Idea Financial: Charge Forward With Fast and Flexible Business Financing

Business owners continue to see access to working capital and business loans as the main obstacle for growth. Banks are slow, and rigid, they often ask for long applications and collateral. Alternative lenders often charge high interest and fees. Idea Financial believes business owners deserve greater financial flexibility, control, and support, so they built fast and flexible financing solutions to Charge Your Business Forward™.

Founded in 2017, Idea Financial is a digital lending startup that provides Main Street businesses with the resources they need to be successful. Providing a variety of financial products and useful services, Idea Financial is a partner to small businesses throughout the country.

Small businesses need, now more than ever, increased financial agility and control to compete in today’s marketplace. At Idea Financial, the team uses its financing expertise, cutting edge technology, and commitment to superior customer service to develop and provide financial products that give businesses just that: control of their finances.

Their primary goal and motivation is to help the customers transform their business ideas into reality. As a result, they empower the customers to improve their cash flow, mitigate business risk, invest with a low cost of capital, and grow their business acumen.

Avail an Idea Financial Business Loan

A term loan, often referred to as a business loan, is an agreement between a lender and a borrower where a lender provides immediate cash to the borrower, and the borrower repays the money in installments over an agreed-upon length of time. The borrower also pays a certain percentage of interest as an incentive to the lender.

A business term loan can help a business owner with large purchases. It efficiently spreads a large sum payment over smaller fixed installments to the lender. Think of it as something similar to a student loan, where a student pays off the university and then pays back the amount to the lender in smaller monthly repayments.

A business term loan is great for specific expenses like the purchase of a new location for business expansion, equipment, vehicles, etc. to improve the operations and boost growth. However, it comes at the cost of interest and may include other fees.

Idea Financial lends loans of up to $250,000. Idea Financial provides fast and efficient corporate lending because they understand that businesses often have to work to tight deadlines and delays in cash flow cost you money. The company has same day approval and funding for its loans. Their application process takes just two minutes. Once the team at Idea Financial receives the application and the borrower accepts the offer, Idea Financial can make the funding available almost immediately.

Idea Financial Line of Credit

A business line of credit is a form of revolving financing that allows borrowers to withdraw funds up to an agreed-upon credit limit and only pay interest on the amount drawn. It is revolving because you are able to withdraw funds, pay back a portion or all of those funds, and borrow more funds up to your credit limit. Funds are available on-demand and take as little as a few minutes or up to 1-2 business days to reach your bank account.

For example, a line of credit for $100,000 could be extended to your company. The business could take the full $100,000, or only take $5,000. They would only be charged interest on the amount they took so they could use their line of credit like a credit card.

Unlike business loans, which provide a fixed lump-sum amount upon opening an account, a business line of credit provides business financing in the form of a credit limit that you can use to withdraw funds up to the maximum amount. If you don’t need the funds today, that's fine, you can draw funds later on when you need business financing.

Here are four basic rules that Idea Financial uses to check if someone is eligible for a revolving line of credit from Idea financial. These help Idea Financial understand a business as well as ensure they have the funds available to make repayments.

• a business must have been in operation for at least 2 years. This allows Idea Financial to understand a business' ability to repay anything they borrow and also shows that a company is able to sustain itself
• a business must generate at least $15,000 in monthly revenue. This ensures that businesses have the cash flow to make repayments and also shows that a business is financially large enough to qualify for a line of credit.
• a business must have a 650 or higher personal credit score. This indicates that they have made smart financial decisions in the past, which lowers the statistical risk of defaulting.
• a business must not be a sole proprietorship or non-profit entity. This ensures that a business is large enough to qualify for a line of credit and not bound by not-for-profit restrictions.

Justin Leto, Co-founder & CEO

Justin is the Co-Founder and Chief Executive Officer of Idea Financial. The owner of a boutique law firm and an insurance start-up, Justin knows what it means to be a small business owner.  He understands the needs of small businesses as well as the owners' aspirations, goals and values. Justin brings his entrepreneurial spirit and drive to Idea Financial, where he sets the vision, mission, and strategy for the organization. Each day, Justin focuses on what Idea Financial can do to empower small businesses and deliver on Idea Financial's mission to Charge Your Business Forward.

Justin holds a B.S. in Business from the University of Arizona and a law degree from the University Of Miami School Of Law. When he is not working, Justin enjoys spending time with his wife, children, and two American bulldogs, and rooting for the New York Mets.

"Founded in 2017, Idea Financial is a digital lending startup that provides Main Street businesses with the resources they need to be successful."