Loan Types

Loan Types

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Small Business Loans:

These are traditional loans that are designed for small businesses to help them finance various expenses, such as purchasing inventory, hiring staff, or expanding their operations. They are typically offered by banks, credit unions, and other financial institutions

SBA Loans:

These are loans that are guaranteed by the Small Business Administration (SBA), a government agency that helps small businesses access capital. SBA loans are typically offered by participating lenders and have more favorable terms, such as lower down payments and longer repayment periods, than traditional small business loans.

Lines of Credit:

These are a type of revolving credit that allows businesses to borrow money as needed, up to a certain limit. Businesses only pay interest on the amount they borrow and can use the line of credit as many times as they need, as long as they stay within the limit.

Equipment Funding:

This type of financing is used to purchase equipment, such as machinery, vehicles, or computers. The equipment itself serves as collateral for the loan, so businesses can use it as leverage to obtain financing.

Factoring:

This is a type of financing that allows businesses to sell their accounts receivable (invoices) at a discount to a factoring company. Factoring companies advance a portion of the invoice value, usually around 80%, to the business, and then collect the full amount from the customer. This type of financing is typically used by businesses that have difficulty obtaining traditional forms of financing, such as small businesses that are just starting out or those with poor credit.

Start-Up Loans:

These are financial products designed for entrepreneurs and small business owners who are in the process of launching a new venture. These loans can be used to cover a wide range of expenses, including equipment purchases, working capital, and marketing and advertising costs.