Frequently Asked Questions
General Questions
Who is Winchester Funding Solutions?
We are a local business lending broker that connects small businesses with funding solutions tailored to their needs.
How do I know which loan is right for my business?
Our financial advisors assess your business needs, revenue, and goals to recommend the best financing option.
Will applying affect my credit score?
A soft credit pull is performed initially, which does not impact your score. A hard inquiry may be required during final approval.
How does Winchester Funding Solutions compare to traditional banks?
We offer faster approvals, flexible terms, and a higher approval rate than traditional banks, which have stricter lending requirements.
Will multiple applications hurt my credit score?
No, applying through Winchester Funding Solutions won’t negatively impact your credit unless a hard inquiry is performed.
How long does the approval process take?
Depending on the product, approvals can be received within a few hours.
Can startups qualify for funding?
Yes, startups may qualify for specific funding options like SBA loans, equipment financing, and business lines of credit.
Does Winchester Funding Solutions require a credit check for loans?
Some products require a soft credit pull, while others require a full credit check.
What types of business financing does Winchester Funding Solutions offer?
We offer term loans, SBA loans, business lines of credit, equipment financing, invoice financing, working capital, merchant cash advances, and more.
How do I apply for funding?
You can apply online through our website by providing basic business and financial details. A funding specialist will then contact you.
Are there any upfront fees for applying?
No, there are no application fees. Costs depend on the loan terms and lender policies.
Is my business information secure with Winchester Funding Solutions?
Yes, we use industry-standard encryption and security measures to protect your data.
What are the minimum qualifications for business funding?
Qualifications vary by loan type, but common factors include time in business (4+ months), monthly revenue ($10,000+), and credit score (600+).
What documents do I need to apply for a loan?
Typically, you’ll need bank statements, financial statements, tax returns, and business identification.
Do you work with businesses in all industries?
Yes, we work with businesses across various industries, including retail, healthcare, construction, manufacturing and more.
How can I improve my credit score to qualify for better loan options?
Paying bills on time, reducing debt, and maintaining a good credit utilization ratio can improve your score.
Term Loan Questions
What is a term loan?
A term loan provides a lump sum of capital that is repaid over a fixed period with regular payments.
What are the typical repayment terms for a term loan?
Repayment terms typically range from 1 to 10 years, depending on the loan amount and lender.
What credit score is required for a term loan?
Most lenders prefer a credit score of 600+, but options are available for lower scores.
Can I pay off my term loan early?
Yes, but some lenders may charge prepayment penalties. Check your loan agreement for details.
SBA Loan Questions
What types of SBA loans does Winchester Funding Solutions offer?
We offer SBA 7(a) loans, SBA 504 loans, and SBA Express loans.
Can I use an SBA loan to start a business?
Yes, but you may need strong personal credit and collateral. SBA loans are generally more accessible for existing businesses.
What is the difference between an SBA 7(a) and an SBA 504 loan?
SBA 7(a) loans are versatile for working capital and expansion, while SBA 504 loans are used for purchasing real estate or equipment.
How long does it take to get an SBA loan?
The process takes 30–90 days, depending on the loan type and documentation requirements.
What are the eligibility requirements for an SBA loan?
Typically, businesses must be operational for at least 2 years, have a credit score of 650+, and demonstrate financial stability.
Business Line of Credit Questions
How does a business line of credit work?
A business line of credit allows you to borrow funds up to a set limit, repaying only what you use with interest.
What’s the difference between a line of credit and a term loan?
A term loan provides a lump sum with fixed payments, while a line of credit is flexible and can be used as needed.
What are the typical interest rates for a business line of credit?
Rates vary based on creditworthiness but typically range from 7% to 25%.
Can I withdraw funds multiple times from my credit line?
Yes, you can withdraw funds as needed, as long as you don’t exceed your credit limit.
Equipment Financing Questions
What types of equipment can be financed?
Almost any business equipment, including machinery, vehicles, and technology, can be financed.
Do I need to provide collateral for equipment financing?
The equipment itself often serves as collateral, so additional assets may not be required.
Can I finance used equipment?
Yes, many lenders allow financing for used equipment, provided it meets certain conditions.
What happens if the equipment breaks down during the loan term?
You are still responsible for payments, but warranties or maintenance plans may be available.
Invoice Financing Questions
How does invoice financing work?
You sell unpaid invoices to a lender at a discount to receive immediate cash.
What percentage of an invoice can I get advanced?
Typically, 80–90% of the invoice value is advanced upfront.
How soon can I get funds through invoice financing?
Funds are usually available within 24–48 hours of approval.
What happens if my customer doesn’t pay the invoice?
You may be responsible for repayment, depending on whether the financing is recourse or non-recourse.
Working Capital Loan Questions
What can a working capital loan be used for?
These loans cover everyday business expenses like payroll, rent, and inventory.
How quickly can I receive funds from a working capital loan?
Funds can be available in as little as 24 hours.
What are the repayment options for working capital loans?
Repayments can be daily, weekly, or monthly, depending on the lender.
Whether you’re a small business owner seeking capital or a financial institution looking to scale your lending, our funding solutions will help you bridge the gap between where you are and where you want to be.
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Winchester Funding Solutions
1855 Senseny Road, Unit 14, Suite 2203, Winchester VA 22602
(844) 996-3863
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