When looking for small business financing, you need to know your options. Small business loans can take on many forms, including short-term and business term loans, business lines of credit, equipment loans, microloans, invoice factoring, merchant cash advance, business credit card and startup loans. Small Business Administration (SBA) loans are also a good option for small businesses that can’t access conventional financing.
Yet, with these options come roadblocks. Lack of collateral or equity in the business, a low credit score, the type of business and size of loan can all be cause for “declined” by traditional lenders. Even the paperwork can be formidable, and turnaround times for funding can be long.
Compare that to small business loans by mission-driven lenders—private institutions dedicated to bringing responsible, affordable lending to all communities. Typically, these are flexible loans for all kinds of small business needs—from supplying working capital for the day-to-day, to funding for equipment and real estate. They’re not only good for business, they’re also good for our communities.