Manufacturing businesses are different. They make inventory to sell to others. They carry supplies and raw materials, and have to determine pricing based on cost of raw materials, supplies, and labor hours. It is much more complicated than a simple buy and sell business. For this reason and more, there are special loan guarantees available for manufacturing businesses. You just have to know where to look.
State Economic Development Agency
Some state economic development agencies will offer a loan guarantee for manufacturers. If they do not, they will often have a list of resources that do. In addition, they may offer other incentives for such businesses in an effort to increase economic development in the area.
Small Business Administration
The Small Business Administration (SBA) often guarantees loan funds for small businesses, including manufacturers. They do not lend money themselves, but instead they work through local lenders. Companies such as Biz2Credit.com can help you secure SBA-backed financing.
Traditional and Non-Traditional Lenders
Most often any funds you borrow will come from some type of lender, with a third party offering a loan guaranty for manufacturers through said lender. The only way to determine if a guaranteed loan is available for you is to see what the lender has to offer. They may have funds guaranteed from various sources, like the SBA or various professional groups, that could help you out.
It can take considerable time and money to wade through all the different type of lenders and see what each one has to offer. Biz2Credit can save you both time and money by doing the hard part for you. Whether you need a loan guaranty for manufacturing, a line of credit, a startup loan, or other type of loan, Biz2Credit can help. Call (800) 200-5678 today to find out more.