Are you a small business owner looking for a loan to help you build, maintain, or expand your business? There are many options available to you, from traditional banks to online lenders. It's important to know what's available and what works best for your cash flow. Visit our lending page to find the loan that best fits your needs. You can also enter your zip code on Lender Match to find a lender in your area.
Applying for a loan through the Small Business Administration (SBA) is another option. SBA loans are very similar to the standard term loans offered by private lenders, with terms of up to 25 years and moderate interest rates. You may also consider applying for a loan through an online lender. Many of these lenders don't require a formal business plan as part of the application process, or have eliminated the application process entirely.
That said, short-term loans with higher annual percentage rates (APRs) are often offered by these lenders. Commercial lines of credit are another option for small businesses. These can be used for short- or long-term needs, and they can be secured or unsecured. Factoring is another option that may be suitable for companies that rely on large volumes of smaller invoices, as service fees may be economically viable.
Finally, some business owners choose to use their personal assets, including their homes, as security for a business loan. This is an option to consider if you don't have access to other forms of financing. No matter which type of loan you choose, it's important to remember that it's an investment in your business. A clean, modern work environment is essential for success and attracting talent.