A business loan is any type of financing created specifically for business purposes. There are many variations of business loans, including term loans, SBA loans, and accounts receivable loans. Each program has its own qualifying requirements, terms and interest rates.
Similar to a traditional bank, a business term loan provides flexibility and stability. Features terms up to 5 years with a set repayment schedule.
The perfect loan to capitalize on your immediate projects. Businesses can secure upfront capital as soon as the same day, with repayment terms between 3 - 18 months.
Government-guaranteed long-term loans from the Small Business Administration. Terms range between 5 - 25 years.
Business financing acquired for the purpose of working capital. Can be used to invest or support in the operations of the business.
Secure up to 100% of the equipment value. Your business will own the equipment after payback.
Borrow up to a maximum credit limit and only pay interest on the capital you borrowed. Repayment terms up to 5 years.
Cover major expenses like seasonal inventory purchases or short-term assistance with operating costs. Payment terms between 3 months and 25 years.
Borrow against future earnings for immediate capital in one a lump sum. Repayment between 3 - 18 months, including fees.
Turn unpaid invoices into capital. Get back to running your business by bridging the gap and shortening your accounts receivable terms.
When your business needs additional capital, securing a small business loan can be the best decision you make for your company.
Each business, no matter their size, experiences periods where working capital is tight. A small business loan can help shorten these stretches, without interrupting operations.
Securing a small business loan allows you to maintain control of your company. You can use your loan however you like and can keep any profits or gains your business generates, all without seeking permission from your lender.
In order to grow, you have to continually invest in your business. A small business loan can enable you to plan for the future without using any working capital from your day-to-day needs.
Trying to capitalize on a new market? With a small business loan, you can secure the location you need to widen your business’s reach. The more locations you have, the greater your chance to grow.
Deciding to apply for a small business loan is a big step for your business. Before submitting any applications, let’s review where and how you can apply.
When applying through a bank, small businesses go through a multi-step process that can take as long as 6 months to complete. Business owners are asked to complete a physical application, meet with a loan officer, and are sometimes even required to present a full proposal for how they intend to use their funds and how it will benefit their business.
Online LendersApplying with an online lender involves a simple online application that can often be completed in minutes. Their applications often ask only for basic business and personal information and can even approve your company for a small business loan within hours.
When the time comes to finally choose the small business loan that’s right for you, it’s crucial to ask yourself and your partners these questions:
If you’ve answered yes to these questions, then congratulations! You’re ready to accept your small business loan and start growing your company.
