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Business Loan Types

Short Term Loans

Short term loans provide business owners with extra capital, typically with terms of 18 months or less. Having extra cash on-hand better equips business owners to handle day-to-day expenses or take care of an emergency. Interest rates tend to be much higher on short term loans than on other types of business loans, and payments can be required daily. The advantage, though, is that businesses can use the money for anything and the debt is paid off quickly.

Long Term Loans

A term loan is a basic business loan-it has a set amount borrowed, a set repayment schedule and a fixed or variable interest rate. Long term loans can be provided by traditional banks and non-bank lenders, such as online lenders.

Equipment Financing

If you need equipment for your business, you can take out a loan to finance it instead of purchasing it yourself. You can finance computers, manufacturing machinery, vehicles, and more.

Receivable Financing

Businesses with accounts receivables can use those assets as collateral to secure a loan. It allows companies to access capital that has not yet been paid by their customers. The lender will pay up to 85 percent of the business’s invoices upfront and pay the remaining 15 percent once the customers pay their invoices.

SBA Loans

An SBA loan is a loan that is backed by the Small Business Administration but administered through participating banks and lenders. The maximum amount a business can borrow is $5 million and there is no minimum.

Working Capital Loans

Working capital loans were put in place to help businesses fund their everyday expenses, such as advertising or wages. These loans are not intended to use for purchasing assets or for investing, but rather to help cover your day-to-day expenses.

Business Line of Credit

A business line of credit is similar to a credit card in that the bank or lender provides the business money on a revolving basis. The business can spend the money as it pleases and is not charged interest until the line of credit is used. Payments are also not due until a purchase is made.

Business Loan Prequalification questions to ask yourself

How much do you want to borrow?

The first question you need to ask yourself is how much you plan on borrowing. Business finance amounts vary greatly, and lenders will want to see exactly what you plan on using the money for. Be sure to include a plan on how you will use the loan in your business loan application.

How long have you been in business?

Lenders are naturally more hesitant to lend to new businesses that haven’t yet had the time to establish themselves. As part of your application, you’ll need to submit business income tax returns along with projected cash flow for the next several years. If you’re a new business, check out these 8 different options for start-up business loans.

When do you need the money?

Depending on the type of business loan you need, from a private business loan to a government loan, funding can take anywhere from a few hours to over a month. Make sure to research and plan accordingly so your business doesn’t wind up in a bind.

Do you have the required documents necessary?

Don’t get denied simply because you didn’t submit the proper paperwork. In general, lenders are going to request your personal background information, credit history (both personal and business), bank statements, income tax returns, your business plan, and your resume. You can see more required small business loan documents here. To increase your chances for loan approval, be willing to submit any additional paperwork your lender may request in a timely manner.

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