Are you a small business owner looking for financing options? You may be wondering if you can get a small business loan. The answer is yes, there are many options available to you. Lendio is a great place to start, as it offers a variety of loan products for businesses of all sizes. You can apply for business loans, lines of credit, SBA loans, equipment financing, merchant cash advances (MCA), commercial mortgages, invoice factoring, and loans for business acquisitions.
Kabbage also offers lines of credit with monthly fees ranging from 0.25% to 3.50%. BlueVine also offers lines of credit with weekly or monthly fees of 1.7% per week or 7% per month. Fundbox provides its Insights Advantage program which allows borrowers to view their combined balances and cash flow forecasts in one place when they connect multiple business bank accounts. In addition to these loan products, there are other financing options available to small business owners.
Working capital loans are repaid with your company's receipts through daily, weekly, or bimonthly payments, while term loans are repaid through weekly, bimonthly, or monthly payments over the course of 12 to 36 months. Term loans are usually repaid over a period of between two and 10 years and traditional long-term commercial loans offer relatively low-rate financing for long-term investments. Business owners can also access lines of credit and factor rates that usually range from 1.2 to 1.5.Traditional banks tend to have more stringent borrowing rules than online lenders, but it may be easier for small business owners to qualify at an institution where they already have a banking relationship. Loan approval can take as little as a few days, even for business owners with bad credit; however, higher rates are often a compensation for speed and accessibility.