Small business loans are a great way for eligible business owners to access the capital they need to start or grow their business. The Small Business Administration (SBA) is a federal agency that helps small businesses find the funding and resources they need. Whether you're looking to cover initial costs, working capital needs, expansions, real estate purchases, or more, an SBA loan can help. Equipment loans are another option for businesses that need to purchase equipment.
With this type of loan, the equipment itself serves as collateral, making it more affordable and easier to apply for than other types of small business loans. Small-business borrowers with poor credit may qualify for less competitive rates and pay more interest over the life of the loan. Invoice factoring is another option for businesses that need access to cash quickly without qualifying for a traditional loan. This process involves selling a company's outstanding invoices in exchange for a lump sum cash payment.
Business lines of credit are another option for businesses that need short- or long-term financing. These lines of credit may or may not be insured and can be used for a variety of purposes. Fundera is an online marketplace that offers a variety of small business funding options from several lenders, including some that accept applicants with credit scores as low as 500. Fundbox is an AI-powered business lending platform that accelerates the application, decision-making and funding process.
Lendio is an online commercial lending marketplace that connects potential borrowers with traditional banks and non-bank online lenders. Finally, cash advances for merchants may be a good option for businesses that have a high volume of sales and need access to cash quickly without qualifying for a traditional business loan.
