1. What is Preferred Funding Group?

Preferred Funding Group is a funding brokerage specializing in unsecured funding. It assists business owners in various industries who seek funding for growth, payroll expansion, or other business-related expenses without requiring collateral.

2. Does Preferred Funding Group offer business funding for franchises?

Yes, they are experienced with the franchise model and work with franchise clients at the pre-discovery (due diligence) and post-discovery stages. They collaborate with franchise coaching companies and consulting firms to assist franchisees.

3. Can Preferred Funding Group work alongside SBA loans?

Yes, they can complement SBA loans if the client obtains the SBA loan first. Clients are advised to pursue SBA loans initially due to their lower interest rates. After securing an SBA loan, clients can then approach Preferred Funding Group for additional funding.

4. What is the pre-approval process at Preferred Funding Group?

The pre-approval process involves a soft pull of the client's credit and requires two years of tax returns. They also offer a stated income program for clients whose tax returns might not reflect their income.

5. What are the typical terms for loans from Preferred Funding Group?

Loan terms vary, typically offering three, five, or seven-year terms. Interest rates depend on the term length, with shorter terms usually offering lower rates. There are no prepayment penalties, allowing clients to pay off loans early without additional charges.

6. Does Preferred Funding Group offer credit card programs?

Yes, they offer two programs: a long-term loan program and a business credit card program. The credit cards are supplementary, often used in conjunction with term loans, and don't report to personal credit.

7. Can joint applications or co-signers be used in the business loan application process?

Yes, in marriage situations, joint applications are possible. They also consider co-signers if the primary applicant needs to qualify independently.

8. How quick is the funding process with Preferred Funding Group?

The process is relatively fast, typically taking two to three weeks from application to funding. This is quicker than the SBA loan process, which can take several months.

9. Does Preferred Funding Group have restrictions on the type of businesses they fund?

They cater to a broad range of businesses and do not restrict the use of funds, basing their decisions on the individual's creditworthiness and income rather than business plans or industry type.

10. What is the competitive advantage of Preferred Funding Group?

Their advantage lies in their swift processing time, flexibility in terms of loan options and terms, and their focus on the individual's credit and income rather than detailed business plans or projections. This approach makes them a versatile option for various business owners, especially those starting or expanding franchises.