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Business Loans
Innovative Solutions Moving Your Business Forward
These loans help businesses, typically companies with employees, fund their operations. Businesses like real estate investments, restaurants, hair salons, or family-owned grocers and sole proprietors, such as freelancers who still have a traditional day job also can apply.
Small business loans typically have more qualification requirements than personal loans.
However, the rewards are well worth it because these loans can give your business the financing it needs to grow. Alternative business financing methods, like invoice factoring or merchant cash advances, may be more costly, leaving small business loans as the best option for business financing.
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Small business loans can be a helpful tool for owners looking to expand their inventory, buy new office space or otherwise scale or finance their business. The loan amounts for small businesses can range from a few thousand to over a million dollars.
Necessary to edge out the competition and stay afloat in a turbulent economic time period, small business loans can be used for anything and everything, from renovating an existing business to refinancing of existing business debt so long as the following elements are in place:
· Owner intends to remain actively involved in the management of the business.
· Business is able to show an acceptable debt to net worth ratio and adequate cash flow.
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Types of Small Business Loans
Once deemed as eligible, the business owner can then determine which of the two most popular types of small business loans will best serve their needs: short term or long term.
The benefit of short term loans, which tend to reach maturity in a year or less, is that they can safeguard a business owner during the down periods. Short term small business loans tend to take on such forms as revolving lines of credit, working capital loans, and accounts-receivable loans.
The upside of long term loans is that, for the most part, they mature between one and seven years (may be longer for real estate or equipment purchases). Long term loans are often used to purchase vehicles, facilities, construction, and furnishings.
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