Commercial Business Loans
When your business has to adapt, you need the most adaptable loan.
(4 Months or more)
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A commercial loan is any type of financing a business owner can use to cover business expenses such as payroll, new equipment, inventory, or other operations costs. There are several types of commercial loans, including term loans, online loans and SBA loans. Each program has its own qualifying requirements, terms and interest rates.
This type of commercial business loan usually ranges from 3 to 18 months and is repaid in daily or weekly increments.
Traditional term loans are given to their applicants as a lump sum and are repaid over the course of several years.
With a variety of loan programs, SBA Loans are issued through banks but are guaranteed by the Small Business Administration, making it easier for the bank to approve your business.
Useful when your business loses one or several expensive machines that are a pivotal part of the way your business functions.
Available through both banks and online lenders, a line of business credit provides companies with a more flexible funding option that can be both short and long-term.
A merchant cash advance is a lump sum that’s repaid with a small portion of your business’s daily credit card transactions.
Commercial business loans have different qualifications depending on the type of loan. For example, you will need a credit score in the mid 600’s to be approved for a line of business credit with a bank, while the qualifications for a short-term loan with an alternative lender are more flexible.
While the expectations differ, what lenders want to know about your business stays the same. When applying for commercial business loans, your business will be evaluated by the following:
Each loan type, lender and applicant are different, so what lenders expect from their applicants in these areas differs, as well.
Most commercial loans use an online application. These applications ask for basic business information to help determine if your business is eligible.
While applying with traditional lenders may require more paperwork than online lenders, the commercial loan application process is designed to be a quick and simple process no matter which lender you choose.
Nearly every owner will consider a commercial loan at some point during their career. The type of loan that’s right for your business largely depends on what you will use the loan for.
A business loan is an investment in your company. With proper planning, a commercial business loan can be a useful tool for your business.
If you’re having trouble deciding which is right for you, Fast Capital 360 can help guide you in the right direction. Our knowledgeable Business Advisors can answer any questions you may have about commercial loans and how qualifying for a commercial loan will benefit your business.