As a small business owner, funds are the hardest thing to come by to sustain or grow your business. Small business loans are your best options for securing capital to grow. As a small business owner, funds are the hardest thing to come by to sustain or grow your business. your business, pay expenses, or buy a property for your business. The SBA recently released a report stating that roughly 75% of small business owners were able to fund their ventures. While large corporations do make an impact on local economies, small businesses have more of a direct impact on the community and economy of their region. As a business expands, so does its need to hire externally. Listed below are the best ways to get a small business loan to fund any needs your business has.
BlueVine: Ideal option for borrowers with less than ideal credit
If your credit score isn’t ideal, it’s best to seek financial institutions that offer loans for low credit borrowers. If you resort to any bank to provide you with a loan, they may require very good to excellent credit to be considered. Before getting a loan, an inquiry is opened on your credit to check your score, history of payments, available credit, etc. A bank like BlueVine works with individuals who are working towards credit or don’t have the best credit. Some of their requirements include at least 6 months of operation, minimum annual revenue of 100,000, and a borrowing amount of at least $5,000. The benefits associated with a loan like BlueVine include no origination fee, different types of loans, and a high rating from the BBB.
Funding Circle: Ideal option for long term loans
Depending on the bank you choose to finance your loan, their loan term may vary. Some financial institutions offer a short term rate with higher payments. Others will offer a longer-term rate with lower payments. Funding Circle is a small business financial institution that solely offers fixed-rate term loans for varying terms from 6 months to 5 years. Some of their requirements include a minimum credit score of 620, a borrowing amount of at least $25,000, and two years or more in business.
Stay tuned for part 2, coming soon!