In the U.S. small businesses are essential to the fabric of our economy. In a single year small businesses can provide over a million jobs. In fact, they helped the country’s economy grow 3.4% in 2017. Yet, the process of creating, owning, and maintaining a small business can be challenging. The high costs of equipment, employee salaries, inventory, rent, and other expenses can be difficult to meet for a new business.
Since a small business is independent of other corporations and firms, many businesses owners require capital to succeed and grow. This is where small business loans are beneficial. Small business loans provide the opportunity for business owners to get the cash flow they need to run their businesses more efficiently and successfully with less risk to their personal finances.
With over 30.2 million small businesses in the country according to data by the Small Business Administration (SBA), the average small business begins with $50,000 in capital. As businesses grow or experience challenges in the markets, they require lending for support. Large corporations have multiple ways to finance their expenses, but for small businesses, a small business loan can help owners safeguard their personal assets.
There are several types of small business loans available. Some small business loans are for specific types of businesses such as startups, retail shops, or business owners with bad credit. Other loans are industry-specific, which means they’re related to the type of business you own. For more information about small business loans, check out the financing options below or read Cardiff loans reviews online.
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If your trucking company is looking for a commercial truck, but you need financing too, follow our steps below and you'll uncover the best rates and terms....
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Looking to add a commercial truck to your fleet, but you're worried about your poor credit? We've compiled options for you so you can shop with confidence....
September 27, 2020 by WC Team
If you own a trucking company and are looking to finance a truck or trailer, follow our guide to unlock the best financing, rates and terms today!...
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If you own a trucking company and are shopping for a new semi truck, use our guide to unlock the best financing programs and rates-even zero down is available!...
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Looking to add a commercial truck to your fleet, we've compiled a list of the top transportation financing companies for 2020. Find a great equipment lease today!...
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If you're cash strapped, but also plagued by poor credit, worry not! We've uncovered a step-by-step plan to get you a commercial truck loan fast and easy!...
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If your trucking company is looking for the best commercial truck loan or lease, Bank of America Equipment Financing may be the best choice! Enjoy our review....
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Use commercial equipment leasing to finance your next truck or trailer and
put no money down at all. Here are our tips to secure the best rate with zero down....
Small businesses with less than 20 employees experienced the most growth in 2015, creating 1.1 million jobs. This kind of economic development is why the Small Business Administration was formed. As an organization dedicated to helping small business owners succeed through advice and economic guidance, business owners seeking low-interest loan rates who are not in a hurry for funds, can apply for an SBA loan.
Read more: SBA Loans
A business line of credit is a great option for business owners who may need funds quickly, but do not need a fixed amount of money lent to them over time. With a business line of credit you only use what you need and pay interest on that sum.
Read more: Line of Credit
A business line of credit is a great option for business owners who may need funds quickly, but do not need a fixed amount of money lent to them over time. With a business line of credit you only use what you need and pay interest on that sum.
Read more: Startup Loans
If your business is in need of quick financing that can be repaid in a short period of time, the answer to your emergency cash flow problem may be a short-term loan. Though this type of small business financing can have higher interest rates, these loans have terms of only six months to two years.
Read more: Short Term Loans
Small businesses with revenue from credit and debit cards such as retail stores and restaurants have the option of using a merchant cash advance. An MCA provider essentially purchases your future profits, which are then automatically deducted with a fixed payment from your future profits.
Read more: Merchant Cash Advance
For small businesses with many invoices that are slow to be repaid, such as trucking company that seeks repayment from shippers and brokers, invoice factoring is a financing option that provides a portion of the funds to you and then collects the debt on your behalf.
Read more: Invoice Factoring
Similar to invoice factoring, accounts receivable financing is a line of credit for small business owners who are looking to cover business expenses while waiting for payment from clients and vendors.
Read more: Accounts Receivable Financing
Traditional small business loans require collateral or a down payment to show a business owner’s ability to repay the loan. With an unsecured loan, collateral is not required, so there is no value against the loan to reduce the risk of investment for the lender. That’s why these loans have higher interest rates, but it’s also why they can be a desirable option for business owners with fewer assets.
Read more: Unsecured Loans
Purchasing an existing business can be an expensive endeavor, though for some small business owners the risk of owning a working business is less than creating a new one from scratch. However, not many people can purchase a business outright. There are several ways to finance a business acquisition with the help of a lender.
Read more: Business Acquisition Loans
For some businesses, sales can ebb and flow, but a consistent need for inventory is required. An inventory finance loan allows a small business owner to purchase the products or materials needed before the products are sold. This form of financing allows business to keep running even when cash reserves are low.
Read more: Inventory Loans
Some small businesses do not require large sums of money, but require lower interest rates than a business credit card. A micro loan is an option for a business owner who seeks less than $50,000. Micro loans are typically only $10,000 and can financed through nonprofit micro-lenders and crowd-funding sites.
Read more: Micro Business Loans
