Loan Financing
SBA, Banks and Private Lenders
The financing you need to launch, maintain or grow your business can come from a variety of sources, including small business loans from traditional banks and online alternative lenders.
Bank Loans
The cheapest source of debt financing for your business is going to be a traditional bank loan or line of credit. If you can get a loan from a bank, you should always go that route. That being said, banks are currently denying around 85% of small business loan applications, leaving few with this option.
SBA Loans
SBA, U.S. Small Business Association, loans are another product where you can find single digit interest rates. A bank loan at their core, SBA loans differ in that a portion of the loan is guaranteed by the SBA, eliminating some risk for the lender, and allowing more businesses to qualify. Here’s a quick cheat sheet (Hyperlink to SBA Guide) on their various programs. SBA loans also tend to have lengthy applications, but there are a few organizations that make it possible to apply for an SBA loan online, which can make the application faster and more accessible than with a bank loan.
Alternative Loans
Alternative, “non-bank” lending is on the rise, helping fill the void left by the banks. We have a solid pool of alternative lenders to introduce you to including accounts receivable lenders and short-term loan. Alternative loans are higher-priced than bank loans, and in some cases, can be extremely costly. If you need to get funds into your business quickly, they are great option, but make sure you understand the price of the loan before committing.
Asset Based Loans
Asset Based Lending refers to a business loan secured by using a company’s assets as collateral. This allows a company to immediately access the working capital available in their assets, such as Accounts Receivable, Equipment and Inventory. Asset Based loans can be structured as revolving credit facilities, allowing a company to borrow from assets on an ongoing basis to cover expenses or investments as needed.
To help you find a good fit, we'll help you navigate the lender , determine the best fit, and walk you the are steps you can take to increase your chances of getting a business loan.
The cheapest source of debt financing for your business is going to be a traditional bank loan or line of credit. If you can get a loan from a bank, you should always go that route. That being said, banks are currently denying around 85% of small business loan applications, leaving few with this option.
SBA Loans
SBA, U.S. Small Business Association, loans are another product where you can find single digit interest rates. A bank loan at their core, SBA loans differ in that a portion of the loan is guaranteed by the SBA, eliminating some risk for the lender, and allowing more businesses to qualify. Here’s a quick cheat sheet (Hyperlink to SBA Guide) on their various programs. SBA loans also tend to have lengthy applications, but there are a few organizations that make it possible to apply for an SBA loan online, which can make the application faster and more accessible than with a bank loan.
Alternative Loans
Alternative, “non-bank” lending is on the rise, helping fill the void left by the banks. We have a solid pool of alternative lenders to introduce you to including accounts receivable lenders and short-term loan. Alternative loans are higher-priced than bank loans, and in some cases, can be extremely costly. If you need to get funds into your business quickly, they are great option, but make sure you understand the price of the loan before committing.
Asset Based Loans
Asset Based Lending refers to a business loan secured by using a company’s assets as collateral. This allows a company to immediately access the working capital available in their assets, such as Accounts Receivable, Equipment and Inventory. Asset Based loans can be structured as revolving credit facilities, allowing a company to borrow from assets on an ongoing basis to cover expenses or investments as needed.
To help you find a good fit, we'll help you navigate the lender , determine the best fit, and walk you the are steps you can take to increase your chances of getting a business loan.
