Online Loans For Cleaning Services

Wondering what options, you have to borrow money as a small business owner? If you own a cleaning service, here are a few of the most common types of loans that you can choose from. Learn more about each one from Progressive Business Capital now.

Business Line of Credit

This gives you access to a flexible source of funds that you can use whenever you want. A line of credit is sort of like a combination of a loan and a credit card. Your lender sets your interest rate and a maximum limit on your line of credit – $10,000, for example.

Then, you can borrow as much as you want up to your limit, and you’ll only pay interest on what you borrow. This can be a great way to cover costs between invoices, or to pay for a large volume of supplies up-front.

Short-Term Online Loans

Lots of online lenders provide short-term loans for between 3-12 months. These usually have high interest rates, but it’s easy to qualify for a loan, and you can get funds a lot faster compared to bank loans, so this is a good choice if you need to cover costs quickly and pay for a new marketing campaign, to hire more staff, repair equipment or for other such costs.

Bank Loans

Traditional bank loans usually have pretty low interest rates, but you will need good credit to qualify and get a loan for your cleaning service. The application process can also be very lengthy and complicated, and it could take weeks to get your money. Loan terms usually vary from 2-20 years.

Equipment Financing

This is a type of loan that’s used specifically to pay for business equipment. For example, if you wanted to expand and offer laundry and dry-cleaning services at your business, you could take out a loan to finance washers and dryers and dry-cleaning equipment. The equipment you buy acts as collateral, so interest rates for equipment financing are often lower compared to other types of loans.

Merchant Cash Advances

This is not a type of loan at all, but a purchase of your future receivables in exchange for a lump sum cash advance. As an example, a Merchant Cash Advance (MCA) company may buy 10% of your credit card sales for $25,000.

Then, as you make sales, that portion of the sale will automatically be sent to the MCA provider. This will continue until the full lump sum and any other fees or charges have been repaid.

If you accept credit cards at your cleaning company and have a lot of credit card customers, this can be a great way to get funds. You can obtain cash very quickly, even if you have a low credit score.

Fast Business Loans

Merchant Cash Advance

Explore Your Options with Progressive Business Capital

We offer both MCAs and online small business loans for cleaning services. If you’re interested in exploring your options and need working capital for your business, Progressive Business Capital is here to help. Contact us online or call now at (800) 508-4532 to get started.

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At Progressive Business Capital, we make it fast and easy to get the cash you need for your small business to continue running smoothly.

Millions Funded Since 2011

*Same-day funding within 24-hours, funding times depend on several factors including delivery of necessary documents for approvals, communication delays, banking hours, holiday hours, transfer delays, and other unexpected events.

All loans issued are at the sole discretion of the lender or funder. Your small business loan agreement or business advance agreement will identify the funder/loan issuer before you sign, and any product or loan amount offered will depend on the underwriting standards of the issuer. ProBizCap is not a direct lender, does not offer loans or cash advances of any kind.

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