everything you need to know

naleu does not hard pull during the application. This does not affect your score and will not show up as an inquiry. There is no need to do a hard pull in order to see what your options are.

Some direct lenders do have the right to a hard pull but only at the time of funding. You would be notified before this happens.

Of course! Once your loan application has been completed at naleu.com, you will be assigned an in house client success team member. They will reach out to you via phone and email and will be able to answer any questions you may have. The loan specialist will help you understand the underwriting process with our lenders, as well as walk you through any offers you receive.

Due to the high risk, the majority of our lenders do not have products that would be able to help start a new business. naleu and our partners would consider an acquisition of another business with an already established business.

Your business already has to be incorporated for a certain amount of time and generating revenue in order to qualify for most financing products.

naleu and the lenders on our platform can only work with businesses that are based in the United States.

Generally, a business owner must be either a U.S Citizen or Permanent Resident (Green Card Holder) in order to apply for a business loan at naleu. If you are unsure about your eligibility status, a loan specialist will be able to help you out.

At naleu, we aim to be a top resource for small business owners to keep up with relevant news and changes in the market. 

We also maintain many articles, blog posts and other resources for a business owner to learn about various topics related to SMBs.

You can visit the naleu Times to browse our articles and sign up for our newsletter: https://www.naleu.com/blog

There are no fees for applying with naleu. The application is totally free to you whether or not you are funded.

naleu makes money by being paid a small referral fee from the lender, only if you are funded.

naleu is a marketplace for small businesses to make educated and sound financial decisions to achieve their goals. We do not lend money directly, but instead partner with several different lenders to present you with multiple options for your business.

Your dedicated client success team member will work with you to determine the best available working capital product or lines of credit for you.

The naleu application makes it simple to upload your documents such as bank statements and tax returns directly into our website.

You will be prompted on what documents are needed for the application and by your assigned Client Success Team Member.

If you are having issues uploading documents the client success team will be able to help you upload documents in an alternative way.

naleu partners with accountants, brokers, consultants, and service providers who are looking to help their small business clients obtain financing. You have the opportunity to earn commission if we are able to find them funding on our platform.

In order to join our partner program, please go to {link} and fill out an application.

At naleu we take the security of our customer’s private information as a top priority.

We maintain all industry best practices when it comes to protecting our customers' personal information, from how it is stored and accessed to how we detect and react to any suspicious activity.

We'll never share your personal information with unaffiliated third parties for their own advertising or marketing purposes. We only share your information in order to pursue options you're interested in with our vetted and trusted partners. For more information, see our Privacy Policy {Link}.

naleu works with different lenders that have various product types. These products determine the length of time in which you can be funded. Your application can be completed in just a few minutes. 

Merchant Cash Advances, Short-term loans, and lines of credit can sometimes be approved and funded within one business day.

Medium term loan options can take anywhere between 3-7 days.

naleu’s partners have several different types of financing solutions on our platform. Since every business has different requirements, we aim to have as many options for you as possible.

Some of the loans on our platform include the following:

• Term loans: Up to $600,000; about 1 – 5 years; 8% – 30%
• Lines of Credit: Up to $250,000; up to 2 years; 8% – 25%
• SBA Loan: Up to $5 million; up to 10 years; variable based on the prime rate
• Equipment Loans: Up to the amount of the equipment; 5 – 6 years; 4% – 40%
• Invoice Financing: Up to 100% of the invoice value; until the customer pays the invoice; about 3% processing fee, plus factor fee (~1%) each week until the invoice is paid
• Merchant Cash Advances: Up to $5,000,000; paid daily or weekly through your merchant services account

If you have any questions about the products you may qualify for, please start an application on naleu.com and a client team member will be happy to assist you.

naleu helps small businesses make smarter business decisions by providing education and financing solutions. We focus our social impact promise by educating and servicing business owners in underrepresented communities.

Our application matches you with the lender that best suits your business’s needs. Answer a few questions relating to your business and a dedicated naleu client success team member will compare your offers, run the numbers, and find the best product for you. naleu is a completely free service for all business owners to compare financing options.

The average turnaround time for an SBA 7(a) loan is about 4 weeks.  This includes the initial document collection and analysis, underwriting and closing of the loan. The process can go as quickly as 10 days depending on the business and the paperwork needed to complete underwriting.

Your client success team member will work closely with you throughout the process to make sure that it is expedited as much as possible.

An SBA (Small Business Administration) is one of the most sought-after loans for small business owners. It is a term loan issued by a bank, and partially guaranteed by the Federal government. Because of this, the bank is able to lend money at a longer term with a lower interest rate.

There are several different types of SBA programs. The loans can range from as little as $500 up to $5 million. Lengths can go up to 25 years, and the interest rates are based off of whatever the Federal Reserve sets the prime interest rate plus 2.75%. naleu partners specialize in the SBA 7(a) loan which goes up to $5,000,000 and goes out to 10-25 years.

SBA loans typically require more paperwork and time than from an alternative lending solution, so naleu exists to help you make sure that your application is accurately and quickly submitted to the bank for review.

As a result of the CARES Act, the SBA will pay 6 months of principal, interest, and any associated fees on any new, eligible SBA 7(a) loan disbursed prior to September 27, 2020. SBA loans typically have lower interest rates and longer repayment terms than a bank term loan. An SBA loan, is partially guaranteed by the government. This helps reduce the risk to banking institutions, so they are more likely to qualify a business owner. And 

If you’re not eligible for an SBA loan or need funds more quickly, a bank term loan can be the right solution. These loans are often processed faster and have shorter repayment terms.

It is possible depending on the bank that funds your business. The SBA issues guidelines to banks, and banks can have their own sets of guidelines in addition to this.

If you received both the EIDL and the PPP, the bank will take this into account when considering you for a 7(a).

They will also require that you have an explanation on why you would need more financing on top of those loans.

Yes. As long as your bank allows it, you can have multiple SBA loans outstanding at the same time, but the total amount borrowed can’t exceed SBA program limits. To qualify for multiple SBA loans, your first loan must be in good standing, have positive cash flow, strong credit, and sufficient collateral.

The current limit for the SBA 7(a) program is $5 million maximum. So if your business can sustain payments for them all, you can have multiple loans as long as the total amount outstanding does not exceed that number.

The most basic SBA loan requirement is that you must have a U.S.-based, for-profit business in an eligible industry. Your business needs to be officially registered and operating legally. Nonprofit businesses aren’t eligible for SBA loans.

BA 7(a) Working Capital or Debt Consolidation Loans from $30,000 to $350,000

• Minimum 2 years in business
• U.S. based business owned by a US citizen or Lawful Permanent Resident who is at least 21 years old
• Good personal credit score of 640 or higher
• No outstanding tax liens
• No bankruptcies or foreclosures in the past 3 years
• No recent charge-offs or settlements
• Current on government-related loans

SBA 7(a) Commercial Real Estate Loans from $500,000 to $5 million

• The real estate must be majority owner-occupied. This means that at least 51% of the square footage of the property you’re buying must be occupied by and used by your business.
• Time in Business: 2+ Years
• Business owners must have personal credit scores above 675
• Cash Flow: Sufficient business and personal cash flow to service all debt payments demonstrated by 3 years of tax returns and interim financial data
• SBA Specific Requirements: No delinquencies and/or default on government loans

All business owners who own 20% or more of the business must provide a personal guarantee. Married couples who collectively own 20% or more of the business when their shares are combined, must both provide a personal guarantee.

The following industries are considered not eligible:

• Businesses primarily engaged in lending
• Businesses primarily engaged in political or lobbying efforts
• Life insurance companies
• Businesses making most of their revenue from gambling activities
• Speculative businesses (e.g. medical research, shopping center developer)
• Most passive income businesses (e.g. flea market, shopping center)

For a complete list, you can view the SBA’s eligibility questionnaire. On the top of the SBA’s requirements, lenders might have their own list of eligible and ineligible industries.

SBA 7(a) Working Capital and Debt Consolidation loans from banks in the naleu lending network are available from $30,000 to $350,000. SBA 7(a) Commercial Real Estate Loans are available from $500,000 to $5 million. Bank term loans have $30,000 to $500,000 loan amounts.

During the SBA 7(a)application process, our in-house team will determine your eligibility for the loan as well as the dollar amount that your business can reasonably take on. This is based off of the bank’s underwriting model, so will give us an accurate representation of how likely you are to qualify for this loan.

In order to do determine your eligibility for a 7(a) loan, a client success team member will typically ask for the following:

• 6 months of business bank statements
• 2 years of Business Tax Returns
• 2 Years of Personal Tax Returns (For all owners with more than 20% ownership) 
• Year to Date Business Debt Schedule
• Year to Date Profit and Loss Statement

There may be other documents or questionnaires that you may need to complete depending on your situation.

Yes. We have helped many small businesses obtain an SBA loan offered from a bank in the naleu network even after they have been turned down by other banks.