Types of Business Loans
There can be different forms of financing for companies, and here you can read about the options available for clients of our partners.
Diverse SBA Loans
Small business administration loans deliver different loan programs that grant long-term financing. Such loans belong to low interest types of loan thanks to the governmental support. There are 6 kinds of financial products offered as SBA loans such as SBA 504, SBA 7a, SBA Express and so on. Contact the lender for more detailed information.
Traditional Term Business Loan
This is an ordinary business loan that is provided for business goals of the company. It can be very useful when companies grapple with the difficulties trying to run the business effectively. Usually, borrowers have to pay fixed payment during the period of 1-5 years. Such loans are generally supported by collateral. When the personal credit begins from 650 and you are in your business for more than 2 years then it can be a good choice for you.
Short Term Business Loan
Such loan is provided to cover urgent needs. It is given for a short period of time. It disciplines businessmen to be more financially prudent and manage finances better. It can be a good school for them that teaches to cope with the situations when unexpected expenses occur. The majority of businessmen qualify for such loans if they previously applied for it.
Business Line of Credit
It is one of the best options for small business companies that guarantees access to money for diverse business expenses. There is no need to apply for funds in case of emergency as you always have money at your disposal. This is a popular choice among businessmen. Business Line of Credit is provided for creditworthy customers and used as a traditional revolving card with limited funding amount.
The lending companies provide different kinds of startup financing when it is necessary to expand business. Such options can include traditional loans along with non-traditional ones for business goals. In case you have a good credit file (from 640+), you can have a range of lending opportunities.
Opposing to the option to borrow money, business owners can get equipment financing that gives better security and highly welcomed by lending companies for this reason. They tend to conclude such deals with pleasure. Equipment financing gives the opportunity to get equipment without delay.
Merchant Cash Advance
This is a good option for all companies which look for solid monetary support. It gives you the chance to borrow funds at once against the revenues that are expected.
Commercial Real Estate
Commercial real estate is also a secure option for lenders. The business owners provide collateral as guaranty and lending companies provide rather flexible plans for borrowers in this case. This flexibility lets business owners purchase, expand some income producing property or remodel the existing one. This type of loan should comprise the plan of building a structure.
Accounts Receivable Financing
Accounts receivable financing
Accounts receivable financing is borrowed when company need funds for services, which were provided. The accent is made on the company, which owes receivables, and uses them as collateral.
Peer to Peer Lending
Peer2peer lending differs from traditional loans that are received from individual and not an institution that specializes on lending.
Business Loans for Women
The number of women who own businesses grows rapidly in the USA. There are lenders who prefer to help such clients with necessary monetary support. It can be expressed through lines of credit, business loans and other financial products. The growth of such entrepreneurs continues due to this factor as well.