Microsoft, Apple, Amazon. All of the biggest businesses in the world started out as small businesses.
How did they become so big? They grew.
Making a small business grow isn’t easy. It takes time, hard work, but above all it takes money.
Read on as we take a look at how to find a growth loan that can help take your business to the next level.
The Small Business Administration offers loans that are designed specifically for small businesses.
SBA loans have long repayment terms at competitive interest rates, making them ideal for small businesses that can’t afford sky-high repayments. The downside is that the approval process can take several weeks, and you may also need to put up collateral for the loan.
If you’re not looking to borrow a huge amount, then credit unions can offer some competitive rates.
Not all credit unions will offer loans to businesses, but you may be able to find one that can help. You’ll usually also need to be a member of that credit union in order to access their loans.
For larger sums, you might consider a bank loan. If you’ve been with the same bank for a long time, then you may feel more comfortable approaching them.
Many commercial banks offer business loans at competitive rates. If you’ve used your business bank account sensibly then they’ll be aware of how well you’ve managed your finances, making it more likely that you could be approved for a loan. If you’re trying a different bank, you’ll need to show a good credit history.
If you’re looking to get your money fast, then online lenders are a great option. The application process is usually far less strenuous, so your less-than-perfect credit score will be less of an issue. With the best lenders, you could access your money within a matter of hours.
You might expect this to come at the cost of a higher interest rate, but if you choose the right lenders, you can find some very affordable rates. If you’re looking for a growth loan but don’t have a perfect credit score or want to wait months to be approved, then the best online lenders are definitely worth considering.
Are You Looking for a Growth Loan for Your Business?
If you’re looking for a growth loan to help take your business to the next level, then you’re in the right place.
We offer a wide range of loans to help you grow your business. We were founded by industry veterans in 2014 to tackle the prevalent demand for capital within the small business community. Since then, we’ve been able to consult with and fund thousands of entrepreneurs nationwide and help them achieve their dreams.
We’re committed to providing you the best experience possible and exploring our vast network of lenders to identify the best funding solutions available to meet your business’ needs. We offer funding with simple repayment terms. You can be approved in as little as an hour and have your money in less than 24 hours.
Apply for funding today.
Checking for pre-approval will not affect your credit score.