There is no better time than the present. So, what is keeping you from starting up your own business? It is 2021, & the power we have as women is astonishing, when compared to what it was 100 years ago. We can do anything we put our minds to, there is absolutely nothing stopping us, or holding us back.
There are many kinds of small business loans available these days. Some examples of these business loans are startup loans, short-term loans, SBA loans,& etc. Figuring out which one is best for your business development is a key part. It’s not really finding what’s the best business loans, it’s what is best for me & my business. Finding the best funding opportunities is going to be tough, but very crucial for you & your business.
Let’s take a look at available options for business funding:
Startup Loans – Lenders don’t really care much about your business, they only care about you personally. They give this loan out if you personally have good credit.
- Short-Term Loans: Quick cash, but high interest rates.
- Merchant Cash Advance: Lender gives you capital, but gets a percentage of your future earnings.
- Business Credit Card: Works like a regular credit card, but it’s for the business.
- Accounts Receiving Financing: Your company is able to borrow money from revenue that is coming in still.
- Equipment Financing: Finance the equipment that you need for your business.
- Business Line of Credit: Requires a personal credit score of at least 680. Allows you to get business capital whenever it’s needed, & you only pay interest on what you use.
- SBA Loan: Takes time to be completed, but offers amazing rates.
- Business Acquisition Loan: This is the type of loan needed to buy an existing company.
- Business Term Loan: You get a lump sum loan, & pay it back at a fixed rate within a fixed time period as well.
- Commercial Mortgage: This is the type of loan needed when securing a property for your business.
When exploring funding options which is most important to you?
These are all different types of small business funding that you can get. There are also unsecured small business loans as well. These are based off of your personal credit, & normally do not require collateral being needed for the bank. Which for some can be a better option since they may not have the collateral needed.
For quick business loans & fast business loans, I would think the best options to look at would be some online small business loans. You’re able to search for them, read the reviews, & apply for them online. You’re usually able to find out after submitting the online application if it was accepted or not. No waiting around for an answer with this option. You find out what you was approved for, & the terms of the loans possible.
Now, this looks like a menu for a financial restaurant, & might seem a little overwhelming, & intimidating if you don’t know much business, or finances for that matter. That’s why I said that this is why it is tough, but oh so crucial, to find out what is right for you, & your business. Do you want a partner to help you run your business, that can also provide capital for your business? Do you want to get a loan? Are you able to get a loan for your business? These are all important questions to ask, because they mean everything when going forward with your business. Interest rates, partners, collateral that is needed for some loan funding options, payback options, loan terms, these are all things that need to be kept in mind when you are making your decision.
To figure out which of these small business loans would better suit you, & your business needs, it would be best to list all of the pros & cons of each loan option that you are considering. Not all of the mentioned options will be what you want, or what you are looking for, & that’s fine, but it’s best to have a couple options laid out to look at. With your list of the pros & cons of each available option you have, you can then decide which is the best choice, & go from there. You will be able to take pride in knowing that you made the best choice possible for you, & your business.
With all of this being said, I wish you all the best in your business adventure. I hope this all helps you, as well as sheds some light on the different funding options available for small businesses. It’s possible that this will also allow you to see what options are there for you, & that you need to look into more. I wish you the best on your endeavors.
In scientific studies, researchers have found that 29 percent of companies fail because they ran out of capital. A 2019 study showed that just 48 percent of small businesses have their current financing needs met. This means that about half of companies do not currently have the capital resources they need.
The right business loans can help companies achieve their short-term and long-term financing goals. In general, you will need to show your time in business, credit score and revenue when you apply for a business loan. Once your loan is funded, you can use it to support your company’s financing needs and long-term success.