As a small business ourselves, we know just how valuable and limited your time is, which is why we also offer a fast and simple Small Business Loans application process that can be completed online within just minutes.
You see, we're a small business ourselves and understand the daily challenges facing those who dare to dream big.
Gone are the days of lengthy applications and endlessly jumping through hoops to secure the finance your SME needs. We'll provide you with an accurate, fair and honest lending solution that's tailored to your small business.
Many business owners have flirted with the idea of getting a loan but got discouraged prematurely or overwhelmed by the deluge of information they found online.
Let’s look at the basics of small business loans and the most important things you need to know about them.How do small business loans work?There are many kinds of business loans, so the specifics vary, but in general, the process starts when the borrower submits a loan application.
The borrower then receives the money after a certain period and has to repay the loan plus interest through regular payments within the timeframe indicated in the contract.Let’s look at common kinds of small business loans to make things clearer1.
Traditional business loansA traditional business loan, such as a bank loan, is hard to qualify for, but it allows the business owner to borrow a large amount with a low interest rate (such as 7%), and to pay back the money within a few years, which makes the monthly loan payments manageable.2.
Because a big part of this loan is backed by a government agency, the lenders see the loans as low-risk and borrowers thus get very favorable terms, such as low interest rates and long repayment periods, which lead to affordable monthly payments.
You can borrow up to $5 million and the funds can be used for most business purposes.SBA 7(a) Express Loan — a quicker source of funding for borrowers who need less than $350,000SBA CDC/504 Loan — can only be used to buy owner-occupied commercial real estate or other fixed assetsSBA Microloan — for business owners who need $50,000 or less3.