Getting a business loan is no longer the traditional-term process it used to be. In the recent years, key players in the industry have revolutionized the game and now, there are dozens of loan products for borrowers of all types.
Knowing the fantastic loan and where to find it is a crucial step in ensuring the survival of your business. Thankfully, we are here to help.
- Where to find the best working-capital loans: Fundation
Fundation offers working-capital loans for businesses that have been in operation for at least two years, have at least three employees, at least $100,000 annual revenue and good personal credit.
Conventional fixed-rate loans range from $20,000 to $500,000, with interest rates of between 7.99 and 29.99 percent. Online applications can be filled out in 10 minutes, with final approval taking place within 24 hours.
- Where to find the best start-up loans: Accion
Accion offers loans specifically for businesses that have been around for less than six months. Maximum loans range from $10,000 to $100,000 and to keep things affordable, annual interest rates start at $10.99.
This is significantly lower than the APRs on loans from most other lender, whose starting rates ranged between 20 and 30 percent. Accion also has excellent customer service, and their website is intuitively populated with helpful information.
- Where to find the best Merchant Cash Advances: First American Merchant (FAM)
First American Merchant offers merchant cash advances of an agreeable percentage of your monthly credit card volume, and loans are repaid by giving FAM a fixed percentage of future sales until the loan is paid off.
Minimum requirements are friendly, the application process is fast and funds get deposited into your account within 72 hours. Moreover, FAM’s customer service is top of its class, both over the phone and online.
- Where to find the best Bad-Credit Loans: OnDeck
There may be many bad-credit loan lenders nowadays, but what gives OnDeck an edge over the competition is its low minimum requirements, which include a 500 credit-score and $100,000 annual revenue. Fixed rate loans range from $5,000 to $250,000 for periods of three to 24 months.
Applications can be completed in just a few minutes and funds deposited into your account within just 24 hours.
While business funding can be a headache, especially for young organizations, knowing what to get, where to look and who to go to makes things far easier.