FREQUENTLY ASKED QUESTIONS
Why Ladybug?
The business capital funding space can be intimidating. Ladybug Lending has empathy. You’re passionate about your business and we’re passionate about lending. In fact, Ladybug loves lending!
Ladybug and its’ team of specialists truly share your comfort and wish to grow with your business. Let us come to understand the specific needs and goals of your business. We’ll go at your pace, and you’ll never get high-pressure closing calls. Our goal is to help your business, not harm it. Let’s grow!
There are no fees and no obligations to apply. Your underwriting review is at no charge and no obligation. Any fees incurred are charged only if you choose to accept the funding opportunities Ladybug presents you. Let’s take a peak under the hood and discover what products best fit the needs of your business.
A Ladybug Funding Specialist will contact you by phone to discuss the needs of your business and how Ladybug will help you obtain funding and reach your goals. Listening to your concerns is key to finding the right product for your business.
No. The initial underwriting review requires only your application and the last 4 statements of your business bank account. These are easily downloaded from your bank’s website. Your Ladybug Funding Specialist will advise where to securely send the 4 statements. Remember, Ladybug will never sell your data or information. Long term products may require additional information and for everyone’s protection, proof of identity is required prior to funding.
Expect to be contacted by your Ladybug Funding Specialist the same day your application is submitted, typically within 1-2 hours. In some cases it may take a little longer- please allow up to 24 hours for a Funding Specialist to reach out to you.
Generally, a minimum average of $10,000/month in gross revenue in each of the last 3 months, with no current tax liens or judgments and no bankruptcies in the last 12 months. Even if you don’t meet these standards, Ladybug may still be able to secure alternative funding for your business. Together, we can explore the opportunities for your business.
Let us ask you a question: Does it make any sense that your personal credit score should be part of a business loan application? You need to separate your personal guarantee from your business and establish a great business credit profile using Ladybug Lending’s Hybrid Credit Builder . Ladybug will establish a D&B D-U-N-S® number and establish revolving lines of credit for your business. In 2-3 months (We like to under-promise and over deliver) you will marvel at the new term products and lower rates that your business may command. .
The owner’s credit is important in evaluating the business for a cash advance, but it’s not a deal breaker. Ladybug understand that your business needs working capital. It’s key that your business is profiting. Take less then 5 minutes and apply and then speak to your Funding Specialist. Ladybug loves lending and if there’s an opportunity that makes sense we will present it and get your business on its way to the next level.
In short, cash advances do not require a personal guarantee unlike many term products. If your business is profitable, you may be a candidate.
It varies by product; Cash Advances usually fund the same day while Term Loans usually take between 4-10 weeks. After reviewing your file, your Ladybug Funding Specialist will be able to give you a detailed timeline of when you can expect to receive money in your account.
There are some express term products which well-qualified candidates can expect to be funded in as little as 72 hours.
A Cash Advance is not a loan and therefore does not have an interest rate, but a factoring rate. When obtaining funding through a Cash Advance, you are essentially “buying” a certain amount of money today in exchange for “selling” back a higher amount of money in the future. The difference between the two prices is a multiple represented by the factor rate.
Example: You obtain $100,000 today to pay back $120,000 in 6 months. You “bought” $100,000 today for a price of $120,000, which will be paid back over the course of the next 6 months. This represents a 1.20 factor rate. Some people prefer to think of this as an interest rate of 20%. While this is technically not correct, it is indeed a 20% payback.
Your business is unique. Each scenario is different and your Ladybug Funding Specialist will work closely with you to determine what products your business needs. After a review by underwriting your Specialist will present those opportunities, including the amount, rate, term, etc. Remember there is no fee or obligation to review these opportunities. Prequalify now and let’s grow!
The primary difference between a factor rate and an interest rate is that a factor rate only applies to the initial amount borrowed, whereas an interest rate is applied to your remaining balance each month and compounds as the loan is paid off. The primary similarity between the two is that they both represent the cost of borrowing money.
Don’t worry too much about getting caught up in the jargon of lending vocabulary. Focus on how much money you are borrowing and how much money you will have to pay back. This is your cost of capital.
It depends on the needs and goals of your business. Together with your Ladybug Funding Specialist we’ll find the best product for you.
Ladybug’s goal is to help your business succeed, not hinder its growth.
At a basic level, a term Loan has a single monthly payback over a long period of time (10-30 years) with a fixed interest rate and no prepayment penalty.
The benefits of a cash advance or bridge loan include less stringent requirements for approval, less required documentation, and same day funding.
Cash advances have helped millions of business owners as a “bridge,” allowing the borrower to meet current obligations by providing immediate cash flow until it secures permanent financing, often in the form of a term loan or its own credit facility.
Ladybug Lending’s Hybrid Credit Builder prepares your business for highly coveted long term, low interest rate loans. using exit strategies that include a traditional credit swap. The bridge loan is absorbed by the long term loan, lowering the cost of capital to pennies on the dollar. In the meantime, the bridge loan allows your business to meet obligations with immediate working capital.
Unlike some firms, Ladybug Lending® will never sell your data or personal information. We respect your privacy.
Ladybug Lending® will not perform a hard inquiry, only a soft inquiry that will not appear on your credit report. The last thing that we want to do is adversely affect your credit score- in fact, we have a program that does just the opposite! Check out our Hybrid Credit Builder and learn about how we can help boost your Personal and Business Credit.
The HCB program also helps to separate your personal guarantee from your business. Why should you have to risk your personal property to take business funding? It makes no sense.
Ladybug rises with the morning dew to find your business the best offers available!
Watch the short video below and see for yourself!
Give us less than 5 minutes to prequalify and your Ladybug Funding Specialist will call to discuss the right opportunity for your business.
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WHAT CLIENTS SAY
Actual Client Testimonials
I appreciate the help. When others gave up, Ladybug delivered a line of credit.
Ladybug delivered a bridge loan while building our $10m credit line. Next level!
Ladybug worked hard to resolve a document issue. Successfully funded in one day and back on the road!
Above and beyond. My two businesses feel like family with Ladybug. Thank you.