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9 Types of Small Business Loans

9 Types of Small Business Loans

OnDeck is an online lending platform that has been helping small businesses gain access to financing since 2006. It offers two borrowing solutions that may work well for companies needing fast access to cash. To receive a lower interest rate and boost your approval odds, consider applying with a co-signer who has a good credit score and decent income, if possible. A co-signer is someone who agrees to repay your loan if you default. Before you ask someone to co-sign for you, make sure they understand that a missed payment can cause damage to their credit.

Equipment financing

As you consider different types of financing for your business, consider how quickly you need to receive your funding. Each loan option will have different turnaround times once you submit an application, and if you need your funding quickly, some options may be better than others. Here’s a simple guide that walks you through the process of evaluating your options and preparing your business loan application in five easy steps. Venture capital is a startup financing option offered by venture capital firms. Venture capitalists provide funding, usually in exchange for a high equity stake in the business. You can use a business credit card for short-term expenses, and you won’t have to pay off your credit card right away.

Applying for a small business loan

You want enough money to cover your needs—whether you’re using it to purchase equipment or hire an employee or revamp your marketing strategy—but don’t assume that bigger is better. As you compare and apply for the best small-business loans, you should know how various factors affect your total loan cost.

Can provide you with in-person, online, or telephone assistance. Not be able to obtain the desired credit on reasonable terms from non-Federal, non-State, and non-local government sources. Rates could continue to rise – look into refinancing with one of our top picks. BlueVine also charges weekly or monthly fees for its line of credit. Standard pricing is 1.7% per week or 7% per month for line of credit draws.

Grow your small business with tailored insights, recommendations, and expert content. We’ll How Can I Get a Business Loan start with a brief questionnaire to better understand the unique needs of your business.



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