As a small business owner, getting a loan to expand your business can be a life-changing moment. Knowing you’ll be able to pay for the things you need when you need them is a wonderful feeling.
What does it take to get a business loan for a small business? Read on to find out!
What Kind of Loan Do You Need?
Getting a small business loan in your company’s first year can be difficult, so wait until you have at least 9 months of business revenue to show. Once you do, this will give you more options for financing. Some of these include:
* Fixed rate Business loans
* Business lines of credit
* Equipment financing
Each has its advantages, depending on your business’s needs. A fixed rate business loan offers you a fixed payment and a lump sum of cash up front. A Business Line of Credit offers you access to cash when you need it and you’ll only make payments on the amount you’ve drawn against the line. For example, if you have a $100,000 loan and draw $25,000, you’ll only make payments on the $25,000. Equipment financing rates will vary based on the type of equipment and the industry you are in. To find out what your options are, apply for equipment financing today.
Where to Get Your Loan
There are a number of options available to you. Working with GetMoney.com will put you in touch with a lending institution that works with multiple lenders offering a variety of products. Whether you’re looking to expand or just need capital for your company’s needs, GetMoney.com can help you find the cash you need. Another benefit is that they value your privacy and will not share your information with multiple institutions.
