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Business Loans: Microloan, Construction, Prime +
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Web Listings
Small Business Administration - Financial Assistance7(a), 504 and disaster assistance loans. Within this section, we’ll review ... Though the SBA does not provide grants to help you start a business, ...
http://www.sba.gov/services/financialassistance/index.html
Small Business Administration - Micro-LoansThe Microloan Program provides very small loans to start-up, newly established, or growing small business concerns. Under this program, SBA makes funds ...
http://www.sba.gov/services/financialassistance/sbaloantopics/microloans/index.html
Kiva - Loans that change livesMake a loan to an entrepreneur in the developing world for as little as $25. Kiva is the world's first online lending platform connecting online lenders to ...
http://www.kiva.org/
Micro LoanMicro Loan - What is a micro loan? Micro Loans are small loans ($35000 and under ) ... Micro loans normally require that small business owners applying for ...
http://www.businessfinance.com/micro-loan.htm
Bank Loans and MicroloansBank-Term Loans Go with old reliable and get a business loan from the bank. ... When you don't need a ton of money, a microloan might do the trick. ...
http://www.entrepreneur.com/financing/bankloansandmicroloans/archive143966.html
Alternatives.org: Business LoansWe offer business loans to businesses located in Ithaca, Tompkins County and ... The Microloan Program provides access to credit for small businesses and ...
http://www.alternatives.org/businessloans.html
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By W. Eric Martin
Financial Services
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What banks need to see before they'll hand over the dough.
Every business needs available funds to operate, whether you're paying for raw materials or expanding into new markets, but banks and other financial institutions won't just hand over money because you smile nice. You need to show the bank that your business is well-run and well use the funds to achieve your goals. By preparing yourself properly, you can:Show the bank how the funds will be spent and what level of return you ...
Read more
Your business loan type choices include asset-based loan, commercial mortgage, equipment or lease financing, factoring, line of credit , microloan, SBA loan, and term loan.
- In an asset-based loan, you offer as collateral inventory, receivables or other assets.
- Commercial mortgage lenders set your loan amount by the value of the property, and comparing your debt to income.
- Choose between a loan for equipment or lease financing based on taxes and whether you want to end up owning.
- Loan factoring companies may buy your accounts receivable for a percentage of their value.
- Tap a line of credit when you need it. With a revolving business line of credit loan, you repeatedly borrow up to the original limit.
- Get a business microloan for up to $35,000 from a non-profit group backed by the SBA.
- Banks can offer a favorable terms on an SBA loan because the Small Business Administration guarantees these small business loans.
- A business term loan is the basic business loan, with fixed interest rates, monthly payments and a set term.
Your business loan purpose choices include business expansion, buy a business, buy a franchise, buy commercial property, buy equipment, construction, debt consolidation, startup funding, working capital.
- Business expansion loans get you the plant and equipment to grow.
- A loan to buy a business could be secured by the buyer's house or savings.
- Find a loan to buy a franchise through banks, specialty franchise lenders or franchisors.
- Buy commercial property with a commercial mortgage, typically 10 to 15 years.
- Buy equipment with a loan for up 100% of price. Always compare an equipment loan to leasing.
- A commercial construction loan may be a mortgage or secured or unsecured business loans.
- Use a debt consolidation loan to pay off many loans with one lower interest loan.
- A loan for startup funding will likely use the owner's personal financial assets as collateral.
- A working capital loan covers general business expenses.
Your business loan amount choices include less than $50,000, $50,000 to $100,000, $100,000 to $250,000, $250,000 to $1 million, $1 million to $5 million, and more than $5 million.
- For a business loan less than $50,000, check into the SBA's microloans program, an unsecured line of credit or fixed-rated loan.
- Business loans $50,000 to $100,000 may be for one year or less and repaid in a lump sum.
- A business loan $100,000 to $250,000 and $250,000 to $1 million may be long-term, fixed rate or lines of credit or asset-based.
- Business loans $1 million to $5 million and more than $5 million may be term loans or asset-based with payments pegged to cash flow.
Your business loan term choices include interest only, minimum years in business, no balloon payment, no early repayment penalty, prime +, unsecured loan.
- With an interest only business loan, you pay interest charges monthly and repay the principal by the end.
- Many business loans require a minimum years in business, typically one or two years.
- Lenders offer long term amortization on short term loans if you'll make a lump-sum payment. Choose no balloon payment business loans to avoid.
- Lenders may charge a fee if you make business loan payments ahead of schedule - unless there's no early repayment penalty.
- The prime rate is the starting point for business loan rates. Your rate will be quoted as prime + some percent.
- An unsecured loan is made on the basis of your company's good credit, not collateral.
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