Small Business Loans
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What Are Small Business Loans?
Small business loans are financial products offered by a lender, specifically to a small business borrower, to finance a business. Small business loans vary in loan amount, term length, interest rates, and repayment terms.
What Affects Small Business Loan Decisions?
When a lender makes a small business loan decision, they base it on 3 primary factors: the borrower’s time in business, credit, and revenue. Small businesses with a strong history of all 3 of these factors are likely to qualify for the best rates, terms, and loan amounts.
Less established businesses can still qualify for small business loans. You may find you have more options in terms of secured loans, where you pledge an asset as collateral for the loan. Building a solid credit history, which you can do through taking out a small business loan and making every payment on time, can help you qualify for more loan options, better rates and terms, and larger loan amounts in the future.
Small Business Loan Types
Power your small business growth with a suite of small business loan options. Each loan type has its own benefits, so you want to consider which might best meet your business needs.
- Business term loan: A classic small business loan where a loan amount is awarded up front then repaid in set amounts and increments over the term of the loan.
- SBA loans: These loans, which have a portion secured by the US Small Business Administration, have some of the best rates and terms, making them a favorite for American small business owners.
- Merchant cash advance: Acquire financing today by using future earnings as collateral.
- Accounts receivable financing: This loan allows you to use your unpaid invoices to increase working capital for your business.
- Equipment loan: Specifically designed to finance equipment purchases for your business, equipment loans can fund anything from a forklift to commercial kitchen appliances to computer equipment and office furniture.
- Business line of credit: A flexible financing option that gives you the capital you need when you need it. Borrow as much as you need against a set loan amount, repay, and repeat whenever you need over the line of credit term.
- ACH loan: Also known as a cash flow loan, an ACH loan is based on your daily bank balance, rather than your business revenue, making it one of the most accessible small business loans.
- Commercial mortgage: A commercial mortgage can help you finance a building acquisition, remodel, or repairs.
- Short term loan: When you need fast cash that you can repay quickly, a short term loan is the one for your business.
- Startup loan: Accessible financing options for new and less-established businesses.
Business credit card: Credit cards designed specifically for small businesses can help you build business credit and reap rewards for business spending.
Small Business Loan Payments
Your loan payment will be dependent on the loan amount, term (the time it’ll take to repay), and interest rates. Before you apply for a loan, check for any application—or other—fees to avoid surprises.
Apply for a Small Business Loan
Applying for a small business loan is easy thanks to online lending marketplaces. Instead of spending hours on a confusing application just to get rejected from a single bank, lending marketplaces make it fast and easy to apply. Once you apply, you can compare offers from multiple lenders the same way you’re able to compare everything from hotels to personal credit cards. With more options, you can feel secure knowing you have the best possible loan for your small business.
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