Finding business loans is more than just finding the right financing product. You are shopping for lenders as well. A good relationship with the right lender can go a long way, but what are your options. There are more out there today than ever before when it comes to types of lenders, but how do you know which type is best for you?
Traditional lenders such as big banks, community banks, and credit unions are still around and a great option. They offer startup business loans, government business loans, and more. These are the banks that you hear of everyday and the ones that are on the street corners in your own town. Generally credit score plays a large role in landing a small business loan for new business or a loan to buy an existing business, or any other type of loan from this type of lender. For basic business financing for the traditional small business owner, traditional lenders are a great option still.
These are the lenders that offer merchant cash advances, receivables factoring, and other non-bank loan products. For small business owners that need an option that is less reliant on credit score or that need funds more quickly, these are options worth exploring. Be certain to shop around however, as they are not all the same and interest rates can be quite high. The real draw with these types of lenders, other than accessibility, is repayment flexibility, with terms sometimes allowing for daily, weekly, or bi-weekly repayment based on a percentage of sales.
Some vendors that offer loan programs to help small businesses thrive and grow. In addition, some utilities and established businesses receive funds from the government for lending out to new businesses in the name of economic development.
Regardless of the type of lender or loan you are looking for, Biz2Credit is a fast and easy way to get the ball rolling. Just answer a few questions at Biz2Credit.com, and we will match you with a lender from our extensive network that offers the financing products that fit your needs. Visit today to get started.