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Business Financing Solutions for Your Company’s Growth

Looking for the right funding to expand your business, upgrade equipment, or manage seasonal cash flow? Business loans provide the capital you need to meet your goals. With options available from both traditional banks and alternative lenders, it’s essential to understand the eligibility criteria and differences among them.

This guide provides comprehensive information on business financing options available to support your growth. Whether you need a term loan, line of credit, or specific funding for equipment, you’ll find all the details here.

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Explore Business Financing Options

Loan Type Maximum Amount Table Header Interest Rates Approval Time
Business Line of Credit
$10,000 - $5,000,000
Revolving
Starting at 7.99%
24 - 48 Hours
SBA Loan
$100,000 - $10,000,000
10 - 25 years
Starting at 6.25%
30 Days
Equipment Financing
$25,000 - $5,000,000
Up to 10 years
Starting at 5.99%
24 - 48 Hours
Asset-Based Loans
$250,000 - $10,000,000
Revolving
Starting at 5.25%
10 - 14 Days
Bridge Loan
$25,000 - $5,000,000
6 - 36 Months
Starting at 12%
24 - 48 Hours
Inventory Financing
$25,000 - $10,000,000+
Revolving
Starting at 7.25%
24 - 48 Hours
Invoice Financing
$25,000 - $10,000,000+
6 - 24 Months
Starting at 12%
24 Hours
Purchase Order Financing
$25,000 - $10,000,000+
Revolving
Starting at 15%
24 - 48 Hours
Business Term Loans
$25,000 - $5,000,000
2 - 25 Years
Starting at 6.99%
5 - 7 Days

Types of Financing for Business Growth

Business Term Loans

Ideal for addressing both short- and long-term needs, business term loans provide a lump sum that you repay over a set period in regular installments. This loan is perfect for funding strategic initiatives, filling cash flow gaps, purchasing inventory, and more. Loan amounts range from $25,000 to $5 million, typically requiring collateral. Pros:
  • Access to higher loan amounts
  • Lower repayment rates
  • Flexible spending for various business needs
Cons:
  • May require collateral and a personal guarantee
  • Possible prepayment penalties
  • Higher credit scores needed for eligibility
 

Business Lines of Credit

Great for managing cash flow or unexpected expenses, business lines of credit let you draw funds up to a set limit and pay interest only on what you use. With amounts between $10,000 and $5 million, this revolving credit line provides flexibility for short-term needs. Pros:
  • Flexible funding as needed
  • Only pay interest on funds used
  • Revolving credit for ongoing needs
Cons:
  • Possible account maintenance fees
  • Personal guarantee may be required
  • UCC lien may apply
 

SBA Loans

With high loan amounts, low-interest rates, and long repayment terms, SBA loans are popular for substantial investments like business acquisitions and commercial real estate. Backed by the Small Business Administration, these loans have stricter requirements but offer excellent terms for eligible businesses. Pros:
  • Lower interest rates
  • Flexible and extended repayment terms
  • High loan amounts available
Cons:
  • Lengthy application process with substantial paperwork
  • Requires strong financial and credit background
 

Equipment Financing

Designed for purchasing essential business equipment, this financing option uses the equipment itself as collateral. This can include machinery, vehicles, or other industry-specific equipment, with funding that covers up to 100% of the equipment’s cost. Pros:
  • No additional collateral needed
  • Supports cash flow by spreading out costs
  • Easier qualification than other loan types
Cons:
  • Equipment may depreciate quickly
  • Specific for equipment purchases only
 

Asset-Based Lending

Asset-based loans use company assets as collateral, including inventory, real estate, or receivables. Ideal for businesses with strong asset bases, ABL provides a flexible source of capital with amounts up to 85% of asset value. Pros:
  • Easier qualification based on assets
  • Flexible use of funds
  • No personal guarantee required
Cons:
  • Risk of losing valuable assets if unable to repay
  • Assets may depreciate over time
 

Additional Financing Options

Other options include bridge loans for short-term needs, inventory financing for product-heavy businesses, invoice financing to leverage unpaid invoices, and purchase order financing for businesses needing capital for large orders. Each has unique terms and advantages tailored to specific business scenarios.
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Eligibility Requirements

To qualify for business financing, most lenders require the following:

Simple Application Process

Applying for a business loan is quick and easy with our streamlined process:

Tips for Choosing the Right Loan

To find the best financing solution for your business, keep these tips in mind:

  1. Prequalify: Use online prequalification tools to gauge potential loan terms without impacting your credit score.
  2. Decide on Structure: Choose between a lump sum for large expenses or a line of credit for ongoing needs.
  3. Understand Fees: Ask about fees like origination or prepayment fees to minimize costs.
  4. Evaluate Customer Support: Good support ensures you have access to guidance when needed.
  5. Consider Loan Variety: Work with a lender offering multiple loan types, so you can select the best fit based on your business’s current needs.

Some Genuine Words From Our Clients

CreditLoft helped us secure a business loan when we needed it the most. The process was incredibly easy and fast. We highly recommend them for anyone looking for financing solutions!

Jessica R.

CreditLoft team walked us through each step, answered all our questions, and provided options that worked for our business needs. The whole process was easy, and we got a great rate on our term loan. 

David P.

From start to finish, they made the loan application process so much easier, provided clear guidance, helped us understand our cash flow requirements, and ensured we got competitive loan terms.

Tom S.

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