Small businesses throughout the nation are in great need of financing that works. For many going through a traditional lender can be difficult, others see no problem. Today lenders have designed programs to help businesses like yours to get the financing needed to meet a wide variety of business financial needs.
A business loan is the first financing option most will turn to in order to meet their businesses financial needs. A business loan is an excellent choice at that, your business can get the money you need and have a long term to repay it making it cost effective. Getting this business loan can be difficult. Most lenders require a clean credit history, strong financials, “x” number of years in business and collateral. This can be difficult for the average business but there is a way to get your business a loan even if you are not perfect, an SBA backed loan.
SBA Business Loan
The small business administration has made it possible for businesses like yours to get the money needed to meet a wide variety of financial needs. This is done through a simple application process looking at your businesses needs today. The SBA then backs your loan through the bank or other lending institution participating in this program. Interest rates tend to be higher than a traditional business loan, repayment terms are the same. Your business can get the money it needs despite credit rating and financial history.
Business Line of Credit
A busienss line of credit is another great way for businesses to get the money that they need. A revolving line of credit, similar to a credit card is available to your business when it needs it. You do not need to apply each time you need to use this line of credit, it is available to you when needed. You can get up to $100,000 in a line of credit with competitive interest rates and repayment terms.
Chris Fuller went to the University of South Florida and has worked in the financial sector for over 20 years. He has extensive experience in all aspects of personal and small business lending, from personal loans, equipment finance to cash flow based solutions for small mom and pop businesses, and large corporations.