There are more options than ever before when you’re considering applying for a business loan, and the one you choose will depend on a number of factors, starting with how much money you need and what you need the money for. If you don’t have good credit history, your options may be somewhat more limited, but you should still be able to secure the loan you need. Keep in mind that disapproval by banks and other traditional lending institutions does not mean you can’t get a loan. These days, alternative lenders have stepped in to fill the gap left by stringent bank requirements and frequent disapprovals for loan applications.
Below, you’ll find a summary of many of the available small business loan options. This will acquaint you with some options, and you can do some additional research to find out which might best fit your business circumstances.
Merchant cash advance – based on your monthly volume of credit card sales, this is not actually a small business loan option in the traditional sense, because there is no fixed repayment each month.
Equipment loans – you can either purchase needed equipment outright, or lease it for a number off years.
Line of credit – having a line of credit will help to cover expenses from day-to-day needs
Franchise startup loan – as the name suggests, such loans are obtained for the purpose of beginning a new franchise
Invoice factoring – in exchange for a lump sum of money from a factoring company, you would sell some or all your monthly invoices
Working capital loan – these small business loan options are used to fund daily operations and maintain positive cash flow
Professional practice loan – businesses offering professional services commonly make use of these types of loans.
At least one of these small business loan options should work for your small business, and when you have settled on one or two possibilities, your next step will be to begin researching potential lenders whom you can work with to obtain the right kind of loan for your business.
If you’re considering what might be the best possible small business loan for your company, we may be able to provide some assistance. Contact us at Artis Commercial Capital so our specialists can review some options with you, and discuss how you might take advantage of these options.