Do you own a small business that needs outside financing? Then
you are in the right place. There are various reasons why a small business
would need to take loans – they could be short on capital, or they need to
expand when business is at its peak, and the only option is to expand. However,
at this critical juncture, the money required for doing so may not immediately
be at hand. In cases like these, a term loan is needed for you to go ahead with
the expansion of your business – whether it is to move to larger premises or a
better location, or to add another location to your business chain. Up-front
expenses can work out to quite a large amount of money.
If yours is
a start-up, then it is nearly impossible to get a loan in the first year of
establishing your company. Therefore, you should be prepared to apply for small
business loans, although the process of applying and getting approved for these
loans can prove to be difficult.
But first
steps first – you need to think about why exactly you need this loan. Then you
need to decide on the type of loan that will help you the most in your current
situation. After this, you need to look for the best kind of lender who will
cater to small businesses like yours. If you match all of the lender’s
requirements, then you will be approved by the lender. All that you have to do
in the last step is to put together all of the documents that are required.
On the other
hand, those businesses that have exceeded the length of year or more, are
welcome to a wider range of financing options starting with term loans, invoice
factoring, and SBA loans.
Once you
have researched these factors, then you can proceed to the places from where you
can get small business loans. You have several options at hand, so don’t worry.
The options range from nonprofit micro-lenders to banks and online lenders.
Online
lenders can be of assistance when you require quick funds and lack collateral
as well as time. Products such as lines of credit, term loans are provided by
these places.
In this
case, we would recommend going for online lenders such as 75 Capital,
as they are reliable and the whole process of applying for a loan and approval
of the application are done in a short period of time, meaning that you do not
have to wait to expand your business. You can get loans from between $5000 up
to $500,000 from online lenders. In case of online lenders, the average APR
ranges between 7% to 108%. The number depends upon the type of the loan, its
size and the lender.
When it
comes to APR, banks may have the lead here, but the approval rates of online
lenders are much higher than that of banks. With their speed and reliability,
online lenders can be trusted to make your expansion dream possible. Online
lenders such as 75 Capital can make the whole process of
getting a business loan much easier.
