Updated on February 3, 2022

Analysis Rating

Quality & Features

Excellent

Rates & Fees

Excellent

Month-to-Month & Cancel Fees

Excellent

Transparency

Excellent

Customer Support

Excellent

Reviews:

Great

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Momentum Business Capital Reviews; Interest rates, Loan Services, and Customer Reviews of Momentum Business Capital

Having enough working capital to cover critical operating costs can be challenging. Working capital is one of the most vital components to meet the day-to-day needs of your business. This is why you might consider taking a small business loan. Here we talk about Momentum Business Capital to shed insights on a lending service that has been around for over 10 years (since 2008). 

Although they maintain a small footprint with their headquarters at 4014 Chase Ave, Ste 212, Miami Beach, Florida 33140, US, they work with businesses across the country. They are especially admired by their clients for providing complete information about each loan service before the actual sign-up. Their goal is to ensure a long-term working relationship with every business they sign up for.

But then before you can choose the right lender or small business funding services, there’s a lot more you need to consider. You need to ensure that your ideal lender is a lender with ethical business processes and will provide repayment terms and schedules that suit your unique business solution. Hence this guide will help you understand the diverse funding options that Momentum Business capital offers to small and medium-sized business owners.

Momentum Business Capital Overview

Momentum Business Capital is a prolific online lender providing diverse kinds of business loans including lines of credit, working capital, short-term loans, medium-term loans, SBA loans, equipment loans, invoice financing, and other asset-based funding solutions. They aren’t just there for small businesses but for businesses of all shapes and sizes. Momentum Business Capital also acts as a loan broker for accessing the Small Business Administration scheme and other government-oriented loan programs.

Momentum Business Capital provides unique funding options for businesses less than 2 years with a bad credit score. So, you can reach out to them for financing for new equipment, financing our accounts receivable and inventory, and working capital for your startup.

Nevertheless, it’s important not to confuse this financial organization for others like Momentum Capital Funding or Momentum Funding.

Nonetheless, Momentum Business Capital is known for its swift loan approval process and convenient service. Their customer service is also reportedly friendly and informative giving the company an excellent reputation.

Momentum Business Capital loans are fast and helpful for diverse businesses. That said, their loans can be a bit expensive with fixed interest rates for certain unique circumstances. However, the rate offered will depend on your business strength. You can also access repayment terms anywhere from 3 months to 84 months.

Which businesses can access loans and working capital from momentum business capital

1.     Start-ups

Start-ups less than 2 years can access working capital solutions from Momentum Business Capital. However, Momentum Business Capital does not advertise the extent of their application process that start-ups might go through. Even so, they are a lot less stringent than traditional banks. But your personal credit score might influence the amount and loan repayment term. Typically, your credit score should be above 680.

2.     Established businesses

Existing businesses can access business working capital loans swiftly. As long as your business is above two years, you might get approved within 2 years, with excellent rates and repayment schedule. Funding is available for brands from local family businesses to Fortune 500 companies.

3.     Businesses with poor credit

One thing that makes Momentum Business Capital stand out is that they also provide funding options for businesses with bad credit. This provides a unique way to rebuild your credit and access the money you won’t be able to get from traditional financial institutions.

4.     Government and municipal agencies

Government institutions can also apply for loans through Momentum Business Capital with guaranteed approval. This includes government entities such as armed services, public schools, police departments, federal government agencies, and libraries.   

A snapshot of Momentum Business Capital reviews

One thing we love about Momentum Business Capital is that every new relationship begins with a dedicated funding specialist. The goal is to ensure you have someone that walks you through their process and guides you on the contents of your contract. That way, when you finally sign up with them, you do so from a standpoint of total awareness. Lots of customers love this strategy and combined with the fact that they don’t pressure you into using their financial service. You can always reach out to them for your free, no-obligation analysis of your financial needs, to understand your options even when you are not ready to move forward.

Momentum Business Capital services: pros & cons

Pros

  • Quick and easy application process. 24 hours approval time for up to $250,000
  • Swift access to funds if approved.
  • Multiple financing options are available.
  • Funding options also available for businesses with poor credit
  • Borrower qualifications are lower than traditional banks
  • Flexible collaterals
  • Suitable for building business credit
  • Financing available in states across the US
  • Knowledgeable support staff.
  • Straight-forward costs

Cons

  • Interest rates can be expensive
  • Most loans come with a fixed-fee structure which means early repayment will not save interest.
  • Startups less than 2 years might require a few days to get their loan approval process done.
  • Most loans may require some form of collateral
  • Some funds may require frequent daily or weekly repayments
  • Some funding options require business lien and personal credit score and guarantee
  • The website does not offer full details on expected interest rates and fees. However, their support staff can provide the appropriate information tailored to your unique business.

Services offered by Momentum Business Capital

Momentum Cash Advance Business Loans

Short-term business loans for working capital

You will love that Momentum Business capital provides short-term loans suitable for businesses that need money fast and can pay back in just a few months. Momentum Business capital short-term loans come with a 3-18 months repayment schedule that depends on your business’s unique needs. Momentum Business capital provides numerous short-term loan solutions. Some include merchant cash advances and business lines of credit. However, the merchant cash advance is currently one of the most popular short-term loans sought by small businesses. In this case, you receive a sum of cash and payback as a fixed percentage of your daily credit card sales. So, your repayment won’t be a fixed amount but will vary based on your business volume. This short-term business loan solution is suitable for businesses with unpredictable and frequent sales.

Startup lending 

Start-ups can equally access funding solutions from Momentum Business Capital. However, there isn’t much information about the maximum amount you can apply for or the expected repayment terms. Still, you must have good credit (above 680) to access substantial hard loans through this scheme.

Payment solutions 

Momentum Business Capital also claims to offer enterprise credit card processing solutions to businesses but based on a consulting basis. This means they can help match you to a suitable merchant service provider.

However, they don’t disclose any details about the fees, pricing model, termination, and contracts that might come with such a payment solution. This is to be expected as they can offer access to diverse card processing enterprise payment solutions. If you are interested in discovering whether they have a suitable card processing online solution and enterprise merchant processing options for you, you should reach out to their customer service and ask all necessary questions.

Equipment financing 

Equipment Financing is a great way to secure loans using your existing equipment. In this case, your lender will provide a loan using the equity of your existing equipment to give your company the working capital it requires. Then your lender buys your equipment and leases it back to you and when you’ve made all the payments, you own your equipment once more. So, your equipment serves as collateral on the loan. You can also get up to 100% of the value of the equipment.

Nevertheless, traditionally, this kind of working capital financing solution isn’t available for new businesses less than 2 years old. But with Momentum Business Capital, you can access these loans regardless of your business size or years of operation. Momentum Business Capital even provides equipment financing for businesses with poor personal credit thereby enabling you to rebuild your credit. Furthermore, Momentum Business Capital also provides these lease financing for government entities. All concerned can apply for this financing solution up to $250,000 without providing financial statements. You can also access financing over $500,000 but must provide financial statements. Approval for applications for up to $250,000 comes in only 24 hours. But for larger funding, it might take up to 3 – 5 days. Repayment schedules are also available for up to 84 months.

Perhaps the most exceptional thing about this leasing structure is that you pay flat interest rates. This is a great alternative to bank lines of credit where you might have to pay variable rates.

Business acquisition financing 

Business Acquisition Financing is an excellent funding option when you wish to purchase a new business or expand your current business. Momentum Business Capital helps you access financing solutions through the Small Business Administration. SBA financing is flexible and you might access as much as $5 million for all types of purchases. SBA loans are also a great option for small business owners that may not qualify for a traditional loan.  However, your credit history, time in business, revenue, business plan, records of business financial performance and valuation, and financial projections may heavily influence the outcome. Fortunately, Momentum Business Capital will guide you every step of the way. They will work with you and match you to the right SBA lender that makes small business loans for business acquisition.

Employee retention credit

Employee retention credit is also a fascinating way to help maintain your business’s employee personnel during the COVID-19 pandemic. The ERC stimulus program was established by the CARES act and is a refundable tax credit (works as a grant, not a loan). It is available for both small and medium-sized businesses. Under this scheme, you can access as much as 50% or $26,000 per employee. However, not all business owners can access this scheme. This is where Momentum Business Capital comes to the rescue. They offer a complimentary consultation to help you determine if you qualify for this tax credit.

Commercial bridge loans 

Commercial bridge loans also called gap financing, swing financing, and bridge financing help obtain certain items (or investment opportunities) between periods of funding availability. Momentum Business capital does not also require that you have a decent credit score for this loan. What happens is that the asset you wish to use the bridge loan to finance serves as collateral. This is why businesses typically use commercial bridge loans to take advantage of real-estate opportunities. Although Momentum Business Capital does not advertise, you might likely pay for an appraisal (to appraise the investment opportunity you wish to access) and an origination fee for using this funding option.  Nevertheless, while negotiating for this loan, you should always consider funding time and prepayment incentives. Typically, your loan should be available fast enough for you to purchase that item. Your prepayment incentives, on the other hand, should either be saving on interest when you pay back early or prepayment discount when you are paying a flat interest rate. If you are interested in this funding option, reach out to Momentum business capital to discover your options.

Medical working capital loans 

Momentum Business Capital also provides working capital loans for doctors, hospitals, and medical equipment providers alike. Approvals usually take as little as 24 to 48 hours. It can equally be accessed by medical professionals with damaged credits. This loan can be used to purchase equipment, replenish supplies and hire skilled medical personnel. However, their repayment schedule and terms aren’t explicit. In this case, those terms will be tailored to your unique medical business. All you must do is get in touch with them to discover the fees and rules that apply. 

AR (Accounts Receivable) financing 

AR Financing also called Factoring is essentially the purchase of future income (receivables) at a discount. This means you can use outstanding invoices to access loans up to 100% of the value of the given outstanding invoice. But your lender will charge a fee from the value of every week it takes your customers to pay that invoice. This loan does not require any additional collateral and can be used to fund payroll, purchase inventory, fund growth, and respond to seasonal demands.  So as long as your customer pays the invoice as expected, you don’t have to make any payments to Momentum Business Capital. Due to the flexibility of this business loan solution, you can access it no matter how bad your credit is. But you must have creditworthy customers, so Momentum Business capital will examine the business credit rating of your customers. Regardless, your AR funding can be available in as little as 24 hours which is a great idea for businesses requiring instant access to funds to maintain cash flow.

Purchase order financing 

Purchase Order (PO) financing is a suitable way to fulfill customer requests even when you don’t have the funds to purchase their orders from the manufacturer/supplier. In this case, Momentum helps you pay the cost of the customer’s purchase order (up to 100%) to the manufacturer. Then when the customer receives the goods, they pay Momentum who will forward the payment to you minus a predetermined fee.

EIDL assistance

Momentum Business Capital also helps small businesses access the EIDL loan scheme. The EIDL or SBA’s Economic Injury Disaster (EIDL) loan scheme provides low-interest loans up to $2 million for small businesses experiencing temporary loss of revenue because of the COVID-19.  This loan could be used for rent, utilities, inventory, office supplies, accounts payable, and other operating expenses. But you couldn’t use this loan on relocation, repaying other loans (including federal loans, refinancing long-term debt, facility repairs or additions, stockholder dividends, and bonuses. The interest rates for the EIDL loans are 3.75% for small businesses However, as of the time of writing this review, Momentum business capital no longer accepts new applications for new COVID EIDL loans and advances. If you are already on the EIDL scheme, you can still request increases on their maximum eligible loan amount up to 2 years after the loan origination date or until they have exhausted the loans. That’s where Momentum Business Capital comes in. They can help you fill out the application and follow the accurate steps to increase your eligible loan amount. Nevertheless, don’t forget to keep saving the receipts on everything you acquired using that loan.

Momentum Business Capital fees and interest rates

Momentum Business Capital does not advertise the interest rates and fees you might likely pay when using their service. This is to be expected since they provide multiple funding solutions for diverse business sectors, sizes, and environments. Nonetheless, the good thing is you can negotiate and access interest rates, repayment terms, and schedules that are not cutting into your budget. Here’s an opportunity to access extremely flexible loans with terms tailored to the needs and capabilities of your business.

Momentum  customer service

Momentum Business Capital boasts of highly efficient support staff available to help with your business loan and working capital needs. You can contact Momentum business on their website https://momentumbusinesscapital.com/bocr/ However, Momentum Business Capital currently seems to be lacking an in-depth FAQ about its process from application to repayment. The company does not also provide loan calculators, financial templates, glossaries, and other information about business loans. But what it lacks in convenient information, it makes up for in prompt support staff. That said, we hope to see such a robust FAQ in the future.

Momentum Business Capital reviews, testimonials & complaints

Momentum Business Capital does not currently have a BBB page, and should not be confused for Momentum Funding, an entirely different company. However, you can find honest reviews from their previous customers on sites such as Trustpilot and Google Reviews. They also have dedicated listings on other reputable sites such as Crunchbase.

Presently, Momentum Business Capital has tremendous positive reviews from numerous customers. There seems to be a complete lack of negative reviews going as far back as 4 years. This shows their innate dedication to delivering an amazing service. Many such reviews also come from small business owners, local businesses, and solopreneurs, which shows they don’t discriminate when delivering awesome service.  However, let’s talk about the highlights of these positive reviews to offer insights on what to expect from them.

  • Highly responsive service

It’s quite challenging to find a lending service that offers a walkthrough process to ensure you have a complete awareness of the terms of service and can have your questions and concerns resolved. Momentum Business capital stands out in that regard. Many Momentum business capital reviews praise their ability to ensure that there are no false claims or false expectations.

  • Competent customer service

Many customers praised their competent and professional staff. As echoed by most customers, their technical support groups are always prompt with satisfactory answers. 

●       Easy to use customer interface

Some customers also praised the ease of using their website which is a wholesome advantage.

Getting started with Momentum Business Capital

The application process for Momentum Business Capital is a lot quicker than applying to traditional banks. In most cases, you get approved in just a day or two. You will especially love that Momentum Business Capital offers a comprehensive explanation of the application process for its multiple funding options on the website.

You can also choose to either begin the process of acquiring a loan or just ask a few questions via their numerous forms on every dedicated page. If you wish to start by just asking a few questions, you can use their contact page, to provide your name and email address. In less than 24 hours, a customer service representative will get back to you to discuss your options.

However, if you wish to begin the process of requesting one of their financing services, you will have to fill out a short questionnaire about your personal credit score, whether or not your business is profitable, industry, age of the business, and lots more. Once done, a customer representative will contact you to discuss and negotiate the ideal loan terms. They will also walk you through other important discussions and finally verify your information. Do remember that not all loans will require that you provide your financial statements. But we recommend that you should always put your finances in order and use invoicing and accounting software in preparation. This helps fasten the process even when your financial statements aren’t necessary. Your goal is to provide as much awareness as possible which also drives up your eligibility amount and can help you secure the most decent repayment terms and schedule possible. 

Our Verdict

With Momentum Business Capital you can access the funding you need to position your company for greater heights. Beyond that, you can equally access superb processing enterprise merchant payment solutions and enterprise equipment leasing funding options. 

Here’s an online lender with a transparent and informative website and customer support service. Their streamlined application process also means you don’t have to go through a long, confusing, and arduous process to get the funding you need to manage business hiccups.

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