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Your small business needs are unique. We’ll match you with the right loan option to solve for them.
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Multiple use cases
Use for almost any business purpose.
Small Business Loans Tailored To Your Business Needs
From covering for slow sales periods to facilitating smooth business expansions, the benefits of small business loans are endless. Ready to learn more about how a small business loan can support your growing business? Explore these topics to help you get started.
Why Get A Small Business Loan?
There are several advantages of getting a small business loan:
- Business Expansion: A small business loan can provide the necessary capital to expand your business operations, open new stores, buy out competitors, or invest in new market opportunities.
- Provides Working Capital: Small business financing can cover day-to-day operational expenses and manage cash flow fluctuations to help run your business smoothly.
- Buying Equipment: If your business requires new equipment or machinery, a loan can help finance these purchases without depleting your cash reserves.
- Stocking Up On Inventory: Loans reduce the financial burden of inventory management by assisting in the purchase of inventory or materials needed for production.
- Hiring and Payroll: Grow your business by hiring new employees and covering payroll costs with small business loans.
- Marketing and Advertising: Reach new customers by using small business financing to fund marketing campaigns and build a strong online presence.
Types of Small Business Loans We Offer
Short-Term Business Loans
Short-term small business loans provide quick access to capital for a shorter duration compared to traditional long-term loans. Key features of this type of financing include quick repayment terms, fast approval, flexibility in usage of funds.
Working Capital Loans
Working capital loans can be used to stabilize your cash flow as it helps to temporarily cover everyday operational expenses such as paying business utility bills, stocking up on inventory, covering employee payroll, etc.
Business Bridge Loans
A bridge loan is a small business financing option that helps bridge the gap between your business’ immediate financial needs and the availability of more permanent funding. This type of loan is perfect for businesses waiting for investment funding or large payments from customers.
Sources of Small Business Financing
There are many different ways to finance your small business, and each option comes with its own benefits and considerations, depending on your situation and specific goals. For example:
- Banks and alternative lenders both have a variety of small business financing options, with different loan terms, amounts, and qualifications to consider. Alternative lending, versus traditional bank lending, also tends to have a quicker approval process, so may be more favorable if you need funds fast.
- Small Business Administration (SBA) loans offer low interest rates and long repayment terms, making them an attractive option for many business purposes. However, SBA loans can be harder to qualify for, and require a lengthy application process.
- Banks have a variety of small business financing options, with different loan terms, amounts, and qualifications to consider. However, bank loans tend to have a strict qualification criteria and might require collateral at times.
- Alternative small business lenders specialize in offering fast and easy business funding solutions. Alternative lending, compared to traditional bank lending, tends to have better chances of loan approval and a quicker approval process, so may be more favorable if you need funds fast.
- Business credit cards give you revolving lines of credit that you can draw from and repay as needed, helping you finance ongoing expenses and build business credit. Keep in mind they typically are higher cost and may require a personal guarantee to apply.
- Retained earnings reflect the profit your business earned over the year, and can help you build equity by indicating to future lenders your small business’ financial strength.
- Vendor financing involves negotiating vendor payments for an agreed upon time, to help carry you through unexpected down periods in your business or industry.
- Business lines of credit give you access to funds up to a specified limit, and can provide more flexibility as you only pay interest on money you use. However, they may come with additional costs, such as maintenance fees and draw fees.
- Investors can be very helpful in financing your small business, especially when you’re in the early growing stages—with skin in the game, they see your success as their own.
How Do Small Business Loans Work
Small business loans involve several key steps:
- Identify funding needs: Determine the business’s financial requirements, such as equipment purchases, expansion, inventory, or operational expenses.
- Choose a lender: Explore various lenders and loan options to find favorable terms, rates, and repayment options.
- Apply for small business loan: Complete the lender’s application and provide required documents like financial statements, business plans, tax returns, and bank statements.
- Evaluation and approval: The lender reviews credit history, revenue, time in business, collateral, and loan purpose. If approved, the loan amount, interest rate, and terms are determined.
- Loan agreement and disbursement: Accept the loan offer and sign an agreement. The approved funds are transferred to the business’s bank account.
- Repayment: Make regular payments according to the agreed schedule, including principal and interest, based on the loan terms.
Qualifying for Small Business Loans
Determining if you qualify for a small business loan depends on a few factors:
- Your industry and business size
- Your personal and/or business credit score
- How long you’ve been in business
- Your annual gross sales.
Based on the lender, other items may be required to qualify, such as a business proposal, collateral or personal guarantee, and further business and financial documentation such as bank statements, tax returns, business licenses, etc.
When you apply for a loan with SmallBusinessLoans, there’s no lengthy paperwork, required collateral, or being bombarded by tons of different lenders—we make it easy to get the small business loan that works for you, and within 24 hours.1
Applying for Small Business Financing
Small business loans can be a helpful financing tool, providing you with up to $500,0001 in funds to be put toward almost any business purpose. In order to apply for a small business loan, you’ll need to:
- Determine what you need the funds for. From the loan amount, to interest rates, to length of term, your small business financing option can be tailored to your specific use case. You should also research how much financing you are eligible for, and how quickly you would need the funds, as these considerations may dictate which loan type you pursue.
- Gather application materials. Requirements differ from lender to lender, but may involve:
- Details about your business, such as the address, phone number, tax ID, and business start date. Keep in mind that many traditional lenders often require two years in business, whereas other options may require only one year.
- Financial statements demonstrating business revenue. These can include bank statements, tax returns, and in some cases invoices and a business appraisal. The level of detail you need to provide on your business financials will depend on the lender and type of loan you’re applying for.
- A credit check for you and/or your business to determine your character and ability to make payments on time.
- A detailed business plan is often required by traditional lenders as part of your loan application.
- Business collateral and/or personal guarantee should your business default. Many lenders may require some sort of assurance in order to get funding.
- Submit application. Always double check your application form and the requirements to reduce any back and forth during the review process.
- Wait for approval. Depending on your lender, a decision on your application can take time, and there may be follow-up information to provide, which is why it’s crucial to consider how quickly you need the funds before applying.
As a small business owner, you have a lot to focus on, and we’re here to make the small business financing process as simple and painless as possible. With SmallBusinessLoans, you only need to fill out a quick form to be connected to a personal funding specialist who will walk you through your options and make sure you get what you need.
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Choosing the Right Loan for Your Business
Small business loans are designed to be flexible, as every business has its own needs and circumstances. When choosing the right loan option for your small business, you should take a few things into consideration:
- Determine what your business needs are. A working capital loan may be a good option if you are looking to simply cover daily expenses or have funds on hand during slow seasons, but perhaps an equipment loan makes more sense if you want to buy and build equity in new equipment. There are many different types of loans for a range of business cases, so it’s important to figure out your needs and do your homework on the terms and qualifications for each.
- Determine how much of a loan you can afford, and what additional requirements there may be to apply. For example, if you don’t have the business history or meet certain financial requirements (such as providing collateral), loan options such as a business credit card or microloan may be a better fit for you.
- Determine how fast you need the money. Traditional business loans from banks and SBA loans may be able to offer the most competitive rates, but also tend to have stricter requirements and a lengthy approval process. Alternative lending options may be more favorable if you can’t afford to wait to get your funds.
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Frequently Asked Questions
Have additional questions about small business loans, how they work, or how to qualify for up to $500,0001 in funding? We’re here with answers.
Your business may qualify for a small business loan from $5,000 all the way up to $500,0001, depending on qualifying factors such as your loan type, credit standing, and annual gross sales. When you work with SmallBusinessLoans, you’ll be connected to an expert partner lender that can help you navigate your financing options and find the right solution for you. Contact us to learn more, or apply for a small business loan now.
Due to the often unpredictable nature of maintaining and growing a small business, many small business owners find that alternative lending—versus traditional bank lending—better suits their financing needs. The loan terms for these alternative lending solutions are designed to be shorter, and typically come with a simpler application process, flexible repayment options, and faster funding, to help you meet your immediate small business goals.
All lenders within our network do not require a down payment to get your funds. At SmallBusinessLoans, we prioritize getting you the quick and easy financing you need, for almost any business purpose you need it for. Apply now to find the right financing solution for your small business.
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