Hint: If You Can’t Get One from a Bank then You Can’t Compare Them
It’s difficult to compare the drudgery of working for someone else with the thrill of being an entrepreneur. People who have not done it will never understand those who have. By the same token, if you are trying to find the best way to compare business loans, it’s pointless for those who can’t get any type of business loan.
When you evaluate something, you have to compare it with something you are already familiar with. Otherwise, you have no foundation to start from. The same is true when you try to compare business loans. Since a majority of small business owners will not qualify for one, they have no basis to start with.
Different Types of Small Business Loans
At some point, all businesses will need to take on debt in the form of a small business loan. What type you apply for depends on numerous factors. To make your decision easier, it’s best to know your options.
Business term loan – this is a business bank loan with a long repayment schedule. Typically, the term lasts from several months or up to five years or more. It is ideal for larger, long term investments, such as purchasing property or expensive machinery.
SBA loans – these are perhaps the most popular loans for small businesses, but the name is confusing for many. The Small Business Administration does not grant loans. All they do is work with the banks to compare business loans and find the ones willing to work with small businesses. Then, they work with the business to ensure repayment. Since their name and reputation is on the line, they are extra strict with criteria and vetting. As a result, it will take you months just to apply and might take years before you actually see any money.
Commercial loans – this type of loan is usually exclusively for growing your business. It could mean taking advantage of a new opportunity, turning your business into a franchise model or buying real estate.
Do You Really Need to Compare Business Loans
Unfortunately, these loans are probably out of reach for the average business owner. Therefore, you are wasting your time trying to compare business loans. You must look for better alternatives.
Instead, find a solution that is unique to you. More and more businesses are finding the answer in alternative finance companies, like Financing Solutions (www.financingsolutionsnow.com).
Just a few decades ago, a bank was your only option for small business financing. Now, you have many more choices to choose from. As one of the nation’s leading providers of fast business funding, Financing Solutions is among the best.
They can provide you with business lines of credit, cash advances and debt consolidation assistance. Unlike banks, they don’t have lengthy repayment schedules and they won’t make you wait years for your money.
The whole process, from the day you answer their online application questions to receiving the money in your account, will take 48 hours or less. This is the ultimate way to get the instant business funding you need to survive and thrive.