MICRO LOANS

Over 80% of small business entrepreneurs have experienced being turned down for a traditional bank loan. Micro loans for small businesses normally range from $1,000 to $250,000, with the average loan size at $13,000. We at OMF have significant experience working with small business micro loans and this is where we can help with funds for working capital and expansion financing for furniture and fixtures or machinery and equipment. 

• Loan Size: $5,000 to $250,000

• Interest Rates: 8% to 14%

• Loan Term: Up to 60 mos

• Fees: $50 application fee and 2% to 3% of loan amount, depending on loan size

• Funds Availability: Approximately 2 to 5 days.

• Requirements:

  • no minimum FICO

  • timely payment history

  • no liens or delinquencies.

  • 1 year in business

  • Business license

ASSET-BASED LOANS

Inventory financing is often a big business challenge for small manufacturers and distributors as it requires the borrower to have some good credit history. When traditional bank financing is unavailable, OMF can help provide alternative small business financing solutions based on your current accounts receivables, inventory and equipment.

EQUIPMENT
FINANCING

• Loan Size: $5,000 to $250,000

• Interest Rates: 6% to 10%

• Loan Term: Up to 60 months

• Requirements:

  • Business license

  • 1 year in business

  • no minimum FICO

  • timely payment history

  • no liens or delinquencies.

• Funds Availability: Approximately 5 to 7 days.

• Fees: $50 application fee and 2% to 3% of loan amount, depending on loan size

INVOICE
FACTORING

If your working capital is tied up in accounts receivables to well-established credit-worthy customers, invoice factoring may be what your business needs to fill your funding gap.

Invoice factoring can be the perfect solution for small businesses to address monthly cash flow, payroll, operations expense, supply purchases, vendor payments and contracting with large customers that require payment terms of 30 days or more. Traditional factoring typically requires a minimum of $25,000 in invoice purchases each month while micro-factors will accept as little as $5,000 in monthly invoice financing. Businesses that provide goods or services and whose accounts receivables are not already pledged as collateral for a traditional bank loan, may be a good candidate for factoring.

5 Easy Steps to Invoice Factoring

Step 1 – Sell your business’ products and services to your customer.
Step 2 – Sell your invoices to OMF.
Step 3 – OMF funds the invoice (minus the reserve).
Step 4 – OMF receives payment from your customer
Step 5 – OMF refunds the reserve to you (minus the discount fees).

• Loan Amount: $5,000 to $250,000

• Interest Rates: 10.5% to 15.5%

• Loan Term: Up to 60 months

• Requirements:

  • Business license

  • 1 year in business

  • no minimum FICO

  • timely payment history

  • no liens or delinquencies.

• Funds Availability: Approximately 5 to 7 days.

• Fees: $50 application fee and 2% to 3% of loan amount, depending on loan size

PURCHASE ORDER
FINANCING

If you are a manufacturer or distributor with large product purchase orders from well established retailers and need help with financing to manufacture and fill orders, purchase order financing may be the right working capital solution for your needs. “P.O. Financing” is a great option when a small business has a confirmed, non-cancellable order from a large, well-established and creditworthy buyer and works well with Invoice Factoring. P.O. Financing can be used for domestic or offshore manufacturing when a factory or contract manufacturer requires posting of a letter of credit to make goods destined for a large retail buyer and works well with factoring.

6 Easy Steps to Purchase Order Financing

Step 1 - You receive a PO from your customer
Step 2 - You place the PO with your supplier
Step 3 - OMF issues a Letter of Credit (L/C) to your supplier
Step 4 - Your supplier manufactures the products and receives payment
Step 5 - The products are shipped to your customer and you generate an invoice to your customer
Step 6 - The invoice may be factored and the PO Financing facility is repaid to OMF

• Loan Amount: $5,000 to $250,000

• Interest Rates: 10.5% to 15.5%

• Loan Term: Up to 60 months

• Requirements:

  • Business license

  • 1 year in business

  • no minimum FICO

  • timely payment history

  • no liens or delinquencies.

• Order Size: The purchase order should be for a minimum of $10,000 in goods (wholesale)

• Factory: Domestic or offshore, the factory must be a "legal" factory with a successful history of manufacturing the product(s).

• Confirmed Order: The purchase order must be confirmed without conditions negating the transaction upon delivery of goods.

• P.O. Buyer: The retail buyer must be well-established and creditworthy.

• Take Out: A provision to "take out" the purchase order financing company once the goods have been delivered is mandatory and is typically accomplished through factoring of the invoice once the goods have been shipped and received.

• Funds Availability: Approximately 5 to 7 days.

• Fees: $50 application fee and 2% to 3% of loan amount, depending on loan size

• OMF partners with our SBA lending partners to provide financing up to $5,000,000.

MOBILE FOOD
TRUCKS

• Loan Amount: $5,000 to $250,000

• Interest Rates: 10.5% to 15.5%

• Loan Term: Up to 3 years

• Requirements:

  • Business license

  • 1 year in business

  • no minimum FICO

  • timely payment history

  • no liens or delinquencies.

• Funds Availability: Approximately 5 to 7 days.

• Fees: $50 application fee and 2% to 3% of loan amount, depending on loan size

OTHER LOANS

OMF partners with affiliate financial institutions to offer loans up to $5,000,000.