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<p>10bestbusinessloans.com is a free online platform designed to help users with the process of choosing the services or products that meets their needs by providing helpful reviews, articles and comparison based content. We receive compensation from the various brands we review, compare and rank on the website. 10bestbusinessloans.com is not a lender, broker or financial institute, nor a party to any engagement related to financial products or transaction. All rates, fees and offers&#8217; terms presented herein are provided by the third party brands we engage with, which may include lenders, brokers and aggregators. We do not make any decision regarding such rates, fees, terms and eligibility or approval of a financial offer.  The actual offer you will receive is subject to its provider&#8217;s sole discretion including credit score, minimum deposit, minimum balance, requested loan amount, loan term, etc. and there is no guarantee you will qualify for the rates, fees, or terms presented herein. The content herein is not, and shall not be taken as an endorsement, recommendation or solicitation to borrow or obtain any financial service. We encourage you to carefully review the actual offer&#8217;s terms you receive from the provider, including all associated fees and costs. Filing for bankruptcy shall not exempt from repayment obligations.</p>
<p>Annual Percentage Rate (“APR”) is the yearly cost of borrowing from a financial institution, represented as a percentage. The APR includes fees related to originating the loan, not just the interest payments (such late fees, closing fees and administrative fees). Repayment examples (<u>for illustrative purposes only</u>): a $20,000 loan at 6.00% APR with a term of 5 years would result in 60 monthly payments of $387 (Total repayable: $23,199)<span dir="RTL"> </span>and a $100,000 loan at 3.00% APR with a term of 4 years would result in 48 monthly payments of $2,213 (Total repayable: $106,245).</p>
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10 Best Business Loans

<p>Securing financing from most traditional lenders often necessitates providing collateral, a situation that can be particularly frustrating for small business owners lacking adequate assets when seeking crucial funding. However, an encouraging development is the emergence of platforms which actively establish a network of specialized lending institutions. These financial institutions provide another option: loans that don&#8217;t require you to put up significant business assets as collateral. This means that even if your company doesn&#8217;t have a lot of valuable property to secure a loan, you might still be able to get the funds you need to grow your business.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-22515" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Start-up-team-300x300.jpg" alt="Start-up-team" width="413" height="275" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Start-up-team-768x512.jpg 768w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Start-up-team.jpg 600w" sizes="(max-width: 413px) 100vw, 413px" /></p>
<h3>Defining Collateral for Small Businesses</h3>
<p>Just as personal loans often involve pledging assets like a house for a mortgage or a vehicle for an auto loan, small business loans frequently require collateral. In this context, small business collateral involves leveraging the assets your company owns as a promise to repay the borrowed funds.</p>
<p>These assets can encompass various forms, such as the physical property and buildings your business owns, the machinery and tools essential for your operations, the inventory and goods you sell to customers, outstanding customer invoices and accounts receivable, and even the cash reserves and deposits held by your business.</p>
<p>It&#8217;s important to note that any lender providing a small business loan will typically ask for documentation verifying the value of any assets offered as collateral.</p>
<h3>Why Lenders Require Small Business Collateral</h3>
<p>When a lender requires small business collateral, it serves as a safeguard to ensure the repayment of the funds they provide. This process generally unfolds in a specific sequence if the borrower encounters difficulties in meeting their financial obligations.</p>
<p>Initially, if a borrower fails to adhere to the agreed-upon repayment schedule and misses the necessary loan payments, the lender will typically issue warnings regarding the delinquency. Should the borrower continue to fall behind and ultimately default on the debt, the lender then has the right to take possession of the collateral that was initially pledged to secure the loan. Subsequently, the lender will liquidate these seized assets through sale, with the aim of recovering a portion, or possibly the entirety, of the money that was originally lent to the business.</p>
<h3>Comparing Secured and Unsecured Small Business Loans</h3>
<p>Essentially, the main difference between a secured loan and an unsecured loan is whether or not you need to offer assets as a guarantee. A secured loan necessitates the borrower to pledge business assets as a guarantee for repayment, whereas an unsecured loan does not require any such collateral.</p>
<p>When financial institutions provide loans, they inherently assume the risk that the borrower might default on their obligations. Requiring collateral serves as a mechanism to mitigate this risk, as business owners are generally more inclined to prioritize loan repayments to avoid the potentially severe consequences of losing valuable business assets.</p>
<h3>Other Ways to Finance Your Small Business Without Collateral</h3>
<p>Before exploring unsecured options, it&#8217;s worth carefully assessing whether your business possesses any assets that could potentially serve as collateral. For instance, outstanding customer invoices or accounts receivable, a common feature for many businesses, can sometimes be utilized as security, particularly within the frameworks of invoice factoring or accounts receivable financing. Similarly, funds held in your business bank accounts could potentially be collateralized, or if your business owns vehicles, these might also be considered as security.</p>
<p>However, even if your business lacks sufficient assets or alternative means to fully secure a loan, avenues for borrowing may still exist. Depending on the specific lender, you might encounter possibilities such as providing a comprehensive lien against all of your business assets, offering a personal guarantee where you commit to repaying the loan personally should the business default, or, eventually, obtaining a completely unsecured loan that requires no collateral.</p>
<h3>General Business Liens</h3>
<p>Under the regulations of the United Commercial Code, a blanket lien gives the lender a comprehensive right to claim all of a business&#8217;s assets if the loan isn&#8217;t repaid as agreed. This implies that if the borrower doesn&#8217;t fulfill their payment responsibilities, the lender can take possession of any property the business owns to recoup the money that is owed. While lenders might not always assign a specific monetary value to such a general lien upfront, agreeing to it essentially grants them the legal right to liquidate various business assets and properties to compensate for their financial losses resulting from the default.</p>
<h3>Personal Guarantees</h3>
<p>A personal guarantee is an agreement where the owner of the business promises to pay back the loan themselves if the business doesn&#8217;t have enough money to do it. This could involve using personal savings, selling personal property like real estate, or making other financial arrangements to satisfy the debt. It&#8217;s also possible for another individual to cosign the loan, thereby sharing the responsibility for repayment.</p>
<p>Additionally, there are instances where a personal promise to repay a business debt can also involve a legal claim against your personal possessions. If the person who made the personal promise fails to pay, the lender might have the legal authority to take certain personal possessions to get back the money that&#8217;s owed.</p>
<p>It is crucial to understand that the legal protections typically afforded by establishing a separate business entity, such as a Limited Liability Company (LLC) or a Corporation, generally do not extend to personal guarantees. Consequently, when a business owner provides a personal guarantee, they are essentially agreeing to be personally liable for the business debt, irrespective of any legal distinctions between their personal and business finances.</p>
<h3>Completely Unsecured Loans</h3>
<p>A completely unsecured loan is a type of financing obtained from a specialized lender that does not necessitate the borrower to provide any business assets, liens against those assets, or even a personal guarantee as security for the borrowed funds.</p>
<p>However, it&#8217;s important to note that securing such a loan often hinges on the borrower possessing a notably strong personal credit history, as this becomes the primary factor in the lender&#8217;s assessment of their creditworthiness in the absence of other security measures.</p>
<h3>Potential Downsides of Business Liens and Personal Guarantees</h3>
<p>A business lien grants the lender extensive authority to liquidate any asset owned by your company to recover the outstanding loan amount. This arrangement can significantly impede your business&#8217;s potential for success, particularly if your financial situation is already strained.</p>
<p>If your business can&#8217;t pay back the loan, a personal guarantee means your own money and belongings could be used to cover the debt. This could lead to serious repercussions, potentially forcing you to sell essential personal possessions such as vehicles, real estate, or other assets you depend on.</p>
<p>Therefore, it is essential to thoroughly understand the legal obligations you are undertaking before finalizing any loan agreement to fully grasp the potential ramifications.</p>
<h3>Price Difference: Secured and Unsecured Lending</h3>
<p>Unsecured loans can come with certain financial considerations that reflect the increased risk undertaken by the lender in the absence of collateral. This heightened risk may manifest in several ways, such as:</p>
<ul>
<li><strong>Elevated interest rates:</strong> The cost of borrowing might be higher compared to traditional secured loans, as the lender seeks greater compensation for the potential for loss.</li>
<li><strong>Varied repayment schedules:</strong> The terms for repaying the loan balance might differ from those of secured loans, potentially involving a shorter repayment period or a different structure.</li>
<li><strong>Initial fees:</strong> Lenders might charge upfront fees as a condition for originating an unsecured loan to offset some of the inherent risk.</li>
</ul>


Lending Solutions for Small Enterprises, No Collateral Needed

<p>In many industries, relying on an external support provider is not just common—it’s often necessary. Whether your in-house team needs extra support or simply needs to shift focus to more strategic tasks, outsourcing can be a smart move. But to make the right choice, it’s important to start by clearly identifying your company’s needs.</p>
<p>Think about which services you want to hand off. Do you plan to outsource your entire IT department or only certain functions? It’s also crucial to consider your business priorities and challenges. For instance, if your company is expanding quickly and profits are being squeezed by the growing demand on your tech team, outsourcing specific tasks might help ease the pressure. In some cases, it makes sense to bring in outside experts for specialized areas like cybersecurity, while keeping others—such as payroll—in-house. The key is finding the right balance based on your goals and circumstances.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-39960 size-full" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Image-To-Share-In-Social-Media.jpg" alt="Image-To-Share-In-Social-Media" width="1200" height="630" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Image-To-Share-In-Social-Media.jpg 1200w, https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Image-To-Share-In-Social-Media-768x403.jpg 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></p>
<h3>Get Ready to Evaluate Potential Support Partners</h3>
<p>Before meeting with third-party service providers, it’s important to come prepared with questions that help you evaluate their background and capabilities. Start by asking about how long they’ve been operating, the types of clients they’ve served, and how they’ve grown or adapted over time. These details can offer valuable insight into their level of experience and whether they’re equipped to handle your business needs.</p>
<p>Once you understand their past, shift the focus to their future. Ask about their short- and long-term goals, expansion plans, or new services they intend to offer. This can help you assess whether their vision and company culture align with yours, which is key to building a successful partnership.</p>
<h3>Research the Company and Its Team</h3>
<p>Start by gaining a solid understanding of the organization’s background. Look into how long the company has been operating and evaluate its performance over the years. It’s also helpful to know how large their team is and what skill sets they bring to the table. Ask for examples of previous or current clients to get a sense of their customer base and the level of service they’ve consistently delivered. Also, clarify the full range of services they offer and consider how these align with your future business needs.</p>
<h3>Evaluate the Technical Skills of the Support Team</h3>
<p>It’s equally important to dig into the qualifications of the team that will be supporting you. Ask about relevant certifications and training, especially those specific to your industry. If your project involves particular tools or software, make sure the team has hands-on experience with those systems. Their expertise in your business processes or technologies can make a significant difference in how effectively they can meet your needs.</p>
<h3>Understand the Vendor’s Emergency Response Capabilities</h3>
<p>In urgent situations, it&#8217;s crucial to know how fast a vendor can respond and arrive at your location. Find out their typical response time for emergencies and what the process looks like if they can’t show up right away—or at all. Do you have a contingency plan in place to keep your operations running while you wait?</p>
<p>Also consider how the vendor communicates during a crisis. Will they contact you directly, or escalate the issue to someone higher up if needed? Are they limited to phone calls or texts, or do they use other communication methods? Ideally, their system should allow you to stay focused on your work while they handle the issue.</p>
<p>Once the vendor is on-site, how quickly can they begin troubleshooting? And how soon can you expect to see progress? You want reassurance that their team can efficiently address problems and restore normal operations as fast as possible.</p>
<h3>Remember—You&#8217;re Bringing Individuals on Board, Not Just a Brand</h3>
<p>When choosing a service provider, keep in mind that you&#8217;re not only working with a company name—you’re partnering with real people. It’s those individuals who will interact with your team, solve problems, and represent the service you’re paying for.</p>
<p>Make sure the people assigned to your account have the right skills and experience. They should be dependable, honest, and aligned with your organization’s values. It&#8217;s also essential that they’re easy to reach and ready to respond whenever an issue arises, whether it’s during regular hours or in the middle of the night.</p>


How To Choose The Right Third-Party Support For Your Business

<p>Students preparing for college need to think about so many aspects. They have to do well in their college applications and they also need to find a way to fund their college education. Most students and parents take out student loans for this purpose. When you learn that annual college tuition and fees can go beyond $25,000 at public colleges and $40,000 at private ones, it’s not a surprise why many need the help of loans.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22514" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Small-Business-Loan-Form-Tax-Credits-Niche-Concept.jpg" alt="Small-Business-Loan-Form-Tax-Credits-Niche-Concept" width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Small-Business-Loan-Form-Tax-Credits-Niche-Concept.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Small-Business-Loan-Form-Tax-Credits-Niche-Concept-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<p>If you’re thinking about how to get more funds for college, some options include a savings plan, scholarships, grants, income (yours or your parents&#8217;), and student loans. There are two main categories for student loans – federal student loans and private student loans.</p>
<p>In this article, we’ll talk about how you can get student loans and whether you should take out a loan from the federal government, a private lender, or both.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Lendzi-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="https://app.lendzi.com/step1?lead_source=10bestbusinessloans&click_id=" data-partner-partner_id="779" data-partner-total_votes="" data-partner-under button text="" data-partner-title="{bold:Multiple lending options & fast funding}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Lendzi-logo.svg" data-partner-mobile_title="Loan amount: $5K-$5M" data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="" data-partner-slide_down_read_review="" data-partner-conversion_label="5kX6COmSzboYEKr4-oYp" data-partner-adoric_event="" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Lendzi" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.7" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="8.8" data-partner-trustpilot_reputation="8" data-partner-advantage="" data-partner-desktop_details_limit="6" data-partner-mobile_details_limit="2" data-partner-slide_down_video="" data-partner-choose_phone_display_hours="phone display hours"  data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Lendzi-logo.svg" data-promote-text="Loan Amount: $5K to $5M" data-button-text="Get Rates " data-kidon-id="779" data-conversion-label="5kX6COmSzboYEKr4-oYp" data-button-name="lendzi" data-button-type="" data-partner-post-id="cG9zdDozOTk4Mw==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16deff388d class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Lendzi-logo.svg' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Loan Amount: $5K to $5M</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Get Rates </a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<h2>Federal Student Loan Options</h2>
<p>Federal student loans are funded by the government. The benefits offered by federal student loans include the lack of a credit check requirement, competitive interest rates, and multiple forms of assistance for borrowers with financial difficulties (loan cancellation, forbearance, etc.). But with federal student loans, you get stricter eligibility requirements and higher origination fees compared to private loans. Also, most federal student loans cover only a portion of the admission costs.</p>
<h3>Federal student loans can be further divided into three types</h3>
<p><strong>1. Direct Unsubsidized</strong></p>
<p>A direct unsubsidized loan is an option for both undergraduate and graduate students. These are low-cost loans with a fixed interest rate and often flexible repayment terms. Direct Unsubsidized loans do not qualify based on financial need so even students from well-off families can get this loan. The interest rate for undergraduate students is 3.73% while the rate for graduate and professional degree students is 5.28%. The annual loan amount can reach $20,500 which can vary based on dependency status and grade level.</p>
<p><strong>2. Direct Subsidized</strong></p>
<p>Offered to undergraduate students who need financial help, the interest rate for a direct subsidized loan was 3.73% in 2021-2022 with annual loan amounts up to $5,500 depending on the borrower’s dependency status and grade level.</p>
<p><strong>3. Direct PLUS</strong></p>
<p>PLUS loans are available to graduate students, professional degree students, and parents who will be paying for a dependent child’s undergraduate degree. Financial need is not necessary to qualify for the loan but the borrower should have a good credit score. The maximum loan amount is the cost of attending college minus other financial aid received. Interest rates for PLUS loans are at 6.28%.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22506" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Rear-view-portrait-of-a-businesswoman-sitting-on-her-workplace-in-the-office-typing-looking-at-pc-screen..jpg" alt="Rear-view-portrait-of-a-businesswoman-sitting-on-her-workplace-in-the-office,-typing,-looking-at-pc-screen." width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Rear-view-portrait-of-a-businesswoman-sitting-on-her-workplace-in-the-office-typing-looking-at-pc-screen..jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Rear-view-portrait-of-a-businesswoman-sitting-on-her-workplace-in-the-office-typing-looking-at-pc-screen.-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<h2>Private Student Loan Options</h2>
<p>Private student loans are taken from banks, online lenders, credit unions, and other private lenders. Private loans can be used to pay for undergraduate and graduate education as well as professional studies and career training. These typically cover the total admission costs which include tuition, fees, room and board, transportation, books, and supplies.</p>
<p>A lot of private lenders for student loans will offer fixed-rate and variable-rate loans. Fixed-rate loans range from 30495 to 12.9% while variable-rate loans range from 1.045 to 12.4%. An average student loan falls into the 5 to 8 percent range depending on the borrower and/or cosigner’s credit score. Private student loans have no application fees, origination fees, or prepayment fees. The repayment terms can be set to 5-15 or 20 years.</p>
<p>Lenders also offer different repayment options to students when they are still in school. This is followed by a 6 to 12-month grace period after their graduation after which they would need to make full payment on principal and interest. Below is a list of repayment options for students:</p>
<ol>
<li><strong>Full payment on principal and interest –</strong> Allows the borrower to save on the total loan cost.</li>
<li><strong>Pay interest only &#8211;</strong> Provides a balance between lower monthly costs while in school and total loan costs.</li>
<li><strong>Fixed monthly payments (average $25) –</strong> Reduce accrued interest while the borrower is in school</li>
<li><strong>No payments during school –</strong> Increase the total cost of the loan but allows the borrower to free up cash for a short period.</li>
</ol>
<p>An important consideration for private student loans is the availability of options when it comes to a co-signer. Usually, a cosigner is a borrower or student’s parent, but it can also be any immediate family member, a family friend, or another person that they trust who has a strong credit score. The lender will use the cosigner’s credit score to evaluate the loan application which gives the borrower a higher chance of getting better rates. Some private lenders can release a cosigner after they have made up to 24 consecutive on-time payments per month.</p>
<h2>Choosing Between Federal and Private Student Loans</h2>
<p>When you are trying to determine how to get funds for your college education, you should know that you can take advantage of several options and programs. If you have a family member with an excellent credit score, you might get your tuition fees completely funded by a private loan with low interest. However, many students and parents find it wise to apply for both private and federal student loans.</p>
<p>As we’ve described earlier, federal loans can help new students get started with their college education. Even those who are not categorized as financially incapable can be eligible for an unsubsidized loan which usually has interest rates ranging from 3.73 to 5.28 percent. A direct unsubsidized loan can be used to pay for the first $20,000 of college costs annually. Then, you can consider a direct PLUS loan or one from a private lender to cover the unsettled amount.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/Biz-2-Credit-new-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="" data-partner-total_votes="" data-partner-title="{bold: Fast approval funding solutions}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/Biz-2-Credit-new-logo.svg" data-partner-mobile_title="{bold: Fast approval funding solutions} <br> <br>Loan amount: $60K - $2M " data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="Quick and top quality customer support" data-partner-slide_down_read_review="" data-partner-conversion_label="ir7YCK6_xIEYEKr4-oYp" data-partner-under button text="Apply online in minutes" data-partner-adoric_event="" data-partner-partner_id="413" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Biz2Credit" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.9" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="" data-partner-trustpilot_reputation="" data-partner-advantage="" data-partner-desktop_details_limit="6" data-partner-mobile_details_limit="2" data-partner-slide_down_video="" data-partner-choose_phone_display_hours="phone display hours" data-partner-general-offer="https://www.biz2credit.com/spotower/quick-apply/new?utm_term=${add_gclid}&utm_medium=affiliate&utm_source=spotower" data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/biz2credit-logo-1-.png" data-promote-text="Apply online in minutes" data-button-text="Explore" data-kidon-id="413" data-conversion-label="ir7YCK6_xIEYEKr4-oYp" data-button-name="Biz2credit 2" data-button-type="buttono" data-partner-post-id="cG9zdDoxNjczMw==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df02ac9b class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/biz2credit-logo-1-.png' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Apply online in minutes</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Explore</a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<h2>Bottom line</h2>
<p>In this article, we show that there are several options for students who want to get a student loan. You need to know or at least estimate how much you will pay annually for tuition and other expenses. You can also calculate how much you can pay out of pocket. If you are eligible for scholarships, add that to your calculations as well. Then, you can consider whether you want to take out a federal loan, a private loan, or both.</p>


Small-Business-Loan-Form-Tax-Credits-Niche-Concept

Need Help For College Funds? Let’s Talk About Student Loans

<p>Business owners have several choices when it comes to financing their expenses. The most popular choices are business loans and lines of credit. Whether a business loan or line of credit is more advantageous will depend on what you will use the funds for.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22513" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Cheerful-young-man-bonding-to-his-wife-while-shaking-hand-to-man-sitting-in-front-of-him-at-the-desk.jpg" alt="Cheerful-young-man-bonding-to-his-wife-while-shaking-hand-to-man-sitting-in-front-of-him-at-the-desk" width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Cheerful-young-man-bonding-to-his-wife-while-shaking-hand-to-man-sitting-in-front-of-him-at-the-desk.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Cheerful-young-man-bonding-to-his-wife-while-shaking-hand-to-man-sitting-in-front-of-him-at-the-desk-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<h3>Revolving Funds vs. One-Time Loan</h3>
<p>When your business loan gets approved, you will get the total amount for the loan and then make scheduled repayments for that amount. This gives you complete access to the funds and allows you to use them for whatever your business needs.</p>
<p>Although it also gives you access to funds, a line of credit is different from a loan. When you apply for a line of credit, you want to access revolving funds. This is comparable to credit cards or home equity lines of credit. You are allowed to borrow a specific amount of money. You can withdraw only the amount you need or get all the funds upfront.</p>
<p>Business loans provide one-time access to funding. Lines of credit are sources of funds that you can use given that you have available credit. When you repay your debt on your credit line, the available credit will be replenished.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="https://fundera.go2cloud.org/aff_c?offer_id=1&aff_id=1025&aff_sub=" data-partner-total_votes="" data-partner-title="{bold:Fast and simple business loan options}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-mobile_title="Loan amount: $5K-$5M" data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="" data-partner-slide_down_read_review="" data-partner-conversion_label="QuO1CLS_xIEYEKr4-oYp" data-partner-under button text="" data-partner-adoric_event="" data-partner-partner_id="425" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Fandera LOC" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.7" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="" data-partner-trustpilot_reputation=""  data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-promote-text="Minimum credit score: 620" data-button-text="Get Rate " data-kidon-id="425" data-conversion-label="QuO1CLS_xIEYEKr4-oYp" data-button-name="fundera " data-button-type="" data-partner-post-id="cG9zdDoxNTg1MA==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df04cc36 class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Minimum credit score: 620</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Get Rate </a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<h3>Loan Structure</h3>
<p>For business loans, the repayment schedule is usually set monthly. You will be required to start payments within 30 days until the loan is paid in full. The loan payment amount does not change even if your loan balance decreases.</p>
<p>If you choose a line of credit, you only need to pay the outstanding balance instead of having a fixed amount monthly. So your total payment monthly will vary depending on the amount that you borrow. The line of credit may require monthly payments on the interest. Other lenders will require you to pay a specific principal amount plus interest. Your monthly payments can increase or decrease when you pay your outstanding balance or as use up more credit.</p>
<h3>Loan Terms</h3>
<p>Business loans are also called term loans because you need to pay the amount over a prearranged length of time. This can last up to 20 years depending on the terms of the loan.</p>
<p>Repayment for a line of credit is not based on a set term but on the balance that you owe. If your lender requires you to pay 2% of your outstanding balance every month and you borrowed $5,000, you will need to pay $100 per month. if you withdraw another $5,000 from your line, your balance is now $10,000 and your monthly payment will be $200.</p>
<p>Business loans typically have higher monthly payments than lines of credit. You would need to pay off the loan in a comparatively shorter period.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22514" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Small-Business-Loan-Form-Tax-Credits-Niche-Concept.jpg" alt="Small-Business-Loan-Form-Tax-Credits-Niche-Concept" width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Small-Business-Loan-Form-Tax-Credits-Niche-Concept.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Small-Business-Loan-Form-Tax-Credits-Niche-Concept-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<h3>Loan Fees</h3>
<p>Business loans and lines of credit have different fees. A business loan will usually have some upfront fees such as an origination fee. This fee is a percentage of your business loan amount and can be from 1 to 6 percent of the total amount.</p>
<p>A line of credit doesn’t usually have origination fees because it’s a credit line and not a fixed loan. However, there can be draw charges every time you withdraw from the line. The draw fee is a fixed amount. If you draw from your credit five times within the year, you would pay $250 on charges.</p>

<h3>Loan Purposes</h3>
<p>Now let’s look at the purposes of each type of loan so you can determine which type works best for you. It all depends on what you are going to do with the funds. A business loan is recommended if you need funding for long-term capital expenses such as business equipment. Equipment will last several years so you can match your loan term to the expected number of productive years for that specific asset. By doing so, you can avoid out-of-pocket expenses for your equipment. You can also spread the original cost over a number of years.</p>
<p>Lines of credit are more advantageous for those who need working capital. You can use this to cover short-term operating costs such as payroll, inventory, or a huge expense that you expect in the future. A line of credit can also become an extra source of funds to cover these costs. You do not need to use the balance until you need to pay the bills. You can repay your outstanding balance on the line when your business income catches up with the costs.</p>
<p>You can open a line of credit even before you need it while you should apply for a business loan if you have a specific and necessary capital expenditure. Lenders will require loan applications to specify a purpose. Lines of credit can be treated as reserve funds when your income is unstable. Determine what type of expense you need to fund so you can choose between a loan and a line of credit.</p>


Cheerful-young-man-bonding-to-his-wife-while-shaking-hand-to-man-sitting-in-front-of-him-at-the-desk

Business Loan or Line Credit: What Does Your Business Need?

<p>Launching your own business comes with a huge price. The startup alone can set you back tens of thousands and you would also require additional funds to grow the business. A lot of entrepreneurs look into loans when they need funding. But there are different types of loans available. Now the choice to make is between a business loan and a personal loan. Each type of loan has its costs and benefits that will impact your finances. This guide will walk you through the key differences between the two types of loans so you can choose the best option for your new business.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22509" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Man-in-formal-wear-sit-on-chair-armchair-behind-desktop.jpg" alt="Man-in-formal-wear-sit-on-chair-armchair-behind-desktop" width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Man-in-formal-wear-sit-on-chair-armchair-behind-desktop.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Man-in-formal-wear-sit-on-chair-armchair-behind-desktop-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<h3>What are personal loans?</h3>
<p>Personal loans are a type of unsecured loan that can be used to fund almost any expense which includes launching a new business. When your personal loan gets approved, the funds are disbursed in a lump sum form. Then you need to pay the loan monthly plus interest. The loan amount for personal loans will vary. Some personal loan providers can lend up to $50,000 or even more. The repayment term can range from one to five years.</p>
<p>Personal loans are unsecured so you do not need to put up valuable assets such as your home and business as collateral. However, if you make late payments and continue to fall behind, your personal credit score will take a hit. This will make it more difficult to apply for another loan in the future. Since personal loans are offered based on your credit history, a higher score can get you approved with a higher amount and lower interest rate.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="https://fundera.go2cloud.org/aff_c?offer_id=1&aff_id=1025&aff_sub=" data-partner-total_votes="" data-partner-title="{bold:Fast and simple business loan options}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-mobile_title="Loan amount: $5K-$5M" data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="" data-partner-slide_down_read_review="" data-partner-conversion_label="QuO1CLS_xIEYEKr4-oYp" data-partner-under button text="" data-partner-adoric_event="" data-partner-partner_id="425" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Fandera LOC" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.7" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="" data-partner-trustpilot_reputation=""  data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-promote-text="Minimum credit score: 620" data-button-text="Get Rate " data-kidon-id="425" data-conversion-label="QuO1CLS_xIEYEKr4-oYp" data-button-name="fundera " data-button-type="" data-partner-post-id="cG9zdDoxNTg1MA==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df059bac class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Minimum credit score: 620</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Get Rate </a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<h3>Personal Loans for a New Business</h3>
<p>Although lenders will allow you to use personal loans for anything, there are some loan providers that will put limitations on how you can spend the amount. if you plan to use a personal loan for your business, make sure that you understand what type of business expenses the loan can be used for.</p>
<p>Remember that a personal loan, despite being used for business purposes, is still tied to your personal credit. This means that you, not the business, are responsible for ensuring that you keep up with the monthly payments. If you fail to keep up with the payment schedule, your personal score will weaken. You will be held personally liable for paying back all outstanding debts from the personal loan.</p>
<p><strong>Pros:</strong></p>
<ul>
<li>Unsecured</li>
<li>Get approved and receive funds on the same day</li>
<li>Up to $50,000 loan amount</li>
<li>Business credit history is not required</li>
</ul>
<p><strong>Cons:</strong></p>
<ul>
<li>The borrower is held personally liable for payments</li>
<li>Not all personal loan providers allow borrowers to use it for businesses</li>
<li>Higher interest versus business loan</li>
<li>Does not help with credit building for the business</li>
</ul>
<h3>What are business loans?</h3>
<p>Business loans are a type of secured loan given to small businesses instead of individuals. Since these loans are secured, business owners typically use the business itself as collateral for their loans. Business loans can be similar to personal loans with fixed monthly payments. However, there are also business loans with variable payments which will rely on the revenue of your business.</p>
<p>Startups and businesses with variable cash flow will find the flexibility of these loans more advantageous than the usual term loan. Business loans can also cover a much bigger amount than personal loans. Lenders can offer up to hundreds of thousands depending on various factors. Business loan offers are based on both your personal and business credit history. You may also be asked to give a personal guarantee depending on your business’ value. A personal guarantee will also make you personally responsible for payments if the business falls behind schedule or closes.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22513" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Cheerful-young-man-bonding-to-his-wife-while-shaking-hand-to-man-sitting-in-front-of-him-at-the-desk.jpg" alt="Cheerful-young-man-bonding-to-his-wife-while-shaking-hand-to-man-sitting-in-front-of-him-at-the-desk" width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Cheerful-young-man-bonding-to-his-wife-while-shaking-hand-to-man-sitting-in-front-of-him-at-the-desk.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Cheerful-young-man-bonding-to-his-wife-while-shaking-hand-to-man-sitting-in-front-of-him-at-the-desk-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<h3>Business Loans for Your New Venture</h3>
<p>Applying for a business loan to cover business expenses ensures that your personal finances are separate from the business. This makes taxes less complicated for business owners. You would also get to qualify for deductions that are specific to businesses.</p>
<p>One major reason to get a business loan for a new venture is to minimize your personal liability when it comes to the loan. If your business fails, you may be able to just walk away from the business debt. But this would still depend on your business’s legal structure and whether the loan has a personal guarantee. If you fail to complete the payments on a business loan, this will affect your future business loan applications.</p>
<p><strong>Pros:</strong></p>
<ul>
<li>Loan bigger amounts</li>
<li>Use funds for every business expense</li>
<li>Lower interest compared to personal loans</li>
<li>Business owner is not personally liable for payments</li>
<li>Differentiate personal from business finances</li>
</ul>
<p><strong>Cons:</strong></p>
<ul>
<li>Some lenders may ask for a personal guarantee</li>
<li>Business assets as collateral</li>
<li>Requires businesses to have a credit history</li>
<li>Longer processing time for application and approval</li>
</ul>
<h3>Loan Providers for New Businesses</h3>
<p><strong>Personal Loan</strong></p>
<p>Credible is an online marketplace that allows borrowers to find the best offers for personal loans. You can compare offers from 17 leading personal loan providers. Some of these lenders can offer you up to $100,000 loan amounts and 2.4% APR. Comparing offers through Credible is free and it’s easy to apply for a loan with the platform.</p>
<p><strong>Business Loan</strong></p>
<p>OnDeck is a business loan provider with both lines of credit and term loans for small businesses. For term loans, businesses can loan up to $250,000. For a line of credit, businesses can have up to $100,000. Businesses only need 1 year of activity to qualify for OnDeck’s loan offers. You can also get the funds on the same day of application.</p>

<h3>Final Thoughts</h3>
<p>One of the most crucial decisions business owners need to make is choosing the right type of loan to fund their venture. Personal loans have a straightforward application and are a good option for new businesses that do not have a credit history. Business loans, meanwhile, have higher loan amounts, limited personal liability, and lower interest rates.</p>
<p>&nbsp;</p>


Man-in-formal-wear-sit-on-chair-armchair-behind-desktop

Choosing the Right Loan for Your Business: Personal Loan or Business Loan

<p>At the height of the COVID-19 pandemic, millions of Americans were worried about health concerns in addition to maintaining their businesses. As the stay-at-home orders continued for months and months, SMB owners continued to struggle. According to the National Federation of Independent Business Survey, over 75% of small businesses were affected negatively by the global pandemic. The problem was that it was difficult even for experts to predict when the situation would ease.</p>
<p>Unless your business sold rubbing alcohol and hand sanitizers or worked on a vaccine, we’re sure that your business must be affected one way or another. In troubling times, the survival of a business can be supported by a loan. Below are the best loans we recommended t help businesses during difficult times.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22507" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Smiling-businesswoman-with-short-haircut-in-glasses-and-blue-shirt-standing-at-the-office-desk-in-front-of-laptop-talking-by-mobile-phone.jpg" alt="Smiling-businesswoman-with-short-haircut,-in-glasses-and-blue-shirt,-standing-at-the-office-desk-in-front-of-laptop,-talking-by-mobile-phone" width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Smiling-businesswoman-with-short-haircut-in-glasses-and-blue-shirt-standing-at-the-office-desk-in-front-of-laptop-talking-by-mobile-phone.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Smiling-businesswoman-with-short-haircut-in-glasses-and-blue-shirt-standing-at-the-office-desk-in-front-of-laptop-talking-by-mobile-phone-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<h3>CARES Act &#8211; Paycheck Protection Program</h3>
<p>The CARES Act is an economic stimulus bill passed in March of 2020 which provided $2.2 trillion worth of emergency assistance in response to the COVID-19 pandemic. For SMBs, the Paycheck Protection Program (PPP) is the most relevant measure in this act since it allocates $350 billion for business loans.</p>
<p>The PPP goes beyond the scope of regular SBA loans which are provided by private lenders and supported by the Small Business Administration. The Paycheck Protection Program was offered to businesses with less than 500 employees. This includes independent contractors, self-employed individuals, and sole proprietors. A business was required to show that they had been impacted by the COVID-19 situation to get a loan.</p>
<p>The loan can be used on employee salaries, payroll costs, mortgage interest payments, rent, and utilities, group health care benefits, and other debts.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Lendzi-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="https://app.lendzi.com/step1?lead_source=10bestbusinessloans&click_id=" data-partner-partner_id="779" data-partner-total_votes="" data-partner-under button text="" data-partner-title="{bold:Multiple lending options & fast funding}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Lendzi-logo.svg" data-partner-mobile_title="Loan amount: $5K-$5M" data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="" data-partner-slide_down_read_review="" data-partner-conversion_label="5kX6COmSzboYEKr4-oYp" data-partner-adoric_event="" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Lendzi" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.7" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="8.8" data-partner-trustpilot_reputation="8" data-partner-advantage="" data-partner-desktop_details_limit="6" data-partner-mobile_details_limit="2" data-partner-slide_down_video="" data-partner-choose_phone_display_hours="phone display hours"  data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Lendzi-logo.svg" data-promote-text="Loan Amount: $5K to $5M" data-button-text="Get Rates " data-kidon-id="779" data-conversion-label="5kX6COmSzboYEKr4-oYp" data-button-name="lendzi" data-button-type="" data-partner-post-id="cG9zdDozOTk4Mw==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df067648 class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Lendzi-logo.svg' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Loan Amount: $5K to $5M</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Get Rates </a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<h3>The Paycheck Protection Program has the following features:</h3>
<ul>
<li>Set to run until August 8th, 2020</li>
<li>10-year maximum term</li>
<li>A business can get 2.5times its monthly average payroll expense with a $10 million limit</li>
<li>4% maximum interest</li>
<li>No personal guarantee or collateral required</li>
<li>No prepayment charges</li>
<li>Typical fees with SBA loans are waived for loans from the PPP</li>
</ul>
<p>Aside from the Paycheck Protection Program, the SBA also offered three other loan programs to help businesses weather the difficult period.</p>
<p><strong>SBA Express Bridge Loan:</strong> If your business has an existing relationship with a lender linked to the SBA, you can get funding up to 425,000 with fewer documentary requirements.</p>
<p><strong>SBA Debt Relief:</strong> The Debt Relief Program is part of the CARES Act and mandates the Small Business Administration to provide relief to SMBs that currently have a 504 loan, SBA 7(a) loan, or a microloan. SBA will cover six months’ worth of principal, interest, and fees. New borrowers that apply for a loan within 6 months of the CARES Act enactment can also access this program.</p>
<p><strong>Economic Injury Disaster Loans and Loan Advance:</strong> Under this program, SBA-authorized lenders give the small business up to $2 million for working capital to help them with the loss of revenue. Business owners can apply for an advance of up to $10,000.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22508" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Two-businesswomen-shaking-hands-in-modern-office.jpg" alt="Two-businesswomen-shaking-hands-in-modern-office" width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Two-businesswomen-shaking-hands-in-modern-office.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Two-businesswomen-shaking-hands-in-modern-office-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<h3>Other Loans for Small Businesses</h3>
<p><strong>Line of Credit</strong></p>
<p>A business line of credit gives you some breathing room by letting you access funds you need whenever you need them. These funds are typically available for use within 24 hours making a line of credit a practical option to cover immediate expenses. You will only pay interest on the amount that you used.</p>
<p><strong>Short Term Loan</strong></p>
<p>Short-term loans are also called bridge loans. These give you access to capital with some lenders disbursing funds as fast as 24 hours.</p>
<p><strong>Home Equity Loan</strong></p>
<p>A home equity loan is technically a mortgage. But some borrowers can also use the funds for their business expenses. With a home equity loan, you borrow funds by using the current value of your home as security. You can borrow bigger amounts with a reasonable interest rate.</p>
<p><strong>Invoice Factoring</strong></p>
<p>For businesses that have customers with pending invoices, invoice factoring is one option to look at. You can sell unpaid invoices to a lender at a discounted price.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="https://fundera.go2cloud.org/aff_c?offer_id=1&aff_id=1025&aff_sub=" data-partner-total_votes="" data-partner-title="{bold:Fast and simple business loan options}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-mobile_title="Loan amount: $5K-$5M" data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="" data-partner-slide_down_read_review="" data-partner-conversion_label="QuO1CLS_xIEYEKr4-oYp" data-partner-under button text="" data-partner-adoric_event="" data-partner-partner_id="425" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Fandera LOC" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.7" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="" data-partner-trustpilot_reputation=""  data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-promote-text="Minimum credit score: 620" data-button-text="Get Rate " data-kidon-id="425" data-conversion-label="QuO1CLS_xIEYEKr4-oYp" data-button-name="fundera " data-button-type="" data-partner-post-id="cG9zdDoxNTg1MA==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df06af97 class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Minimum credit score: 620</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Get Rate </a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<h3>Conclusion</h3>
<p>The COVID-19 pandemic was an extremely challenging period for my business owners in the US. The US government offered relief programs in response to the difficulties of the time. But there are also permanent loan programs available for small businesses that need funds due to other reasons.</p>


Smiling-businesswoman-with-short-haircut,-in-glasses-and-blue-shirt,-standing-at-the-office-desk-in-front-of-laptop,-talking-by-mobile-phone

How Government Loans Can Help SMB Owners Offset the Effects of the Pandemic

<p>As business owners, your main goal is to make a profit and not accumulate more debt, which is why getting a loan takes a lot of consideration. For the 29 million small businesses in the US, borrowing funds has become a necessity. A small business cannot issue public stocks, or bonds, or look for venture capital unlike Silicon Valley startups or huge corporations. But for small businesses that need funding, there are business lines of credit and business loans available.</p>
<p>Although loans are technically debts, it’s considered good debt as long as it helps in growing the business. Unlike an auto loan or a credit card, typically used to purchase items that depreciate in value, business loans help borrowers increase value. Below are five main reasons to take out a business loan.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22508" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Two-businesswomen-shaking-hands-in-modern-office.jpg" alt="Two-businesswomen-shaking-hands-in-modern-office" width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Two-businesswomen-shaking-hands-in-modern-office.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Two-businesswomen-shaking-hands-in-modern-office-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<h3>1. Build Business Credit for Future Loan Applications</h3>
<p>Business owners discover on their first loan application that personal credit ratings can affect the terms of their business loan. If you have an excellent credit rating, loan providers are more willing to give better rates and terms for your loan. If you have a poor credit score, your business can be considered a blank slate.</p>
<p>Getting a business credit card or loan can be taken as an opportunity to start building credit for your business. Even if the loan is only $1000, making monthly payments on time will improve your score and help you achieve better standing in your next loan application.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="https://fundera.go2cloud.org/aff_c?offer_id=1&aff_id=1025&aff_sub=" data-partner-total_votes="" data-partner-title="{bold:Fast and simple business loan options}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-mobile_title="Loan amount: $5K-$5M" data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="" data-partner-slide_down_read_review="" data-partner-conversion_label="QuO1CLS_xIEYEKr4-oYp" data-partner-under button text="" data-partner-adoric_event="" data-partner-partner_id="425" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Fandera LOC" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.7" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="" data-partner-trustpilot_reputation=""  data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-promote-text="Minimum credit score: 620" data-button-text="Get Rate " data-kidon-id="425" data-conversion-label="QuO1CLS_xIEYEKr4-oYp" data-button-name="fundera " data-button-type="" data-partner-post-id="cG9zdDoxNTg1MA==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df0763fc class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Minimum credit score: 620</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Get Rate </a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<p>When you apply for a business loan, ask the lender which credit bureaus they report to and what kind of information the reports include. The three major credit reporting agencies – Equifax, Experian, and TransUnion – gather credit information on businesses. However, unlike personal credit reports, data collection from businesses is less standardized.</p>
<p>Other methods you can use to build credit for your business are to open a bank account specifically for the business, set up your business phone number and address, and get an employer ID number or a tax ID.</p>
<h3>2. Open a New Location or Expand Your Existing One</h3>
<p>If your business has a physical location for an office or storefront, it is inevitable that an expansion will occur as the business grows. In order to serve more clients or customers, you would want to get a bigger space for your business.</p>
<p>If you’re providing services solely online, you still need to make some updates to your online store or website. You might add more services or more products to your listing. Customers may request certain features on the website. As your website gains more traffic, you also have to upgrade your servers to keep it working.</p>
<p>Getting a new location or expanding your current one will be a huge expense. Often, businesses cannot afford to cough up the cash required for this move. Small business loans may be your best option to fund a necessary expansion. Lenders can send you the funds within 2 business days after your loan is approved. Business loans are practical if the increase in business revenue is more than the cost of loan repayments.</p>
<h3>3. Find New Talent</h3>
<p>Small businesses usually start with one or two people dealing with all-around operations. But as you continue to grow your business, there will come a time when you need more people to manage daily operations. Payroll is a necessary business expense that can also take the largest cut of a small business’s budget.</p>
<p>When you onboard a new employee, you need cash to pay their salary. Unless your business is something that attracts interns or can pay staff in equity. Business loans can help you cover payroll for new employees until your cash flow can cover them.</p>
<p>There are payroll loans that are great options for businesses with seasonal employees. For example, if you employ additional staff during Black Friday sales or the holiday season, a one-time loan can be a good option.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22510" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/African-American-man-calculating-using-machine-managing-household-finances-at-home.jpg" alt="African-American-man-calculating-using-machine-managing-household-finances-at-home," width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/African-American-man-calculating-using-machine-managing-household-finances-at-home.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/African-American-man-calculating-using-machine-managing-household-finances-at-home-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<h3>4. Procure New Inventory</h3>
<p>Inventory is a separate category from equipment. These are products and raw materials that are used to manufacture the final product you sell. It also has its own type of financing referred to as inventory financing. Financing new inventory can be done through a line of credit or an inventory loan. Loans are best for a large, one-time purchase of inventory. Meanwhile, a line of credit gives your business more legroom for unscheduled, regular inventory procurement.</p>
<p>An inventory loan is a practical choice if your small business has peak and off seasons. The loan can cover immediate needs and give you more budget for your regular business expenses such as rent and payroll.</p>
<p>Business in the hospitality industry or those that sell seasonal fruits, Christmas items, skiing, or bathing gear will likely have their up and down seasons.</p>
<h3>5. Purchase New Equipment</h3>
<p>One of the most common uses of a business loan is to purchase a fixed asset. Fixed assets are equipment or property that will generate income. There are specific loans to finance the equipment. Instead of a general business loan, these equipment loans are provided to purchase an expensive piece of equipment.</p>
<p>With an equipment loan, you can spread the cost of the equipment over months or years. You can also use the equipment as collateral for your loan. This means that your lender can repossess that equipment if you cannot keep up with payments.</p>
<p>The Equipment Leasing and Finance Association tells business owners that if they know that the equipment will be used for more than 3 years, it makes more sense to purchase it than to lease. Equipment loans can be used to purchase items such as computer servers, commercial printers, special machinery, manufacturing equipment, kitchen equipment, or kitchenware.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/Biz-2-Credit-new-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="" data-partner-total_votes="" data-partner-title="{bold: Fast approval funding solutions}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/Biz-2-Credit-new-logo.svg" data-partner-mobile_title="{bold: Fast approval funding solutions} <br> <br>Loan amount: $60K - $2M " data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="Quick and top quality customer support" data-partner-slide_down_read_review="" data-partner-conversion_label="ir7YCK6_xIEYEKr4-oYp" data-partner-under button text="Apply online in minutes" data-partner-adoric_event="" data-partner-partner_id="413" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Biz2Credit" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.9" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="" data-partner-trustpilot_reputation="" data-partner-advantage="" data-partner-desktop_details_limit="6" data-partner-mobile_details_limit="2" data-partner-slide_down_video="" data-partner-choose_phone_display_hours="phone display hours" data-partner-general-offer="https://www.biz2credit.com/spotower/quick-apply/new?utm_term=${add_gclid}&utm_medium=affiliate&utm_source=spotower" data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/biz2credit-logo-1-.png" data-promote-text="Apply online in minutes" data-button-text="Explore" data-kidon-id="413" data-conversion-label="ir7YCK6_xIEYEKr4-oYp" data-button-name="Biz2credit 2" data-button-type="buttono" data-partner-post-id="cG9zdDoxNjczMw==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df079ea1 class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/biz2credit-logo-1-.png' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Apply online in minutes</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Explore</a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<h3>Bottomline</h3>
<p>Business loans can become a growth opportunity as long as you use them wisely. Borrowing to fund a physical expansion, hire additional staff, or procure new equipment or inventory is an investment for your business. Make sure to compare various lenders and always remember why you’re taking out the loan so you can find the best offers.</p>
<p>&nbsp;</p>


Two-businesswomen-shaking-hands-in-modern-office

Top 5 Reasons Small Businesses Get a Loan

<p>When you have bills to pay or have to make a big decision about your business’s future, managing your firm&#8217;s revenues and expenses might feel burdensome. Your earnings are mainly consumed by the expenses of running the company, and in the end, a small budget will be left to pay for unforeseen expenses or investments.</p>
<p>Such difficulties will always be present in a company, especially small businesses. With that being said, taking out a business loan can save your company instead of considering closing the business. Moreover, a loan might be useful if you&#8217;re having trouble keeping your firm afloat or are eager to invest in expansion. Review the loan application process to see if it is the best course of action for your business.</p>
<p>&nbsp;</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22517" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/handshake-of-two-lawyers-after-discussing-the-terms-of-a-financial-contract.jpg" alt="handshake-of-two-lawyers-after-discussing-the-terms-of-a-financial-contract" width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/handshake-of-two-lawyers-after-discussing-the-terms-of-a-financial-contract.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/handshake-of-two-lawyers-after-discussing-the-terms-of-a-financial-contract-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<p>&nbsp;</p>
<h3>Why Do You Need To Get a Business Loan?</h3>
<p>Having a small business could be a struggle for some and it is normal. People go through lots of challenges before having a taste of success. Listed below are some of the reasons why you should consider taking out a loan for your business.</p>
<p><strong>1. Equipment Purchase</strong></p>
<p>It is crucial to maintain top-notch customer service even when business is doing well. You can service more customers and increase efficiency with new and better equipment.</p>
<p><strong>2. Salary Adjustments</strong></p>
<p>If things are going well, you could find it advantageous to hire more people to improve output and revenue. You could want a loan to meet these extra expenses because new employees also need compensation insurance in addition to their salary.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="https://fundera.go2cloud.org/aff_c?offer_id=1&aff_id=1025&aff_sub=" data-partner-total_votes="" data-partner-title="{bold:Fast and simple business loan options}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-mobile_title="Loan amount: $5K-$5M" data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="" data-partner-slide_down_read_review="" data-partner-conversion_label="QuO1CLS_xIEYEKr4-oYp" data-partner-under button text="" data-partner-adoric_event="" data-partner-partner_id="425" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Fandera LOC" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.7" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="" data-partner-trustpilot_reputation=""  data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-promote-text="Minimum credit score: 620" data-button-text="Get Rate " data-kidon-id="425" data-conversion-label="QuO1CLS_xIEYEKr4-oYp" data-button-name="fundera " data-button-type="" data-partner-post-id="cG9zdDoxNTg1MA==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df0878b8 class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Minimum credit score: 620</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Get Rate </a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<p><strong>3. Office Renovation</strong></p>
<p>A business does not require a larger facility to operate but remodeling your office may help your business by brightening up the surroundings which can catch your customer’s attention.</p>
<p><strong>4. Financial Aid for Times of Slow Profit</strong></p>
<p>Even well-established companies occasionally experience financial strain due to the economy&#8217;s ongoing changes. You may guarantee your business survives these lean periods till the revenue returns by taking out a loan to assist working capital.</p>
<p><strong>5. Seasonal Businesses</strong></p>
<p>Some companies only make money during certain seasons of the year. They could do only occasional or no business for the remainder of the year. It is advised to obtain a loan during those periods to get ready for the next season.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/Biz-2-Credit-new-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="" data-partner-total_votes="" data-partner-title="{bold: Fast approval funding solutions}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/Biz-2-Credit-new-logo.svg" data-partner-mobile_title="{bold: Fast approval funding solutions} <br> <br>Loan amount: $60K - $2M " data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="Quick and top quality customer support" data-partner-slide_down_read_review="" data-partner-conversion_label="ir7YCK6_xIEYEKr4-oYp" data-partner-under button text="Apply online in minutes" data-partner-adoric_event="" data-partner-partner_id="413" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Biz2Credit" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.9" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="" data-partner-trustpilot_reputation="" data-partner-advantage="" data-partner-desktop_details_limit="6" data-partner-mobile_details_limit="2" data-partner-slide_down_video="" data-partner-choose_phone_display_hours="phone display hours" data-partner-general-offer="https://www.biz2credit.com/spotower/quick-apply/new?utm_term=${add_gclid}&utm_medium=affiliate&utm_source=spotower" data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/biz2credit-logo-1-.png" data-promote-text="Apply online in minutes" data-button-text="Explore" data-kidon-id="413" data-conversion-label="ir7YCK6_xIEYEKr4-oYp" data-button-name="Biz2credit 2" data-button-type="buttono" data-partner-post-id="cG9zdDoxNjczMw==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df08a68c class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/biz2credit-logo-1-.png' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Apply online in minutes</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Explore</a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<p><strong>6. New promotion and advertisement</strong></p>
<p>By working on your brand awareness, it can surely attract more customers to the product or service you’re offering. You can do this by holding an annual Christmas sale or advertising a grand launch of a new branch. Doing this can help you optimize your return on investments (ROI).</p>
<h3>What to Do Before Loan Application?</h3>
<p><strong>Know What You Need</strong></p>
<p>You should list down everything your business needs before even beginning the loan application process. Invest some time in creating a detailed business strategy. Have a financial advisor take a look and review the business plan for you or have them help you to create one if you haven’t done it before. They can assist you through the process, inform you of costs or fees that you probably didn&#8217;t know, and help you create a strong, comprehensive, and realistic plan.</p>
<p><strong>Total Money Required and Expected</strong></p>
<p>You must know how much funds your business needs to achieve its objectives. If not, when the loan money expires, you can find yourself in a worse financial situation. Use your company’s performance and financial statements for the past years as a reference to make future estimates.</p>
<p>Consider marketing and conversion data to get a better understanding of the consumer&#8217;s behavior today and how many new ones you may anticipate attracting in the future. Find out how much revenue your company can project to make over a specific time period. This may help you determine if you can make the required loan payments.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22509" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Man-in-formal-wear-sit-on-chair-armchair-behind-desktop.jpg" alt="Man-in-formal-wear-sit-on-chair-armchair-behind-desktop" width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Man-in-formal-wear-sit-on-chair-armchair-behind-desktop.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Man-in-formal-wear-sit-on-chair-armchair-behind-desktop-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<p><strong>Allocation of Budget</strong></p>
<p>Budgeting money is essential for any business. You have to know the allocation of the money you’ll get from the loan and how much is distributed among the departments. Consider these factors when choosing your options and select the loan type that will be most advantageous for your company.</p>
<p><strong>Choosing a Lender</strong></p>
<p>There are lots of institutions and creditors where you can borrow money to finance your business. These include banks, credit unions, lending, and investment companies, loan agencies, online lending platforms, P2P lending, and credit card loans. Different benefits are included in each of them so thoroughly weigh your alternatives before making a choice.</p>
<p>When inquiring about a loan, do these steps to get all the information you need to compare their plans:</p>
<ul>
<li>Gather information on loan amounts, repayment schedules, and interest rates. Compare each offer to the assessment you did of your expenditures.</li>
<li>Inquire about the loan&#8217;s eligibility criteria and any charges or penalties that may apply.</li>
<li>After selecting a creditor, thoroughly read all of the conditions or better yet have a lawyer review them before signing any papers.</li>
</ul>
<p>Knowing a couple of the tricks to gain quick approval is helpful when visiting lenders to apply for a business loan.</p>

<p><strong>A Reminder for Business Owners</strong></p>
<p>Bankruptcy should never be an option for your business. If your company is struggling at the moment, reach out to a friend or seek help from a lending institution to keep your business alive. When selecting a loan source, keep in mind to consider all of your possibilities, collect information, and use judgment.</p>


handshake-of-two-lawyers-after-discussing-the-terms-of-a-financial-contract

Business Is Struggling? How Small Business Loans Can Help

<p>Starting a business requires a hefty amount of sum for funding. There are many ways to acquire this money and one of them is getting a startup loan. But before anything else, the first thing you need to do is find out what expenses you need to start your business. This includes office space, office furnishings, operational facilities, and production equipment, as well as legal costs.</p>
<p>When taking out a loan, also consider at least six months of your company’s operational costs such as insurance, salary, advertisement, office rent, and supplies. Do not forget to include the repayment of your company loans in your costs.</p>
<p>You may use your possessions as collateral for your loan since they are considered assets. Meanwhile, expenses are costs that you incur but do not retain.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22506" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Rear-view-portrait-of-a-businesswoman-sitting-on-her-workplace-in-the-office-typing-looking-at-pc-screen..jpg" alt="Rear-view-portrait-of-a-businesswoman-sitting-on-her-workplace-in-the-office,-typing,-looking-at-pc-screen." width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Rear-view-portrait-of-a-businesswoman-sitting-on-her-workplace-in-the-office-typing-looking-at-pc-screen..jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Rear-view-portrait-of-a-businesswoman-sitting-on-her-workplace-in-the-office-typing-looking-at-pc-screen.-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<h3>What You Need To Applying for a Startup Loan?</h3>
<p>Like any other loan, lenders should know if you are a responsible borrower where they will have to run a credit check. Good personal credit is at 680 and higher. Startup company loans usually have an APR of between 7.9% and 19.9%, a maximum loan amount of $750,000, and payback durations that can last for months up to years. By pledging your business assets as collateral, you can have access to more affordable loan rates. Signing up for Equipment Financing Loan is another alternative to which your assets can be used as collateral while making loan payments at the same time.</p>
<p>When applying for a loan, a few requirements are needed to be submitted. You need to present a business plan and disclose your assets, and an application form provided by the lender has to be filled out. If you have the latest ITRs (income tax return) of your business, you must submit them; if not, your personal income tax records for the past three years will do. Additionally, business certificates, documents, and financial statements of your company are also required by most lenders.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="https://fundera.go2cloud.org/aff_c?offer_id=1&aff_id=1025&aff_sub=" data-partner-total_votes="" data-partner-title="{bold:Fast and simple business loan options}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-mobile_title="Loan amount: $5K-$5M" data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="" data-partner-slide_down_read_review="" data-partner-conversion_label="QuO1CLS_xIEYEKr4-oYp" data-partner-under button text="" data-partner-adoric_event="" data-partner-partner_id="425" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Fandera LOC" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.7" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="" data-partner-trustpilot_reputation=""  data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-promote-text="Minimum credit score: 620" data-button-text="Get Rate " data-kidon-id="425" data-conversion-label="QuO1CLS_xIEYEKr4-oYp" data-button-name="fundera " data-button-type="" data-partner-post-id="cG9zdDoxNTg1MA==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df0963f1 class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Minimum credit score: 620</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Get Rate </a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<h3>Where to get funds for a startup?</h3>
<p>Best-rated lenders are the number one go-to for aspiring business owners. But aside from this, there are several more alternatives for launching your new firm. In contrast to private and/or government loans, getting accepted on a credit card application is a much quicker way to get money. However, credit rating plays a big role in this such that having bad credit results in getting a higher APR.</p>
<p>If you’re looking for good interest rates, you may acquire SBA loans from the government and microloans. However, these loans are very picky on borrowers and are quite challenging to qualify for. Moreover, they require payment of small sums.</p>
<p>On the other hand, looking for investors and receiving a grant for venture capital could save you a lot of repayment money. Crowdfunding also works or if you have family or friends that are kind enough to lend you money, it will be an easy start for your business and no interest will be paid. The drawback of this is that you face the danger of destroying your relationship with them if the venture fails.</p>
<p>Another option is applying for a personal loan to use for their startup which is not recommended for business owners as it greatly raises their own financial risk.</p>
<p>In the meantime, here are two financing companies that can lend you funds if you can’t find options that are fit for your startup needs.</p>
<p><strong>OnDeck</strong></p>
<p>If you’re looking for flexible loans, OnDeck is a good choice with its business loans and lines of credit plans. The minimum credit score an applicant should have is 625. You don’t have to wait long for your application approval as decisions could be made and money can be obtained within 24 hours only. The company also values its customers and this can be seen in its customer support.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/Biz-2-Credit-new-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="" data-partner-total_votes="" data-partner-title="{bold: Fast approval funding solutions}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/Biz-2-Credit-new-logo.svg" data-partner-mobile_title="{bold: Fast approval funding solutions} <br> <br>Loan amount: $60K - $2M " data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="Quick and top quality customer support" data-partner-slide_down_read_review="" data-partner-conversion_label="ir7YCK6_xIEYEKr4-oYp" data-partner-under button text="Apply online in minutes" data-partner-adoric_event="" data-partner-partner_id="413" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Biz2Credit" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.9" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="" data-partner-trustpilot_reputation="" data-partner-advantage="" data-partner-desktop_details_limit="6" data-partner-mobile_details_limit="2" data-partner-slide_down_video="" data-partner-choose_phone_display_hours="phone display hours" data-partner-general-offer="https://www.biz2credit.com/spotower/quick-apply/new?utm_term=${add_gclid}&utm_medium=affiliate&utm_source=spotower" data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/biz2credit-logo-1-.png" data-promote-text="Apply online in minutes" data-button-text="Explore" data-kidon-id="413" data-conversion-label="ir7YCK6_xIEYEKr4-oYp" data-button-name="Biz2credit 2" data-button-type="buttono" data-partner-post-id="cG9zdDoxNjczMw==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df09a35d class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/biz2credit-logo-1-.png' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Apply online in minutes</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Explore</a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<p><strong>Rapid Finance</strong></p>
<p>Rapid Finance focuses its services on companies of any size and of several markets and industries. The financial services company has funded more than $2 billion on startup businesses in the span of almost 20 years of providing capital services. Rapid Finance is a good alternative to local banks and other lending companies with only requiring a minimum credit score of 550 which is relatively low compared to other creditors.</p>
<h3>Conclusion</h3>
<p>Any business ideas could just bounce out of your head and nothing compares to the excitement of imagining the success that your business could get in the future. But starting a new venture requires time, effort, and of course sizable money. Taking out a startup loan is one way of funding your business and you can now cross out “start a business” off your bucket list.</p>


Rear-view-portrait-of-a-businesswoman-sitting-on-her-workplace-in-the-office,-typing,-looking-at-pc-screen.

Need Funds to Start Your Business? Get a Startup Loan

<p>Businesses can obtain funding through loans, credit cards, and lines of credit to pay for new personnel and equipment as well as to fund expansion and investments. Did you know that almost all 29 million small businesses in America have taken out a loan? In fact, businesses wouldn’t survive and flourish without borrowing money.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22510" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/African-American-man-calculating-using-machine-managing-household-finances-at-home.jpg" alt="African-American-man-calculating-using-machine-managing-household-finances-at-home," width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/African-American-man-calculating-using-machine-managing-household-finances-at-home.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/African-American-man-calculating-using-machine-managing-household-finances-at-home-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<p>Having a business has its own share of challenges and difficulties along the way, and debt is not uncommon for most of them. According to statistics, within the first five years of operation, 50% of small firms fail, and a typical American small company owner is held accountable for $195,000 in debt on average.</p>
<p>As mentioned, no business has been smooth sailing since it first started. But although problems will always be present, there will always be ways to overcome these. Borrowing money can do you good more than you think, it can even save you from going down with your business because of debt.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="https://fundera.go2cloud.org/aff_c?offer_id=1&aff_id=1025&aff_sub=" data-partner-total_votes="" data-partner-title="{bold:Fast and simple business loan options}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-mobile_title="Loan amount: $5K-$5M" data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="" data-partner-slide_down_read_review="" data-partner-conversion_label="QuO1CLS_xIEYEKr4-oYp" data-partner-under button text="" data-partner-adoric_event="" data-partner-partner_id="425" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Fandera LOC" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.7" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="" data-partner-trustpilot_reputation=""  data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-promote-text="Minimum credit score: 620" data-button-text="Get Rate " data-kidon-id="425" data-conversion-label="QuO1CLS_xIEYEKr4-oYp" data-button-name="fundera " data-button-type="" data-partner-post-id="cG9zdDoxNTg1MA==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df0a5ce0 class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Minimum credit score: 620</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Get Rate </a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<h3>Managing Your Company’s Cash Flow</h3>
<p>If you are involved in a business, it is important to know these terms (especially if you’ve taken out a loan):</p>
<ul>
<li>Net Income = revenues &#8211; expenses (this includes wages, taxes, and other expenditures)</li>
<li>Monthly Loan Payment = principal + interest</li>
<li>Principal = the total amount borrowed / time period of repayment in months</li>
</ul>
<p>Careful planning of the budget and maintaining a balanced cash flow can keep you on track with all of your spending. With a consistent expenditure and cash flow, perhaps you can already have an expectation of how much income you will have by the end of the month. However, if your cash flow is unpredictable and you fail to keep track of your spending, you might find it difficult to make payments and begin accruing more debt than you can manage.</p>
<p>Reducing your debt is possible in many ways. First, budget your earnings so you can save some to pay off the borrowed money. Allocate a certain percentage of your income specifically for repayment. You may also establish a savings goal in which once you reach a certain earning, you can pay the debt comfortably. Or a much simpler but very effective approach is by saving money by only buying necessary items. Although it can be a struggle to not shop for your wants it’s time to prioritize.</p>
<h3>Earn Big</h3>
<p>We know that it can’t happen overnight but it is true that increasing the revenue of your company can help a lot in paying off your debts. To achieve this, a small business should stand out from the crowd. Your venture would be flooded with customers in no time.</p>
<p>Listed below are some ways that you and your business can adapt to gain more profit.</p>
<p><strong>Expand the business</strong></p>
<p>Create a growth strategy for your business like offering a new product or making your service available to more platforms. If you’re operating a coffee shop, think about what goes well with coffee. You may introduce donuts or croissants on your menu, giving your customers more choices. Or if you only have a physical store, why not branch out to more consumers and make your store available online? Launching a website is cheap but very efficient in the business world.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22511" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Portrait-of-happy-woman-standing-at-doorway-of-her-store.-Cheerful-mature-waitress-waiting-for-clients-at-coffee-shop..jpg" alt="Portrait-of-happy-woman-standing-at-doorway-of-her-store.-Cheerful-mature-waitress-waiting-for-clients-at-coffee-shop." width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Portrait-of-happy-woman-standing-at-doorway-of-her-store.-Cheerful-mature-waitress-waiting-for-clients-at-coffee-shop..jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Portrait-of-happy-woman-standing-at-doorway-of-her-store.-Cheerful-mature-waitress-waiting-for-clients-at-coffee-shop.-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<p><strong>Price Increase</strong></p>
<p>Sellers are usually dubious when it comes to setting prices. Some of them opt to sell more products at a lower cost than to determine the actual price that buyers will pay for their goods. But before raising the cost of your products, you should conduct a comprehensive research about the market and your competitors first. If you think that you’re pricing too low, you can impose a one-time price hike to acquire more profit.</p>
<p><strong>Side Hustle for Extra Income</strong></p>
<p>Having another job while working full-time is a good way to make extra cash. If your current business allows you to have too much free time, consider taking another job or working part-time to earn more. Nothing is constant which is why a lot of entrepreneurs struggle with unpredictability.</p>
<p><strong>Sense of Creativity</strong></p>
<p>Starting a business up to operating it will never be an easy task. Up and down will always be present, which is why business owner should always have something up their sleeves. Allow yourself to learn more and you can generate fresh concepts that will support the growth and success of your company.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/Biz-2-Credit-new-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="" data-partner-total_votes="" data-partner-title="{bold: Fast approval funding solutions}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/Biz-2-Credit-new-logo.svg" data-partner-mobile_title="{bold: Fast approval funding solutions} <br> <br>Loan amount: $60K - $2M " data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="Quick and top quality customer support" data-partner-slide_down_read_review="" data-partner-conversion_label="ir7YCK6_xIEYEKr4-oYp" data-partner-under button text="Apply online in minutes" data-partner-adoric_event="" data-partner-partner_id="413" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Biz2Credit" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.9" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="" data-partner-trustpilot_reputation="" data-partner-advantage="" data-partner-desktop_details_limit="6" data-partner-mobile_details_limit="2" data-partner-slide_down_video="" data-partner-choose_phone_display_hours="phone display hours" data-partner-general-offer="https://www.biz2credit.com/spotower/quick-apply/new?utm_term=${add_gclid}&utm_medium=affiliate&utm_source=spotower" data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/biz2credit-logo-1-.png" data-promote-text="Apply online in minutes" data-button-text="Explore" data-kidon-id="413" data-conversion-label="ir7YCK6_xIEYEKr4-oYp" data-button-name="Biz2credit 2" data-button-type="buttono" data-partner-post-id="cG9zdDoxNjczMw==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df0ac39e class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/biz2credit-logo-1-.png' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Apply online in minutes</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Explore</a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<h3>Know What You’re In For</h3>
<p>Before signing all the paperwork, make sure that you understand the terms and conditions of your loan, especially when it comes to the fees and penalties.</p>
<p>If you happen to have extra cash, you may pay your debt earlier than expected. However, you may also have to pay extra cash because penalty costs are charged by some loan providers. Late payment fees could also apply, especially if there are some internal problems the business is currently dealing with. Ask your lender if they can provide a grace period. It may be a great chance for a company to earn a profit before repayments begin. However, firms may experience issues with back-ended payments if actual revenue is below projections.</p>
<p>Such documents may have left important things out that could either bring you issues in the long run or it could also be beneficial to you. Either way, there’s a risk of encountering problems if you don’t fully read and comprehend the contract. If you found any clauses that are questionable or the repayment duration is too tight for you, try to discuss more with your lender and change the conditions that are both agreeable to you and them.</p>
<p>Most lenders are generous and understanding. They would certainly agree on renegotiating the deal if you can prove that you can’t afford to pay the proposed amount monthly. It is much more feasible for them to grant you smaller monthly repayments instead of debt collection, which is considered expensive by lenders.</p>
<p>There is a possibility that you may not have to pay the entire amount you borrowed. Talk with your lender and ask for a debt settlement if your loan is not backed by collateral. On the other hand, through debt management, you can convince creditors to offer you a longer loan term or a lower interest rate. This cuts your monthly payments or allows you to have more time to pay off your debts.</p>
<p>A hardship letter should be sent by the borrower to his or her creditor stating the reason why they couldn’t meet the required monthly payments. The letter should also explain that the borrower has done everything to budget their money, such as creating a repayment plan for each month and limiting their spending. It should also include that there’s nothing else that the borrower could do to solve the problem.</p>
<h3>Debt Payment by Consolidation</h3>
<p>The process of combining loans from one or more lenders into a single loan from a different lender is known as debt consolidation. The new creditor of choice will take care of repaying your previous loans and provides you with a new one. This could come with more benefits such as flexible monthly payments and reduced interest rates.</p>
<p>Even repaying one debt might be challenging for small business owners. However, if your company has debts from several lenders, trying to keep track of all those bills may hinder you from expanding your company, or even worse, having the business closed. By consolidating your debt, the risk of not fulfilling the payment will be decreased and will allow you to plan your budget for the month.</p>
<h3>Pay Your Debt with Automatic Payment</h3>
<p>To prevent penalty fees, automated payment helps you not forget the due date. It is said that automated payments can have a good psychological impact in addition to saving you the hassle of directly paying your lender each month. It will be simpler to track your monthly spending and create a budget plan if there’s a transaction history that you can use for reference in your bank account.</p>
<p>You may link your credit card or pay via your online bank account to automatically pay your borrowed money. Having your creditor withdraw the money could also save you a lot of hassle.</p>

<h3>Lending Companies that Might Help You Solve Your Financing Problems</h3>
<p><strong>• OnDeck.</strong> With its company loans and lines of credit programs, OnDeck is a wonderful option if you&#8217;re seeking flexible financing. A candidate&#8217;s credit score must be at least 625 to be qualified. Decisions about your application may be made, and funds may be secured, just 24 hours after submission. Additionally, the business appreciates its clients, as seen by the quality of its customer service.</p>
<p><strong>• Rapid Finance.</strong> The lending company targets its services to businesses of all sizes across a range of markets and sectors. In the almost 20 years that the financial services firm has been offering capital services, it has invested more than $2 billion in new enterprises. With a minimal credit score requirement of about 550, which is comparatively low when compared to other creditors, Rapid Finance is a suitable alternative for your local banks and other lending institutions.</p>


African-American-man-calculating-using-machine-managing-household-finances-at-home,

Planning to Take Out a Small Business Loan? Tips on Getting a Loan and Managing Your Debts

<p>Entrepreneurs who dream of opening up their own restaurants may find the final numbers quite overwhelming. There is a huge financial burden associated with launching a restaurant business as well as the risk of failure. But this fear shouldn’t stop business owners who want to venture into the restaurant industry. There are loan options that allow business owners to fund their startup and lead it to success.</p>
<p>There are lenders that provide business loans with fair terms and reasonable rates that would help small businesses. If you want to successfully launch a restaurant business, you need to know the basics that will lead to success. Make sure you check every financial aspect involved in your goals.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22511" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Portrait-of-happy-woman-standing-at-doorway-of-her-store.-Cheerful-mature-waitress-waiting-for-clients-at-coffee-shop..jpg" alt="Portrait-of-happy-woman-standing-at-doorway-of-her-store.-Cheerful-mature-waitress-waiting-for-clients-at-coffee-shop." width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Portrait-of-happy-woman-standing-at-doorway-of-her-store.-Cheerful-mature-waitress-waiting-for-clients-at-coffee-shop..jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Portrait-of-happy-woman-standing-at-doorway-of-her-store.-Cheerful-mature-waitress-waiting-for-clients-at-coffee-shop.-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<h3>How Loans Can Help New Restaurant Owners?</h3>
<p>During the first few months, and this goes for most types of businesses, it would feel like all you do is spend and sign checks for business expenses. This is why business owners should really understand the value of the loan they’re taking out. You may prepare a list of expenses but there may be unexpected situations that could also cost money.</p>
<p>It’s easy to feel like drowning before you even started swimming with expenses piling up and very little profit. This is where your loan can help you. SMB loans provide startup capital and help business owners cover expenses. It also gives you flexibility in terms of repayment once you have a more stable flow of income.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="https://fundera.go2cloud.org/aff_c?offer_id=1&aff_id=1025&aff_sub=" data-partner-total_votes="" data-partner-title="{bold:Fast and simple business loan options}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-mobile_title="Loan amount: $5K-$5M" data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="" data-partner-slide_down_read_review="" data-partner-conversion_label="QuO1CLS_xIEYEKr4-oYp" data-partner-under button text="" data-partner-adoric_event="" data-partner-partner_id="425" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Fandera LOC" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.7" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="" data-partner-trustpilot_reputation=""  data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-promote-text="Minimum credit score: 620" data-button-text="Get Rate " data-kidon-id="425" data-conversion-label="QuO1CLS_xIEYEKr4-oYp" data-button-name="fundera " data-button-type="" data-partner-post-id="cG9zdDoxNTg1MA==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df0b611b class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Minimum credit score: 620</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Get Rate </a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<p><strong>Pros of a Business Loan for Restaurants</strong></p>
<p>If you’re thinking of launching a new business, here are some key advantages of taking out a business loan.</p>
<p>• Access to sufficient funding to start the business</p>
<p>• Immediately access the funds you need</p>
<p>• Pay off the loan over time</p>
<p>• Access to member-specific benefits from lenders such as financial education, job opportunities, and more</p>
<p>• Different types of business loans for specific business expenses such as commercial real estate loans, equipment leases, and ACH cash flow loan</p>
<p><strong>Cons of a Business Loan for Restaurants</strong></p>
<p>• Accumulate interest over time. Interest earned can be reduced by looking for a lender with competitive rates and favorable repayment terms.</p>
<p>• Poor credit may prevent you from getting competitive offers</p>
<p>• Collateral may be required which many new business owners do not have.</p>
<h3>How Much Do You Need to Borrow?</h3>
<p>A common and crucial mistake that a new restaurant owner would make is not borrowing enough money from their first loan. This occurs because they fail to account for some expenses that the business would need or they overestimated the rate at which their revenue would come in during the fledgling stages of the business. Below are some costs that you should cover with your loan:</p>
<p>• Starting costs</p>
<p>• Insurance and licenses</p>
<p>• Venue renovation</p>
<p>• Supplies and equipment</p>
<p>• Monthly bills such as water, electricity, and rent</p>
<p>• Staffing</p>
<p>• Inventory</p>
<p>• Promotion and marketing</p>
<p>• Taxes, accounting, etc</p>
<p>• Interest repayment and loan fees</p>
<p>Once you have a list of the items that you expect, you need to calculate how much income you would expect every month. It’s better to be as detailed as possible to minimize unexpected costs. It will also help in your application to have a comprehensive business plan.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22512" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Sales-assistant-in-clothing-store.jpg" alt="Sales-assistant-in-clothing-store" width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Sales-assistant-in-clothing-store.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Sales-assistant-in-clothing-store-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<h3>Loan Options for Restaurant Owners</h3>
<p>Business owners have several options when it comes to taking out a loan. You can go to your local bank, a private investor, or peer-to-peer lenders. Venture capital and private investors should be taken as the last option because they often come with high costs and forfeiture to the investor of a certain degree of control over the business. With banks, you would have to deal with strict eligibility requirements which can make it more challenging to get your loan approved. Banks also charge high interest rates which could lead to more difficulty in earning profit from your business once you get it off the ground.</p>
<p>A viable loan option for small businesses is to find an online lender. The online lending market is highly competitive which means you get better rates. You don’t need to put in a lot of effort to get favorable terms for your business loan.</p>
<h3>Get a Small Business Loan for Your Restaurant</h3>
<p>One of the most attractive aspects of taking out a loan from online lenders is the simple application process. Your loan can be approved in just a few minutes after submitting your application. Another advantage is that you only need to submit one application form to get multiple loan offers.</p>
<p>Each online lending platform will have different versions of a loan application form. But the basic information to provide will be similar. This would include your personal details such as name and phone number and the amount you want to borrow. You may also be required to attach bank statements, ownership documentation, and profit and loss statements. Lenders will use these documents to review the application and determine the rates they want to offer.</p>
<h3>Where to Get a Business Loan?</h3>
<p>OnDeck provides business owners lines of credit as well as traditional business loans. You can get the loan approved and the funds within 24 hours. However, you do need to provide a personal guarantee and a business lien for the loan.</p>
<p>Another company that works with small businesses is Rapid Finance. The company was established in 2005 and has provided more than $2 billion in funding to small businesses. Rapid Finance offers loan programs for small and medium-sized businesses from a range of industries.</p>

<h3>Frequently Asked Questions</h3>
<p><strong>1. What can I use the business loan for?</strong></p>
<p>Business loans typically do not limit where you can spend the funds on. However, lenders may still ask for a business plan with details of how you want to spend the money. There are also different types of loans that cover specific expenses.</p>
<p><strong>2. How long can I repay my loan?</strong></p>
<p>Repayment terms will depend on the lender. Some lenders only offer up to 12-month terms while others can offer you terms up to 25 years.</p>
<p><strong>3. What should I do about unexpected costs after my loan is approved?</strong></p>
<p>Experts recommend taking into account unexpected expenses when you apply for a business loan. Whether it’s a broken piece of equipment or limited revenue, you may be approved for a further business loan provided that you are on time with monthly payments.</p>
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<p><strong>4. What should I look for in the fine print?</strong></p>
<p>Reputable lenders will be honest regarding their loan policies and terms. However, you might miss some unexpected fees and penalties in the fine print. For example, paying off the loan early may get you fined with prepayment penalties. It will be advantageous if you can find a lender that allows early payments or waives prepayment penalties.</p>


Portrait-of-happy-woman-standing-at-doorway-of-her-store.-Cheerful-mature-waitress-waiting-for-clients-at-coffee-shop.

Restaurant Owners: Small Business Loan Options

<p>The Paycheck Protection Program is a loan program backed by the Small Business Administration. The program helped businesses maintain their workforce as the Covid-19 crisis emerged. The PPP ended on May 31, 2021, which was unfortunate for many businesses that have not yet bounced back from the financial blows. For business owners who are looking for ways to keep their businesses afloat, there are other options to get funding.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22509" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Man-in-formal-wear-sit-on-chair-armchair-behind-desktop.jpg" alt="Man-in-formal-wear-sit-on-chair-armchair-behind-desktop" width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Man-in-formal-wear-sit-on-chair-armchair-behind-desktop.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Man-in-formal-wear-sit-on-chair-armchair-behind-desktop-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<h3>Where is the PPP Loan Now?</h3>
<p>The PPP is a loan that incentives small businesses that are registered with the US SBA to continue the employment of their workforce. Millions of small businesses were able to benefit from the program’s forgivable loans. At the start of 2021, the program issued its third round of funding. The application was closed on May 31st of the same year.</p>
<p>The Small business Administration approved almost 11 million loans with over $780 billion in business aid since May 10, 2021. Currently, there are no plans for the fourth round of funding. As more and more states ease their COVID-19 rules, many businesses are also trying to go back to pre-COVID operations. If you have a small business and you need funding sources to maintain your business, here are some options as alternatives.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Lendzi-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="https://app.lendzi.com/step1?lead_source=10bestbusinessloans&click_id=" data-partner-partner_id="779" data-partner-total_votes="" data-partner-under button text="" data-partner-title="{bold:Multiple lending options & fast funding}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Lendzi-logo.svg" data-partner-mobile_title="Loan amount: $5K-$5M" data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="" data-partner-slide_down_read_review="" data-partner-conversion_label="5kX6COmSzboYEKr4-oYp" data-partner-adoric_event="" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Lendzi" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.7" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="8.8" data-partner-trustpilot_reputation="8" data-partner-advantage="" data-partner-desktop_details_limit="6" data-partner-mobile_details_limit="2" data-partner-slide_down_video="" data-partner-choose_phone_display_hours="phone display hours"  data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Lendzi-logo.svg" data-promote-text="Loan Amount: $5K to $5M" data-button-text="Get Rates " data-kidon-id="779" data-conversion-label="5kX6COmSzboYEKr4-oYp" data-button-name="lendzi" data-button-type="" data-partner-post-id="cG9zdDozOTk4Mw==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df0c4125 class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Lendzi-logo.svg' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Loan Amount: $5K to $5M</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Get Rates </a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<h3>Alternatives to the PPP Loan</h3>
<p>These loans can be a good source of funding depending on the financial needs of your business. It is key to read about the requirements and repayment terms for these programs and determine the best option for your business.</p>
<p><strong>SBA 7(a) loans –</strong> The SBA’s primary program that can be used as capital for both long-term and short-term investments. The loans can be guaranteed by the SBA up to a specific percentage. However, these loans may have more demanding qualification criteria. SBA 97(a) loans usually have 10-year terms. There are also microloans offered through community-based, nonprofit organizations. A microloan is best for businesses that do not require more than $50,000 to get back on track.</p>
<p><strong>Economic Injury Disaster Loan –</strong> Agricultural businesses, non-profit organizations, and other small business owners can use these loans to fund their operating costs and for working capital. The EIDL, however, is not forgivable, unlike the PPP. But businesses can take advantage of low and fixed terms.</p>
<p><strong>State-Specific Loan Programs –</strong> The National Conference of State Legislatures has a list of different funding options available that are available to each state.</p>
<p><strong>Small Business Grants –</strong> Federal, state, and private agencies offer different types of grants. Grants.gov is a database where you can find federal grants for your business field. The Small Business Technology Transfer and Small Business Innovation Research is a list of available grants for small businesses involved in specific innovation or research in science.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22515" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Start-up-team.jpg" alt="Start-up-team" width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Start-up-team.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Start-up-team-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<h3>Is a Business Loan the Right Answer?</h3>
<p>There are ways to get funding even when you’ve gone through all your grant and federal loan options. You can look into lines of credit and business loans. These are the top lenders for business loans depending on what you need.</p>
<p><strong>1. Rapid Finance –</strong> You can get a quote for various credit and flexible loan options in just a few minutes. Rapid Finance can link you with SBA loans, business loans, and merchant cash advances. The company works with various types of businesses and business sizes. There is a great chance for you to find the funding you need when you submit an application.</p>
<p><strong>2. OnDeck –</strong> If you need immediate funding, OnDeck can get your loan approved and funds released in one day. They have low requirements for credit scores but you need to back up your loan with a personal guarantee and a business lien. You also need to prove that you have more than $100,000 in annual revenue.</p>
<p><strong>3. National Funding –</strong> Their business loans can go up to $500,000 which can be used to finance equipment and other business needs. It’s easy and quick to apply but we believe startups will find a better alternative elsewhere. National Funding requires a business to be active for at least a year and earn a $12,500 monthly income.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/Biz-2-Credit-new-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="" data-partner-total_votes="" data-partner-title="{bold: Fast approval funding solutions}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/Biz-2-Credit-new-logo.svg" data-partner-mobile_title="{bold: Fast approval funding solutions} <br> <br>Loan amount: $60K - $2M " data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="Quick and top quality customer support" data-partner-slide_down_read_review="" data-partner-conversion_label="ir7YCK6_xIEYEKr4-oYp" data-partner-under button text="Apply online in minutes" data-partner-adoric_event="" data-partner-partner_id="413" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Biz2Credit" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.9" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="" data-partner-trustpilot_reputation="" data-partner-advantage="" data-partner-desktop_details_limit="6" data-partner-mobile_details_limit="2" data-partner-slide_down_video="" data-partner-choose_phone_display_hours="phone display hours" data-partner-general-offer="https://www.biz2credit.com/spotower/quick-apply/new?utm_term=${add_gclid}&utm_medium=affiliate&utm_source=spotower" data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/biz2credit-logo-1-.png" data-promote-text="Apply online in minutes" data-button-text="Explore" data-kidon-id="413" data-conversion-label="ir7YCK6_xIEYEKr4-oYp" data-button-name="Biz2credit 2" data-button-type="buttono" data-partner-post-id="cG9zdDoxNjczMw==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df0ca102 class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/biz2credit-logo-1-.png' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Apply online in minutes</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Explore</a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<h3>Bottomline</h3>
<p>Now that the Paycheck Protection Program has ended, you need to find other options for funding. Fortunately, there are other options that can help keep your business afloat. Lenders and government agencies are willing to help businesses that were greatly affected by the COVID-19 pandemic. You can start by searching for loans that are specifically available in your city or state. Then read lender reviews to find the most advantageous loans for your business.</p>


Now That the PPP is Closed, What are Your Funding Options?

<p>Are you a business owner preparing to take the next step or just trying to get through a difficult economic era? Or perhaps you’re planning to launch a brand new business? For an entrepreneur, finding a good loan offer makes a huge difference.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22512" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Sales-assistant-in-clothing-store.jpg" alt="Sales-assistant-in-clothing-store" width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Sales-assistant-in-clothing-store.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Sales-assistant-in-clothing-store-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<p>The Small Business Administration is a government agency that offers support to small businesses and entrepreneurs. They have set guidelines to help business owners determine if they are qualified for a loan. A new kitchen upgrade, startup costs, and tech devices for business operations can all be covered by a business loan. But before you submit your application, take note of these 6 steps that should help you get your loan approved.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="https://fundera.go2cloud.org/aff_c?offer_id=1&aff_id=1025&aff_sub=" data-partner-total_votes="" data-partner-title="{bold:Fast and simple business loan options}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-mobile_title="Loan amount: $5K-$5M" data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="" data-partner-slide_down_read_review="" data-partner-conversion_label="QuO1CLS_xIEYEKr4-oYp" data-partner-under button text="" data-partner-adoric_event="" data-partner-partner_id="425" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Fandera LOC" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.7" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="" data-partner-trustpilot_reputation=""  data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-promote-text="Minimum credit score: 620" data-button-text="Get Rate " data-kidon-id="425" data-conversion-label="QuO1CLS_xIEYEKr4-oYp" data-button-name="fundera " data-button-type="" data-partner-post-id="cG9zdDoxNTg1MA==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df0d5b53 class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Minimum credit score: 620</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Get Rate </a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<h3>1. Develop a Workable Business Plan</h3>
<p>Drafting a solid business plan is necessary whether you go to a traditional bank or an alternative lending option. Lenders want assurance that you know what you’re doing with their money. You should include details on how you plan to allocate the funds and how it can help you increase profit. If you have goals and financial projections, you can also include them. Make sure to exhibit that the business has the sufficient cash flow to carry the burden of loan payment.</p>
<p>The business plan should include:</p>
<ul>
<li>Company description, product and services offered, competition, and market share</li>
<li>A summary of your management team and staff members</li>
<li>Sales and marketing plan</li>
<li>Facilities and inventory operation plan</li>
</ul>
<h3>2. Maintain good standing for personal credit</h3>
<p>As a business owner, you and your partners should have a strong credit rating to improve your chances of getting a good offer. Show your loan provider that you have a good history of managing debt payments and that you are not at risk of defaulting on the loan. Strong credit history and score show that you are financially responsible. Your credit reports will display your payment history, how much you currently owe, and how long since borrowing started.</p>
<h3>3. Identify which assets to use as collateral</h3>
<p>Taking out an exceptionally large amount or applying for a loan with poor credit may require you to put up an asset as collateral. You can use real estate, vehicles, or valuable equipment from your business. You can also include shareholders’ equity in this. You do need to get your assets appraised and attach them to your application. It is easier to get a secured loan approved. You can also get better rates and terms if you have an asset to back up your application.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22516" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Young-beautiful-woman-gesturing-and-discussing-something-with-smile-while-her-coworkers-listening-to-her-sitting-at-the-office-table.jpg" alt="Young-beautiful-woman-gesturing-and-discussing-something-with-smile-while-her-coworkers-listening-to-her-sitting-at-the-office-table" width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Young-beautiful-woman-gesturing-and-discussing-something-with-smile-while-her-coworkers-listening-to-her-sitting-at-the-office-table.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Young-beautiful-woman-gesturing-and-discussing-something-with-smile-while-her-coworkers-listening-to-her-sitting-at-the-office-table-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<h3>4. How would you invest in your business</h3>
<p>Lenders can also require business owners to put their own money and invest in the business. This exhibits confidence in the business plan. No bank will offer 100% of the funds you need. Term loans expect borrowers to have 20% equity invested. You can compare this to a down payment when you get a mortgage for a house. The higher the personal equity invested, the better the chances of getting a good offer.</p>
<h3>5. Compile documents and update your information</h3>
<p>Show your lender that you have what it takes to run the business. Your education, accomplishments, and work experience should put you in a positive light. The more competent your resume looks, the better your chances. You can also include your personal and business tax returns, mortgage or leases, balance sheets, bank statements, and articles of incorporation in this collection.</p>
<h3>6. Prepare your references</h3>
<p>You can include personal references as well as business references. Former colleagues and managers, clients, and vendors you’ve maintained a good relationship with can speak for your business.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Lendzi-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="https://app.lendzi.com/step1?lead_source=10bestbusinessloans&click_id=" data-partner-partner_id="779" data-partner-total_votes="" data-partner-under button text="" data-partner-title="{bold:Multiple lending options & fast funding}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Lendzi-logo.svg" data-partner-mobile_title="Loan amount: $5K-$5M" data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="" data-partner-slide_down_read_review="" data-partner-conversion_label="5kX6COmSzboYEKr4-oYp" data-partner-adoric_event="" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Lendzi" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.7" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="8.8" data-partner-trustpilot_reputation="8" data-partner-advantage="" data-partner-desktop_details_limit="6" data-partner-mobile_details_limit="2" data-partner-slide_down_video="" data-partner-choose_phone_display_hours="phone display hours"  data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Lendzi-logo.svg" data-promote-text="Loan Amount: $5K to $5M" data-button-text="Get Rates " data-kidon-id="779" data-conversion-label="5kX6COmSzboYEKr4-oYp" data-button-name="lendzi" data-button-type="" data-partner-post-id="cG9zdDozOTk4Mw==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df0d7533 class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2023/07/Lendzi-logo.svg' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Loan Amount: $5K to $5M</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Get Rates </a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<h3>Lenders We Recommend for a Small Business</h3>
<p><strong>Rapid Finance</strong></p>
<ul>
<li>Several financing options</li>
<li>Fast approval</li>
</ul>
<p>Rapid Finance was established in 2005 and has now offered more than $2 billion worth of funding for businesses. The company was launched as an alternative to traditional lending institutions. Compared to typical banks, they are more flexible and can work with different business sizes from various industries.</p>
<p><strong>OnDeck</strong></p>
<ul>
<li>Great customer service</li>
<li>Approved in 24 hours</li>
</ul>
<p>OnDeck provides lines of credit and typical business loans but with more flexibility. You can also get your application approved in 24 hours and receive the funding that you need.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/Biz-2-Credit-new-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="" data-partner-total_votes="" data-partner-title="{bold: Fast approval funding solutions}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/Biz-2-Credit-new-logo.svg" data-partner-mobile_title="{bold: Fast approval funding solutions} <br> <br>Loan amount: $60K - $2M " data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="Quick and top quality customer support" data-partner-slide_down_read_review="" data-partner-conversion_label="ir7YCK6_xIEYEKr4-oYp" data-partner-under button text="Apply online in minutes" data-partner-adoric_event="" data-partner-partner_id="413" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Biz2Credit" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.9" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="" data-partner-trustpilot_reputation="" data-partner-advantage="" data-partner-desktop_details_limit="6" data-partner-mobile_details_limit="2" data-partner-slide_down_video="" data-partner-choose_phone_display_hours="phone display hours" data-partner-general-offer="https://www.biz2credit.com/spotower/quick-apply/new?utm_term=${add_gclid}&utm_medium=affiliate&utm_source=spotower" data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/biz2credit-logo-1-.png" data-promote-text="Apply online in minutes" data-button-text="Explore" data-kidon-id="413" data-conversion-label="ir7YCK6_xIEYEKr4-oYp" data-button-name="Biz2credit 2" data-button-type="buttono" data-partner-post-id="cG9zdDoxNjczMw==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df0dc151 class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2022/05/biz2credit-logo-1-.png' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Apply online in minutes</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Explore</a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<h3>Conclusion</h3>
<p>The United States has millions of small businesses. Entrepreneurs should be prepared and committed (and maybe have a bit of luck) if they want a business to succeed. Both traditional and alternative lenders can help you with the funding you need. With these key steps in mind, you can increase your odds of receiving a favorable loan offer. Make sure that you meet your lender’s requirements and show them the strength of your personal and business credit history.</p>
<p>&nbsp;</p>


6 Steps To Get a Business Loan Approved

<p>Women now own 40% of companies in America, and that percentage is steadily increasing. However, any female business owner is aware of the inequalities in the industry. Here are some excellent methods for women to obtain the capital required to expand a business.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22516" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Young-beautiful-woman-gesturing-and-discussing-something-with-smile-while-her-coworkers-listening-to-her-sitting-at-the-office-table.jpg" alt="Young-beautiful-woman-gesturing-and-discussing-something-with-smile-while-her-coworkers-listening-to-her-sitting-at-the-office-table" width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Young-beautiful-woman-gesturing-and-discussing-something-with-smile-while-her-coworkers-listening-to-her-sitting-at-the-office-table.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/Young-beautiful-woman-gesturing-and-discussing-something-with-smile-while-her-coworkers-listening-to-her-sitting-at-the-office-table-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<p>One of the primary issues of entrepreneurs&#8217; concerns is business lending. Access to money might be difficult for some business owners in particular.</p>
<div class="buttono-wrapper" style="max-width:98%;" data-partner-icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-contact_number="" data-partner-real_tel="" data-partner-link="https://fundera.go2cloud.org/aff_c?offer_id=1&aff_id=1025&aff_sub=" data-partner-total_votes="" data-partner-title="{bold:Fast and simple business loan options}" data-partner-editor_choice_text_desktop="" data-partner-mobile_icon="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-partner-mobile_title="Loan amount: $5K-$5M" data-partner-editor_choice_text_mobile="" data-partner-slide_down_title="" data-partner-slide_down_read_review="" data-partner-conversion_label="QuO1CLS_xIEYEKr4-oYp" data-partner-under button text="" data-partner-adoric_event="" data-partner-partner_id="425" data-partner-caption="" data-partner-number_of_reviews="" data-partner-partner_name="Fandera LOC" data-partner-facebook_ad_event_name="" data-partner-under_button_text_font_size="0.7" data-partner-show_more_text="" data-partner-show_less_text="" data-partner-phone_conversion_label="" data-partner-disclaimer="" data-partner-trustpilot_rating="" data-partner-trustpilot_reputation=""  data-backup-partners='[]'  data-style-params="" data-logo-src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg" data-promote-text="Minimum credit score: 620" data-button-text="Get Rate " data-kidon-id="425" data-conversion-label="QuO1CLS_xIEYEKr4-oYp" data-button-name="fundera " data-button-type="" data-partner-post-id="cG9zdDoxNTg1MA==" data-should-filter="1"><meta name="viewport" content="width=device-width, initial-scale=1" ><meta data-type="partner" ><div class="background-wrapper"><div class="border-wrapper"> <div id=68b16df0e74d8 class="buttono-content" ><div class='buttono-logo__container'><a href='/' target='_blank'><img src='https://tower.10bestbusinessloans.com/wp-content/uploads/2022/04/Fundera-logo.svg' class='buttono-logo' style='width:50px; height:44px;'></a></div> <div class="main-content"><div class='col-md-6'><a href='/' target='_blank' class='buttono-promote-text__container'><p class='buttono-promote-text'>Minimum credit score: 620</p></a></div><div class='buttono-link-container'><a href='/' target='_blank' class='buttono-link'>Get Rate </a></div></div></div><a href='/' target='_blank'><img class='buttono-image' src='/'></div></a></div></div>
<h3>What Business Financing Options Are Available for Women?</h3>
<p>The fastest-growing group of small businesses is made up of women, but getting money for their operations might be difficult for them. This may have an effect on every aspect of a small business, from inventory to hiring, and may account for some of the significant differences in revenues and profits between companies with female owners and those with male owners.</p>
<p>Any business owner can apply for a variety of loans, regardless of gender. Of course, grants are the best type of funding because they are free money.</p>
<h3>Look at small business grants</h3>
<p><strong>1. Federal Grants</strong></p>
<p>Because they are so specialized, US government grants can be challenging to obtain. Each award has a certain annual revenue, industry, and yes, even gender or race associated with it. You can visit Grants.gov or Challenge.gov to learn more about available federal grants. Some of them support women in STEM fields or concentrate their efforts on companies that benefit local children, minorities, or the environment. Even $40,000 is available to companies that deliver goods or services that empower women and families through the SBA InnovateHER competition. Additionally, the Small Business Administration can connect you with a counselor who can assist you in finding additional federal grant programs for your company.</p>
<p><strong>2. State Grants</strong></p>
<p>There are several grants available to choose from and apply for, albeit each state gives a different type. Federal funding is far from the only alternative, and state residency is frequently a requirement. State funding is available for anything from technology to education to public works projects and daycare facilities. To stimulate the expansion of businesses in that state, several of them even provide relocation incentives.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22517" src="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/handshake-of-two-lawyers-after-discussing-the-terms-of-a-financial-contract.jpg" alt="handshake-of-two-lawyers-after-discussing-the-terms-of-a-financial-contract" width="600" height="400" srcset="https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/handshake-of-two-lawyers-after-discussing-the-terms-of-a-financial-contract.jpg 600w, https://tower.10bestbusinessloans.com/wp-content/uploads/2022/11/handshake-of-two-lawyers-after-discussing-the-terms-of-a-financial-contract-768x512.jpg 768w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<p><strong>3. Private Grants</strong></p>
<p>Privately offered company grants are simple to seek but difficult to obtain. There is intense competition and rapid turnover, but many major businesses—including banks—offer unusual grants in an effort to support their local communities. Gaining free PR and visibility after receiving a private grant can often lead to more business growth and funding.</p>
<p>If searching for grants is not your thing, there are excellent business lenders and loan products that are focused on equal-opportunity lending.</p>
<h3>Available Loans for Women</h3>
<p><strong>1. Small Business Administration Loans</strong></p>
<p>There is no specific loan program for women-owned businesses offered by the SBA. However, it does operate a Women&#8217;s Business Ownership Office at its Washington, D.C., headquarters. and more than 100 SBA Women&#8217;s Business Centers across the nation for assistance with networking, training, mentoring, and certifications. This office offers a wealth of resources for businesses run by women. Women can even stroll into their facility to receive assistance in person. The SBA has a solid track record of assisting women-owned businesses in securing business loans. They found that compared to business loans from regular lenders, SBA loans were more likely to be given to women.</p>
<p><strong>2. Business Term Loans</strong></p>
<p>A term loan is a lump sum payment that is similar to a mortgage, auto loan, or personal loan in that it commonly has a set payback schedule and interest rate. Women business owners typically apply for term loans less frequently than men do, and when they do, they typically withdraw less money. However, if a term loan is the best option for your company, you should submit an application through a reputable equal-opportunity lender.</p>
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<p><strong>3. Business Lines of Credit</strong></p>
<p>The quickest and easiest way to fund your business is with a line of credit. Like with a credit card, you will have access to more money than you are really borrowing at any given time since a loan provider will evaluate your company&#8217;s performance to determine how much working capital you can use. You just pay interest on the amount you borrow, and some lenders may even provide you with a card that may be used to make purchases. If you don&#8217;t know what you&#8217;ll need or you know it will alter from month to month, go with an equal opportunity lender and get funded because a line of credit is unbeatably flexible.</p>
<p><strong>4. Investors Funds</strong></p>
<p>You can search groups that link women-owned start-ups with venture capital firms interested in women-owned investments and angel investors who focus on funding women-owned businesses. When looking for these kinds of funding sources for your company, you must do your research and exercise due diligence, but there is a significant effort being made by investors to support the growth of women-owned businesses.</p>
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<h3>Conclusion</h3>
<p>The fact that other organizations have come up to fill the need and even traditional lenders are taking note is reassuring, as women-owned businesses have struggled to get business loans from traditional lenders. Over the past ten years, female entrepreneurs have grown at a rate that is 5 to 7 times faster than male entrepreneurs. Grants, loans, and venture capital investment are all growing as funding choices for female entrepreneurs.</p>


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Lending Options for Female Entrepreneurs