Small Business Loans
Small Business Loans (You Got Goals)
What is a Small Business Loan?
A small business loan is money borrowed to start, grow, or keep a small business afloat. Additionally, there are a few different small business loan types. Some of them are secured, meaning that you used some type of asset as collateral against the loan; and others are unsecured, meaning they’re not attached to an asset but are granted based on your credit.
Among the small business loans available, a few of the most common include:
- Startup loans
- Construction loans
- Franchise-based loans
- Merger and acquisition loans
- Business lines of credit
- Working capital loans
- Equipment financing and refinancing loans
- Merchant cash advance loans
- Accounts receivable loans
What Can I Use a Small Business Loan For?
A small business loan obtained by a startup is often used to buy any necessary property, buildings, equipment, or inventory to put the business owner’s dream into action. It can also be used to give you a little working capital as you strive to get your business up on its feet and running.
If your goal is to expand, small business loan funding enables you to purchase additional inventory, buy or build a larger store or factory, or buy more equipment to better suit your increased needs.
And if you have periods where you’re struggling, a small business loan can help you cover your operational expenses until things pick up and you can stand on your own again. This includes funding payroll, buying supplies, and paying vendors, just to name a few.
How Do I Apply for a Small Business Loan?
If you’re wondering how to apply for a small business loan, the first step is to make sure you qualify for the specific business loan you want.
Business loan eligibility can depend on a number of factors, such as:
- How long you’ve been in business
- The assets and liabilities you have
- What your revenue or expected revenue is
- The industry you’re in
- Your credit score
- What you plan to use the loan for
You can also apply for your small business loans by calling or emailing us....This can make obtaining the capital you need even more convenient, no matter when you have time in your day or week to apply.
What Are the Costs Associated with a Small Business Loan?
Small business loan rates and costs can vary, making it extremely important to secure yours from a lender who understands your revenue and working capital needs.
Is a Small Business Loan the Right Option for Me?
If you’re still unsure whether a small business loan is the right option for you, here are some questions you’ll want to ask yourself:
- Do I have enough capital to start my small business without putting my family’s welfare at risk?
- Am I entering a slow season where I typically have difficulty paying my bills, making a small business loan preferable because it would take some of the stress away?
- Am I ready to grow my business, but just need some working capital to make it happen until I can increase my revenues from the extra sales?