Sometimes there is little choice when it comes to small business financing — you have to take what you can get. That isn’t always the case however. There are times when, during the course of your research, you will find more than one lender that will offer you financing. When this happens, how do you know which choice is the right one for you and your business?
Know Your Options
First, you have to know what options you have. That doesn’t mean just realizing you have options, but rather really know every detail about each option available. What are the terms and rates for each one? Are there penalties or fees associated? What about collateral requirements? You have to take the time to know the details of each and every financing option.
Know Your Finances
Knowing what options you have is vital, but you must know your finances as well. Without that information you do not have a basis for choosing which small business financing option is best for your situation. Take in to consideration the ability of your cash flow to handle a monthly payment, your desired time to pay the loan off, and the cost of the loan over the long-term.
Use a Loan Analyzer Tool
There is an abundance of loan analyzer tools available. Many really good ones, including Biz2Credit’s patented BizAnalyzer tool, are free online and can help you determine which of your options might work best. You can easily enter in all of the details of each loan available and see a complete financial picture based on terms, rates, and more.
The first step in all of this is finding a lender. Biz2Credit is here to help. We have a network of over 1,300 financial institutions with lenders standing by to help you get your business up and running. Visit Biz2Credit.com today to get started.