People starting or growing small businesses often wonder where to find the best loans. Small businesses borrow about $1.2 trillion a year. The average small business has access to several good sources of small business loans. They just have to choose which one is best suited for their needs.
Shore Funding Solutions is the leader in small business loans. We’re a great resource small businesses can tap into for help with financing. What makes Shore Funding Solutions unique is we can connect small businesses to a variety funding sources, such as:
A term loan is borrowed money that businesses repay by making regular payments for a set time period, often one to ten years. Usually, a term loan has an unfixed interest rate. This adds more money to the loan that's to be repaid. This type of loan is attractive to new and expanding businesses because the long repayment period gives them time to increase their profit. A term loan is a good way for a business to increase its capital quickly to expand its capabilities. However, if the loan has floating interest rates or compound interest and it increases the repayment amount.
2. SBA Loans
SBA loans are loans for small businesses issued by banks or other participating lenders that the U.S. Small Business Administration partially guarantees. Although they have tight lending standards, SBA loans have low interest rates and flexible terms. This makes them a great way to finance startup and expansion costs.
Business line of credit loans are a good source of money for small businesses. Rather than a lump sum of money, credit lines provide credit the business can use and repay time and again in a specified time. It offers more flexibility than other loans. Credit lines allow business owners to borrow between $1,000 and $250,000 as secured or unsecured loans.
4. MCA (Alternative Financing)
A Merchant Cash Advance is short-term financing where an alternative financing company gives a business funds now for a percentage of its future cash flow. The MCA provider gets to withdraw a daily payment until the full amount is repaid. The MCA has a fast and simple application process and the business can get the money it needs the next business day.
5. Revenue Based Financing
With revenue-based financing investors put capital into a business and get a fixed percentage of its ongoing gross revenues until the initial capital invested and the interest is repaid. Businesses usually has 3 to 5 years to repay the investment.
Getting A Small Business Loan From Shore Funding Solutions
It only takes 3 easy steps to have Shore Funding Solutions get you a loan. Speak with one of our expert loan counselors. Complete a simple online application. Receive and accept offers. Finally, get the funding you need in 24 to 48 hours.
Finding Working Capital
Business loans, term loans or credit lines are good sources of working capital. You may even want to consider a debt consolidation loan to get the funds you need.