Options which are designed to ease cash flow pressures, facilitate growth, free-up resources, meet large annual commitments and address ongoing issues which impact operations. As practical and pragmatic experts, we appreciate that an enterprise has to start somewhere! When setting up a new venture it is completely realistic that the owner may require start-up funding in some form.
APRs often range from 8% to 30%, and the loan amount varies depending on the cost of the equipment your business needs and other factors. Lenders may offer repayment terms of up to 25 years on this type of loan. Some working capital loans feature qualification requirements that are easier to satisfy. (Though that’s not generally the case with SBA loans.) But your creditworthiness, loan type and other factors will influence the cost of the loan. If you have a FICO score of less than 600, you might still qualify for funding. Corporate finance is the lifeblood of every company, big or small.
Our specialist business finance options
The SBA still offers Economic Injury Disaster Loans for businesses located in areas affected by fires, hurricanes, tornadoes, floods or other disasters. These low-interest-rate loans are issued directly through the SBA. Businesses owners can receive up to $2 million to help meet obligations and repair or replace equipment and buildings. Some lenders require you to provide documentation before they will move forward with your application. These include your business financial statements, such as a balance sheet, income or profit and loss statement and your statement of shareholder equity.
- Both grants and crowdfunding campaigns mean plenty of competition, so you need a strong story to justify your need for the funds.
- On a positive note, startup loans tend to be easier to qualify for, even as a new business.
- You only have to submit one loan application to get connected to Lendio’s network of lending partners, plus your Lendio lending specialist will do the shopping around for you.
- Trading internationally is a major goal for many businesses, but difficult to achieve.