Open Advisor
Get the Lowest Rate on an ERC Bridge Loan
Open Advisor compares rates from 14+ lenders to get you the best rate on an ERC Advanced Loan, fast.
Lowest Rates
14+ lenders compete to offer you the best rate on an ERC Bridge/Advance Loan
2 Weeks Close
We streamline the process and help you close fast
14+ Vetted Lenders
Prevetted lenders with a trusted relationship and a hassle-free experience
Open Advisor vs. Finding a Loan on Your Own
Lower Rates
Companies that compare with Open Advisor get lower, negotiated rates which can save you thousands
Trusted Partners
ERC advance loans are provided by private lenders, not the government. We only give you offers from our pre-vetted list of lenders we know and trust
Save Time
Going through Open Advisor can save you days or weeks of waiting and get your loan more quickly compared to working directly with a lender.
Why Find a Lender Through Open Advisor?
Hundreds of companies of all sizes have trusted Open Advisor to help them save money on their ERC claims and loans and we have delivered over $40 million in savings. With us, you have the insider's edge - we work directly with a variety of lenders and compare them all at once to get you the best possible rate on your ERC advance loan and ensure you close fast.
We work with a range of companies from small businesses to enterprise level companies
We work across a variety of industries from gyms and country clubs to manufacturing to tech startups
Open Advisor only works with lenders we know and have vetted, so you know you're getting a fair lender you can trust
"...really simple and saved us a ton of money. We ended up receiving funds in about 10 days. It was a huge relief to know we were getting the lowest rate and got the process over with quickly..."
Series-C Startup Founder, San Francisco
$4,000,000 ERC Advanced Loan
Frequently Asked Questions about ERC Bridge/Advance Loans
What is an ERC Advance Loan?
An ERC advance loan, also called an ERC bridge loan, is exactly what it sounds like. If you filed for ERC, the IRS may take many months or over a year to process your application. Businesses often can't wait that long to get back the money they deserve. In order to get their ERC credit more quickly, you can apply for an ERC advance loan which gives you the money up front, and the creditor then accepts the ERC credit later on when it is processed.
Do I Qualify for an ERC Advance Loan?
Qualifying for an ERC (Employee Retention Credit) Advance Loan depends on whether you're eligible for the ERC in general. If you believe you are eligible, you would also have to make sure your business is able to repay (which should be covered by the credit you are owed) and it would help to ensure you do not have other financial issues like unresolved tax problems or other debts. Different lenders may have different criteria, and it's important to compare to know if you are getting the right deal for your situation.
How do You Apply for an Employee Retention Credit Advance Loan?
Applying for an Employee Retention Credit (ERC) Advance Loan is a straightforward process, though the specifics can vary based on the lender and your specific situation. Here are some general steps to applying: 1. Determine Eligibility: Before applying, make sure you qualify for the ERC itself, as this is a foundational requirement for the advance loan. Review the eligibility criteria mentioned in the previous FAQ or consult with your financial advisor. 2. Research Lenders: This process can vary signficantly based on the company you are working with. Watching out for lenders who are eager to take advantage of a business in need of cash is important, which is why our ERC advance loan quiz can help. 3. Gather the necessary documents: Lenders will ask for financial documentation to ensure you are indeed eligible for the ERC and that you are a business in good standing which will pay them back. 4. Applying: This can be made simpler by working with Open Advisor, or it can be handled seprately by contacting different lenders and trying to work with them directly.
How Long Does it Take to Get Approved for an ERC Advance Loan?
The approval time for an ERC Advance Loan can vary depending on several factors, including the lender you choose, the accuracy and completeness of your submitted documents, and the volume of applications the lender is processing at that time. Some lenders may offer immediate pre-approval on the spot or the same day. This is not a final approval, and is only a general agreement on terms. Submitting all required documents and verifying them may take a few hours at the earliest but most people should expet this to take a few days at least. After verification, final approval may come between a day or around a week. Once you have final approval, lenders typically disburse funds quickly within a few days. In general, you can expect the ERC advance loan process to take at least a few days and potentially up to a few weeks, but there are many factors that can change these variables.
Does an ERC Advance Loan Have Anything to do With a PPP Loan?
An ERC (Employee Retention Credit) Advance Loan and the PPP (Paycheck Protection Program) Loan are both financial aid programs introduced in response to the COVID-19 pandemic, but they serve different purposes. The ERC Advance Loan is not a government program, it is a loan from another lender which provides businesses with an advance on anticipated tax credits for retaining employees, while the PPP loan offers potentially forgivable loans primarily for payroll costs. Initially, businesses couldn't claim both, but changes in legislation now allow it, provided the same expenses aren't covered by both programs. They operate independently, and applications for each are made through different channels. Always consult with financial professionals when considering either option.
Who Gives ERC Advance Loans?
ERC Advance Loans are provided by private lenders who cater to businesses anticipating the Employee Retention Credit. It can be a common misconception that these advance loans are provided by the government. The employee retention credit itself is a tax credit given by the government, but these are private lenders offering these loans so it's important to compare choices to make sure you're getting the best option. These lenders offer immediate funds in advance of the official ERC disbursement from the government. Our website compiles options of reputable ERC advance loan providers to assist businesses in choosing the right fit based on their needs and qualifications.
Open Advisor is your last stop in getting an ERC Advance Loan
Instead of spending countless hours researching lenders and potentially waiting weeks for responses when your paperwork gets lost in the shuffle, you can effortlessly access and evaluate offerings from 14+ of our trusted lending partners through Open Advisor.
​
Take 30 seconds to fill out our contact form, and we'll contact you with an offer in a business day.