When you apply for a small business loan in Michigan, you’ll need to meet certain requirements to qualify, including time in business, credit score and revenue minimums. These will vary depending on the type of funding you’re seeking and the lender.
Not only can you go to conventional lenders, such as the banks listed above, there are also alternative lenders to consider, and you may even apply for a small business grant.
Entrepreneurs looking to obtain funding from banks, however, often have difficulty meeting their strict qualification requirements. That’s particularly true if you’re looking for small business loans in Michigan and you have “bad credit.”
And even some of the most qualified small businesses are asked to provide collateral in their loan agreements, something many small business owners are not in the position to provide.
The high demands of banks have led business owners to look elsewhere for the funding they need. Alternative funding options are available with online business financing companies.
Applying for Michigan Business Funding Through Fast Capital 360
Whether you’re seeking an SBA loan or a merchant cash advance in Michigan, Fast Capital 360 can help.
Here’s how you’ll benefit.
A few minutes is all it takes to apply.
Your application could return multiple offers from our nationwide network of lending partners. Small business loan rates in Michigan start at 6.25% for SBA loans and 7% for term loans.
If your company is approved for small business funding in Michigan, one of our experienced Business Advisors will walk you through our financing options so you can decide which one best fits your business needs.