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As a small business owner, you’re in control of when and how to secure funding for your business. Whether you’re just starting out or opened your doors decades ago, you’ll need cash to cover essentials at different times and for different reasons.
Small business loans can be used to cover a variety of expenses including payroll, building expansion, equipment, inventory, and marketing—making them ideal for covering costs while preserving your profits and maintaining your cash flow.
Whether you’re looking to build inventory, cover payroll, buy equipment, or launch a new marketing campaign, there’s a funding option out there to help you accomplish your small business goals.
While Connect2Capital doesn’t offer every type of loan, here are a few of the different small business loan options that may fit your needs. But before you decide which type of funding is right for your business, you’ll need to have a thorough understanding of what each one is and how they work.
A business line of credit is an agreement made with a lending partner that sets a maximum loan amount a borrower is allowed to take. If you secure a business line of credit for your small business loan, you’ll have full access to that amount and can withdraw funds on an as-needed basis.
This form of funding happens within online forums as a way to provide money to businesses without the participation of a traditional financial institution. P2P lending is an alternative funding source that most often comes in the form of an unsecured loan.
When faced with immediate needs like covering an unexpected expense or bridging cash flow gaps, a short-term business loan for your small business may be the answer. Upon approval of a short-term business loan, you’ll receive a lump sum payout to be used at your discretion.
Similar to a business line of credit, a revolving line of credit is ideal for keeping up with the swift growth of your small business. The most attractive feature of a revolving line of credit is the ability to borrow money repeatedly, without having to go through the application process each time.
Securing a business credit card is another way to help cover business-related expenses. By using a business credit card, you’ll preserve your profits and keep your cash flow free for other uses.
As the name suggests, microloans feature smaller loan amounts up to $50,000. What the name doesn’t tell you, is that microloans are offered by non-profit lenders committed to helping businesses in economically struggling communities get ahead.
With the right loan for your small business, you’ll be on a path for future growth and success. Still, growth takes more than money; it takes dedication, courage and a sustainable strategy. Coupled with the right amount of capital at the right time, your drive to succeed will take your small business to its next stage.
Interested in learning more about Connect2Capital? Discover how our process works and our philosophy for helping small businesses thrive.