Business

Key takeaways SBA 7(a) loans are the most common type of loan issued by the Small Business Administration. You can get several types of SBA 7(a) loans, depending on your needs, including a 7(a) Small, Express, Export Express or CAPlines loan. You can use a 7(a) loan for a variety…

Key takeaways Short-term business loans are a quick way to get funds for your business, with repayment terms typically lasting between three to 18 months. Short-terms are often offered by online lenders, who can process applications and disburse funds faster than most traditional lenders. Common reasons for taking out a…

Key takeaways Fast business loans are usually available through online lenders that can approve and fund loans within one to two days. Expect shorter repayment periods and potentially higher rates and fees than traditional business loan options. Fast business loans typically have more lenient eligibility criteria than traditional loans from…

Key takeaways Business loans require significant documentation about your business formation, financial statements and possibly a business plan Both personal and business finances are reviewed Lenders typically take a few days to weeks to process your information, depending on the lender and type of loan Every business loan requires you…

Key takeaways Crowdfunding for your small business allows you to fundraise money through individual investors interested in your project You can use different types of crowdfunding, including donation, reward, debt and equity crowdfunding Depending on the platform, you may or may not have to pay back the funds, or you…

Key takeaways The Federal Reserve sets interest rates for banks to borrow from each other, which in turn sets interest rates for business loans and lines of credit. The Fed’s rate sets the pace for borrowing costs, making it easier or harder for businesses to get approved for loans. The…

Key takeaways Factor rates are a fixed fee multiplied by the entire loan up front, which means that you’ll pay the entire fee even if you pay the loan off early To compare loans with traditional interest rates and factor rates, you’ll need to convert factor rates to interest rates…

Key takeaways Short-term business loans offer fast, flexible financing that typically come with less stringent qualification requirements than traditional loans and may help you save on interest. The downsides to short-term business loans include smaller loan amounts, shorter repayment terms, frequent payments and higher costs. Short-term business loans are best…

Key takeaways Startup business loans can be challenging to obtain since most lenders set minimum requirements for time in business. You may be eligible for different types of loans that can serve specific purposes, such as a startup SBA loan. Before applying, you’ll want to determine how much funding you…

Key takeaways Bad credit business loans are available for business owners with poor credit histories, but they often come with higher interest rates and fees Understanding eligibility requirements and working to increase your credit score can improve the chances of loan approval Equipment loans and invoice factoring are alternative methods…