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The recent global economic shift has resulted in an increase in the number of small businesses seeking alternative funding sources. Recent layoffs have more people than ever before seeking to start their own businesses. Read More »
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There are a lot of reasons why farms may need agricultural loans: from agricultural land loans to start up an operation to ongoing help for contingencies, farms need special assistance to deal with the constant changes in supply and demand, as well as the inherent challenges presented by natural conditions, whether in crop growth or livestock management. Farm businesses use banks and lenders for farm land financing, other farm land loans or property assistance, or for loans on equipment and other operating expenses. Read More »
Business Loan Basics: What You Need to Know
There are a number of loans your business may need to get started when building from the ground up. From startup loans to working capital, it's importnat to know what you need your loan for to accurately determine which will be the best fit for you. Other factors to consider include lender reviews to payments plans; read on to determine the best fit for your business.
Startup Loans
Business startup loans provide funds for the purchase of everything required to get the business up and running. Some businesses borrow enough through their start-up loans to pay the business' expenses for the first three-to-six months in operation.
- These loans can be secured loans on equipment and property or unsecured lines of credit for other expenses.
- Compare business start-up loans carefully. Look at interest rates, terms and the amount the lender will provide. Consider unsecured lines of credit if you’re struggling with credit problems.
If you're concenerd about your business credit, check your credit report with one of our pre-approved vendors.
Private Business Loans
When it comes to private lenders, business loans are a substantial part of their investing. This type of lending allows for borrowers to obtain money from investors, companies or others that are not associated with commercial banks. Generally, the process requires a less stringent approval process, with lower credit requirements. Some private lenders are every-day citizens.
- Obtain a business loan from a private lender locally by finding a partner or equity investor in the company.
- Third-party resources to find private investors help businesses build capital by connecting them to investors.
Government Business Loans
Small business loans are available through the federal government. These SBA loans are federally backed loans for a variety of business needs including start-up, real estate purchases, equipment purchases and expenses. These loans typically have lower interest rates and help millions of small businesses to start or remain open.
- Apply for a bank business loan through the Small Business Administration, the division of the federal government that provides small business loans. They offer disaster assistance loans, start-up loans, and equity capital and surety bonds.
- To receive an SBA loan, go through a commercial lender that will help you qualify for government funds.
- Some businesses can qualify for specialized economic development loans through the Economic Development Administration, which is part of the U.S. Department of Commerce.
Investments in commercial business loans often require a well-planned, professional looking business plan. Be sure your business plan is comprehensive and shows how to intent to spend each dollar of your loan; this allows the lender to see how the business will be a profitable, viable entity.
According to Biz2Credit Small Business Lending Index in March 2012, small bank lending approval rate was at 47.6%, alternate lender approval was at 63%, and loans by credit unions had a 57.9% approval rate. Once you have figured out what type of funding your business needs, take all the steps necessary to get your loan approved.
If you're interested in small business loans, be sure to consider equipment leasing and small business credit cards.
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Tips & Advice for Business Loans
Do you require capital to start or expand your business? Cash flow is the lifeblood of any business whether it is just starting out or simply looking to expand. Many businesses attain the capital they require by attaining business loans.
Business loans can be provided by reliable lenders around the country who can furnish your business with a loan of the funds they require. Loans are available in different amounts and under different terms. There are loans available for businesses of different sizes ranging from small businesses to enterprise level companies.
No matter what sort of business you are in there are good loan options available. However as loan terms vary widely it is recommended that you shop around to find a loan that will suit your terms. Lenders also have different requirements and while some loans are available unsecured others require collateral of some kind. You may want to practice diligence in the process of choosing and applying for a loan. It can be beneficial to thoroughly research the terms and understand completely what you are getting into.
Business.com is a trusted resource that helps millions of businesses find loans along with other products and services they are looking for.
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