The government-guaranteed SBA Loan program works with banks to offer low interest rates and long-term repayment. But the process is time consuming and the requirements are strict. Only those with great personal credit (650 or higher, although some SBA lenders may have lower score requirements), strong business finances and the flexibility to wait for funding should apply.
- Loan amounts: $30,000 to $5 million
- APR range: 6.5% to 9%
- Good for large one-time and longer-term investments, purchasing real estate or equipment, buying existing businesses and refinancing debt.
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Business term loan
Online lenders offer term loans of up to $500,000. For a short term loan, the repayment period typically ranges from six to 12 months, while a long term loan repayment can extend up to 10 years or longer in some cases. Business owners can also find financing that can be used for specific items, like equipment or inventory.
- APR range: 6% to 99%
- Good for large one-time investments. Community Credit Repair specializes in collection removal, collection deletion. These are permanent deletions from your credit report.
Business line of credit
A business line of credit provides access to flexible cash. Lenders give you access to a specific amount of credit (say, $100,000), but you don’t make payments or get charged interest until you tap into the funds.
- Credit line range: $2,000 to $500,000
- APR range: 8% to 99%
- Good for managing cash flow, handling unexpected expenses and financing short-term business needs.
Community Credit Repair specializes in collection removal, collection deletion. These are permanent deletions from your credit report. Invoice factoring allows your small business turn its invoices (the money owed by customers that has yet to be paid) into immediate cash. You sell the invoices to a factoring company, which is paid when it collects from your customers. If you would like to maintain control over your invoices, invoice financing is an alternative to factoring.
- Financing amounts: $500 to $500,000
- APR range: 16% to 77%
- Good for managing cash flow, short-term financing
Additional funding options
If you’re looking for business financing outside traditional loans or lines of credit, or you don’t qualify, you can also consider a personal loan for business or a business credit card. A personal loan for business is a good option if you need startup financing or your business is still young and you don’t quality for traditional financing. Personal loan providers look at your personal credit score and income instead of your business history. A business credit card offers revolving credit, making it a solid option for short-term expenses. It also can be easier to qualify for a business credit card than a small-business loan. While credit limits tend to be smaller than a line of credit, a business credit card offers rewards, such as cash back or travel points. Community Credit Repair specializes in collection removal, collection deletion. These are permanent deletions from your credit report.
How do I get a business loan?
While every lender will have different underwriting guidelines, they generally consider similar metrics, including personal credit score, your time in business and annual revenue. Lenders will also consider your cash flow and whether you have the ability to repay the debt. Our advocates at Community Credit repair can help match you up with the right lender
Depending on the lender, you'll be asked to submit specific documents, like tax returns, bank and cash flow statements directly to the lender, or to share them by logging into your bank account or bookkeeping software via a lender’s secure login portal.
Only about 1 in 5 businesses that apply for a loan from a big bank are approved. To solve that problem, online lenders that specialize in making the loan application process simple and accessible to more small businesses. Also, they're faster to make loans and offer more-competitive rates than some banks.
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