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SBA Loans
These loans are guaranteed by the Small Business Administration, and because of this they offer some of the lowest rates on the market as well as long repayment terms and the ability to borrow up to $5 million. Repayment ranges from 7- 25 years based upon how you plan to use the money. SBA loans are best for strong credit borrowers who have been operating for 2 years and are willing to work on the long application process to expand their business or refinance debt.
Pros:
Lowest rates on the market
Borrow as much as $5 Million
Longer repayment terms
Cons:
Long application process
More qualifications required
Best for:
Expanding business or refinancing debt
Businesses with good credid usually willing to wait for funding
We'll help you build an application that will make your proposal look ATTRACTIVE!
Short-Term Loans
Short-term loans allow for very fast funding so you get a lump sum of cash with a predetermined payment term. Payment is usually made daily, weekly or bi-weekly. The short term loan is best for business with high and consistent sales that are in need of quick unsecured cash to use however you need.
Pros:
Fast Capital in as little as 24 hours
Unsecured
Easy approval process
Little documentation needed
Cons:
Cost of borrow ing can be more
Best for:
Businesses that have high and consistent sales and bank deposits
Businesses that need financing right away