SBA LOAN

An SBA loan is a long-term, government-guaranteed loan. Because the Small Business Administration is guaranteeing the financing, lenders can offer a lower interest rate than if you went to a bank.

Consider an SBA loan if you want a lower interest rate than what the bank offers or don’t qualify for a bank loan.

TERM LOAN

BUSINESS LINE OF CREDIT

A term loan is like a traditional bank loan. You’re lent a fixed amount of funds upfront. Then, you pay that back plus interest over a set amount of time.

Term loans are great if you need the money to grow or expand your business.

With a line of credit, you can borrow up to a maximum amount. You can use the money as you need it, but you only pay interest on the amount you actually borrow.

Consider opening a line of credit if you need help paying short-term expenses.  

MERCHANT CASH ADVANCE

If you accept credit cards, you may qualify for a merchant cash advance. A financing company gives you capital in exchange for a percentage of your daily credit card sales and a fee. You’ll pay less during slower weeks because you won’t have as many credit card sales. 

INVOICE FACTORING

EQUIPMENT FINANCING

If you have outstanding invoices and need steady cash flow, you can sell those invoices to a lender. The lender gives you a portion of the invoice amount and holds onto the rest until your customer pays the invoice. Think of it as a cash advance

Equipment financing helps you buy the equipment you need for your small business – whether that’s computers or machinery.

Because you’ll use the equipment you’re buying as your collateral, equipment financing is a great option if your credit score isn’t high

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