A term loan is a lump sum loan that you’ll pay back, plus interest, over a set term. You can score low-cost, long-term loans from a bank or online lenders.
Short-term loans are like regular term loans, but you’ll pay them back over shorter terms. Alternative lenders offer a smaller amount of financing with short-term loans with 3- to 18-month terms.
SBA loans are low-cost, flexible term loans that are secured by the Small Business Administration. Both traditional banks and online lenders offer SBA loans.
Business Lines of Credit
Both traditional banks and online lenders offer revolving lines of credit that you can tap into whenever you want or need to for your business.
Use an equipment loan to finance up to 100% of the cost of your business’s new or used equipment and machinery. The best part? The equipment itself acts as collateral.
Invoice financing companies offer fast cash based on your business’s outstanding invoices. You’ll be advanced usually 85% of your outstanding invoice, and charged a factor fee each week the invoice goes unpaid.
Merchant Cash Advances
Merchant capital companies advance you fast cash that you’ll pay back with a portion of your business’s daily credit and debit card sales. Merchant cash advances can be a good option if you have poor credit, but they tend to be the most expensive financing option on the market.
While not technically a small business loan, you can use a business credit card to finance a business. You’ll separate your business and personal finances, build business credit, and earn valuable rewards and cash back on your purchases.
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