended to contact Balboa Capital directly.
Alternatives
Alternative options to using Balboa Capital could include traditional banks, credit unions, or other online lenders. These alternatives may offer different rates, terms, and qualification requirements, so it's important to shop around and compare options to find the best fit for your business's needs.