Do you own a small business? Or are you looking to open a new small business? In either case, there will likely come a time when you need a loan to help move your business forward. When that time comes along, you should consider one of these loans which are definitely the best options for small businesses.
Government Backed Loans
You may be surprised to find that the government is actually one of the biggest lenders for small businesses. In fact, there is a whole government-run program specifically to help small businesses get loans called the Small Business Administration (SBA). SBA loans are designed for businesses with revenue under a certain amount, preventing large businesses from accessing these loans- That is good news for you and your small business! In addition to being only obtainable to small businesses, the loans themselves are limited, with the average loan being around $80,000. The application process for an SBA loan can be long but, this kind of loan is a good option for a small business.
Personal Loan
Instead of looking into loans designed for businesses, you may want to consider taking out a personal loan to help your small business. As an entrepreneur, you and your business are one in the same anyway! Applying for a personal loan is very easy and you can get the cash you need for your business quickly. Personal loans are also only subject to your own credit history, not that of your business. This can be especially good if your business is new and does not have any financial history yet (something that could scare a lender away). Go online to Oz Money and apply for a personal loan right away. Get the money needed for your business and continue on your entrepreneurial journey!
Equipment Financing
If you are looking to purchase new equipment for your business, a financing plan may be your best bet. Find the equipment you need and then work with the manufacturer to build a payment plan. You may have better luck using your own personal credit, especially if your business is new. As you shop for equipment for your small business, look for sellers that offer to finance, or, even better, 0% financing. This can help start your business off on the right foot.
Peer to Peer Lending for Small Businesses
There are several great online websites where you can advertise your small business to be eligible for peer to peer lending. In cases like these, you will write a description of your business and why you are in need of cash. People from all over the world can give you money, donating to your cause. Some sites will require you to pay the money back while others are purely donations. You have nothing to lose using one of these sites so give it a try! You never know who may be out there willing to lend you money.
Finding the perfect loan for your small business will greatly depend on what you need the loan for. Do a little research into these types of loans as well as others that may be able to help your business grow.