One of the biggest tasks associated with starting and maintaining a small business is figuring out how to finance it. Startup costs, equipment costs, and any lump sums you may need in the early stages of your business add up quickly, and it’s unlikely that you’ll be able to cover all these costs on your own. Fortunately, there are a variety of business financing solutions designed for entrepreneurs like you, and our team is prepared to help you find the right option for your needs.
Understanding your business financing options can be confusing, but our professionals here at TB Capital Partners can provide the insights and recommendations you need. Here are a few of the most common business financing options to consider for your small business:
- Term loans. The most common type of business loan, term loans involve paying back the loan principle with interest over a set period of time. They vary in their size and purpose, and many business owners like them since they’re predictable and consistent. Having a higher credit score is key to securing a term loan, and this business financing option is typically for businesses that have been open for six months or more.
- SBA loans. This type of business financing is ideal for business owners who aren’t in a hurry to receive cash, as applying and qualifying for an SBA loan can be a lengthy process. However, there are several benefits of SBA loans. They offer high borrowing amounts without excessive interest rates because they are backed by the government.
- Merchant cash advances. Unlike traditional loans, merchant cash advances are paid off based on your future revenue. They typically come with a high APR but offer a fast turnaround for receiving cash after applying, and business owners with poor credit are more likely to get approved for a merchant cash advance than any other business financing option.
Reach out to our team today to find the right business financing option for you.