Breakout Finance

Introduction

Most of the small businesses have no access working capital and have to use their own savings and borrowings from friends and family in order to run their business.

They have no access to funds if they want to expand their business or renovate their premises or to meet shortfalls in their cash flows or to even hire new employees. A business cannot survive if they do not have enough cash flows, even though the business might be profitable. Lack of cash flows can force a business to shut down.

Most of the small business owners do not have proper means to get finance from a traditional bank or a financial institution and sometimes they do apply for loans from banks and after months of waiting, they are generally declined because banks usually prefer a business to give some sort of a collateral or a personal asset as a lien in order to provide finance to a business.

Other times, the banks may ask for other documentation which the business might not have. This leads to the need of having an alternative form of lending system which can cater to the needs of such small businesses.

About BreakOut Finance

Breakout Finance came into being when they realized there is a large gap that exists in the economy where the small business owners have no one to provide them with financial know how, advice or even funds. The small business not necessarily need large funds, but sometimes small ongoing lines of credit in order to meet short falls of cash as they fall due.

Breakout Finance realizes the need for such a scenario and came up with this platform where they have a team of experts who are there to assist such small businesses and to cater to their needs and requirements. They realize that the small businesses make up a large part of the economy and help the society in a tremendous way and they are largely sidelined. Breakout Finance prides themselves on this and refers to themselves as “more than just a lender”.

Lending

They take pride in being able to serve small businesses by encouraging transparent workings and proving the businesses every possible detail of the transaction so that they know everything before hand and there are no surprises. They help a business achieve their short and long term goals by providing them the necessary fund along with the financial knowledge to use the fund wisely.

Educator

Breakout Finance has a large variety of educational resources available on their website which the customers can read up on and take advantage from. They strongly believe that the more knowledge the small business owners have, the better and the more informed decisions they will be able to make regarding how to manage their finances well.

Advocate

They are part of Innovative Lending Platform Association and are working for the small business to have access to working capital by promoting cost and product transparency and disclosure and are also aiming to stop the predatory ways of practices that negatively impact the small businesses in America today.

Customer Support

They have a dedicated support team that is always there to solve the problems of their customers and to guide them with any kind of issues that they may have. They are available to talk on the phone and educate the customers regarding any problems that they may face.

Business Loans

At Breakout Finance there are multiple financing products that are quite useful for small business owners in order to meet their cash flow and short term business finance needs.

Highlights of Breakout Finance Business loans

Flexible

These loans which are offered by Breakout Finance are quite flexible in nature and the payback terms and conditions can be decided with the loan expert and depending on what suits the customer’s needs, it can be weekly, daily or monthly. At Breakout Finance, they understand that not all businesses are the same and thus, they need tailor made solutions.

Revolving Line of Credit

There are options of revolving the line of credit for the customers and you can simply take out the principal amount that you have given back without having to pay any extra in payments.

Discounts on early payment

At Breakout Finance, there are special discounts that are offered if the customer repay earlier than his stipulated time and there is a discount for every loan paid early!

There are various types of loans and lending products that are being offered by Breakout Finance. Below is a description of them.

Standard Term

This is a loan product where the customer may make the payments depending on his or her own convenience whether they can pay daily, weekly or even monthly. The amount that can be offered as a loan is up to $250,000 and the time frame of the loan to be repaid is from 6 months t 24 months, this also depends upon how much the customer is willing to pay each installment, if they are unable to afford large amount in installments, then the duration of the loan can be stretched and the customer can pay a lower amount. The factor points per month are 1.25% to 3.5%.

Monthly Remit

This is yet another type of a loan product that is offered to customers. It has the option to pay the installment once in a month and also has the option of activating the revolving line of credit simply after two payments are made. The amount that can be borrowed may range up to $250,000 and the length of the loan may range from 6 months up to 24 months. In this loan as well, the longer the term of the loan, the lower will be the total installment payable. If a customer can afford to pay a higher sum of installment, then he may choose a small term of loan. The factor points per month for this lending product are 1.25% to 2.5%.

BridgeConnect

This is another great lending product by Breakout Finance. This is a loan that is structured to pay back the amount sooner than the actual time that is scheduled. Breakout Finance offers discounts on early repayment options which can be based on 30 days or 60 days or 90 days. This loan amount has a limit up to $250,000 as well. The length of time this loan is for is just 1 week to 24 months; this is for small duration and to meet quick short falls in cash. The factor points per month for this loan are starting at 1.25%.

Factor Capital

This is another lending product being offered by Breakout Finance that combines the typical business loan with the features of account receivable factoring. This allows a business to have access to a large line of capital for greater flexibility. The maximum amount of loan that can be offered under this product is up to $250,000 and factoring amount up to $5,000,000. Moreover, the total term of the loan is up to 24 months while the factoring duration can be 30 days to 60 days to 90 days. The factor points per month for this lending product are loans starting at 1.25% while the factoring at 0.5% to 4%.

The criteria for Business Loans

There obviously exists a criterion that needs to be followed when disbursing loans to customers. There is a different set of requirements for each type of loan products. The criteria for the loans are given below.

Standard Term

This is a standard term basic loan and the criterion for this lending product is:

• The time in business should be at least one year
• The minimum score of FICO should be at least 600
• There is no need for profitability requirement
• No need for any type of average daily bank balance requirement
• The minimum revenue should be at least $10,000
• The one time origination fee for the loan is 2.5%

Monthly Remit

The criteria for acquiring a business loan under Monthly Remit are as follows:

• The time in business should be at least three years
• The minimum FICO score should be at least 640
• There is no requirement of having any profitability in business
• The average daily bank balance should be at least double the monthly installment that the business would be paying at Breakout Finance
• The minimum revenue that the business should be having is $10,000
• The cost of one time origination fee is 2.5% of the loan amount

Bridge Connect

In order to qualify for this type of a loan, the following criteria need to be met by the business.

• The time in business should be at least one year
• The minimum FICO score should be at least 600
• There is no need for the business to have any profitability
• There is no requirement of having any sort of average daily bank balance
• The minimum revenue should be at least $10,000
• The one time origination fee to be paid for the loan is 2.5%

Factor Capital

In order to qualify for this type of a loan, the following criteria need to be met by the business.

• The time in business should be at least one year
• The minimum FICO score should be at least 600
• There is no need for having any profitability
• There is no need for maintaining any sort of average daily bank balance
• The minimum revenue should be at least $10,000
• The one time origination fee is around 2.5%

About the loans

Breakout Capital is committed to providing the best borrowing experience and to give the borrowers the loan product that meets their requirements and needs. They are committed to providing the highest level of ethical standards and to have the best practices. In a nutshell, their loans are:

• The amount is maximum $250,000
• The loans are up to 24 months as the longest term
• The rates are starting at 1.25% per month
• The pay back schedules are flexible
• The loans can act as a revolving line of credit
• There are discounts for early repayments

They have other solutions as well in the form of:

• Lines of credit
• SBA 7(a) loan facility
• Account Receivables or Invoice Factoring
• Leasing for equipments
• Merchant cash advance facility

Why choose Breakout Finance for the lending needs?

Breakout Finance specializes in loans that are made for small businesses. There is a range of lending products that a customer may choose from which varies according to the needs and the requirements that a business may have. The goal of Breakout Finance is to make the whole process of borrowing very transparent so that there are no surprises. Their promise to the small business owners is to provide them the best possible solutions to their requirements.

• There is no double dipping
• The whole process of taking the loan till the time the customer pays back is extremely transparent
• There are no hidden fees or any types of surprises
• They have a team of loan experts ready to guide the small business owners in case of any issues
• The customer support is always ready to guide and assist the clients no matter what their questions are
• Breakout Finance offers customers financial advice in order to help them make informed financial decisions
• Breakout Finance have the ability to customize loan terms and conditions in order to suit the business requirements
• There is early payment discounts
• They have a relationship based on mutual trust and understanding with their clients which ends up resulting in repeat business
• They provide funding that is really quick and fast, as and when it is needed
• They believe in providing loans and lending facilities that help grow the customers business, putting their priorities first

Partnership Opportunities with Breakout Capital

Vendor Partnership

Breakout Capital also offers those vendors, partnership opportunities whose customers are small business owners. If they enter into a partnership with Breakout Capital, they can together help provide those small businesses working capital solutions which helps them to grow as well as provide them with vendor financing program, so that the small business owners are able to purchase the services from the vendors.

Lending Partnership

If on the other hand, you are a lender looking to lend your money to small businesses, so you can get in touch with Breakout Capital in order to have transparent, honest as well as affordable alternatives for financing.

Industries

At Breakout Finance, they cater to all sorts of companies in different industries. Some of the industries they cater to are:

• Beauty salons and spas
• Restaurant and Cafes
• Automobile companies/workshops
• Retail shops
• Transportation
• Technology and many

Reasons for getting a loan

There may be many reasons why a business might want to take a loan from Breakout Finance. The most popular reasons for getting a loan are usually:

• To meet unexpected changes in demand or supply
• To meet unforeseen expenses
• For payroll purposes
• For buying new equipment
• For replacing old equipment
• For marketing purposes
• To expand the business
• To move to a new location
• To renovate the premises

Customer reviews

The small business owners who have been the customers with Breakout Finance have had great experiences dealing with Breakout Finance. They have praised their professionalism and also their ways of doing business. Most of the customers who have shared their stories have commented that they had no access to any cash flows and Breakout Finance helped them regain their business which was falling apart. Majority of the customers further went on to praise the process of acquiring the loan as simple, easy and quick.

Conclusion

Breakout capital is quite popular with small businesses and it is no surprise that their customers always come to them for repeat business. Breakout capital has a niche in the market for catering to small business in the most efficient manner by providing those loans at competitive rates.

By doing so in the most transparent manner, the customers know in advance about all possible rates and the terms and the conditions and there are no surprises in the end.

Moreover, another great feature about Breakout capital is that they can customize their loan and their lending products in order to meet the unique requirements of their customers and they realize that no two businesses have the same requirements and thus treat every single business in a separate manner.

Furthermore, they have a variety of products to offer the clients and so the customers do not need to go to another platform in order to get more financing, whether it is factoring or a lump sum amount – they can get it all from Breakout Capital very easily. Overall, it is a customer friendly platform where the small businesses can acquire financing products easily.