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.