Small Business Financing Options

Small businesses have an array of financing options, from revolving credit lines to loans with fixed repayment schedules. Different types of financing work for different businesses.

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Small Business Financing Options

Small businesses have an array of financing options, from revolving credit lines to loans with fixed repayment schedules. Different types of financing work for different businesses.

We aim is to guide you through the confusing lending world and get you the affordable financing you need. To that end, we’ve put together this quick guide so you can better understand what financing options are available to you. When you work with us, we find the right type of financing based on your business and deal with the hassle of getting it for you.

But anyway, on to the list.

Installment Loans

Installment loans are traditional loans you can get from banks and similar lenders. You make fixed payments with interest over the length of the loan. 

Short-term installment loans are generally 18 months long at the most and come in smaller amounts. Long-term installment loans can last for years, but allow you to take out larger amounts. Longer-term loans usually require better financials and a higher credit score — suitable for more established businesses.

Small Business Administration 7(a) Loans

Banks make 7(a) loans — the SBA simply guarantees a good chunk of each one, making them less risky for lenders. Consequently, SBA 7(a) loans come with excellent interest rates and repayment terms.

That said, applying and receiving your funding take a long time. Plus, you still need good credit and, in many cases, collateral.

Business Lines of Credit

Lines of credit are a form of revolving credit, meaning you take money out and repay it as needed. You can draw on your credit line up to your credit limit whenever you need to, and you only pay interest on the amount you draw out.

The accessibility of business credit lines makes them great for businesses with uncertain working capital needs throughout the year — such as those with seasonal capital needs.

Invoice Financing

Under invoice financing, you take out a loan and out down your accounts receivable as collateral. This method of small business financing releases cash tied up in invoices without you increasing the strictness of your repayment terms.

Plus, invoice financing is relatively easy and fast to acquire. 

With that said, invoice financing may not be the cheapest funding source available. Keep your customer relationships in mind, too. Your customers may know of your invoice financing arrangement once your lender pursues payment. That could damage your relationship with some customers.

Merchant Cash Advance

Merchant cash advances combine features of loans with those of cash advances. You offer your lender a slice of your future credit sales in exchange for cash now. Then, you pay back the advance each month plus some extra by having the lender dock the agreed-upon percentage of your sales.

If you have predictable, strong credit sales, merchant cash advances might be right for your business.

Lenders want to make money without much regard for your business’s success. With Business Capital Consultants on your side, you can be sure you’ll get the best financing available. We analyze your balance sheet so that we can recommend a financing option that suits your situation. Then, we deal with the back-and-forth lender communication and paperwork so that you can get back to what you do best: running your business.

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