Types of Business Loans
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Term Business Loans
If your goal is increasing working capital or making a large business purchase (purchasing a business, commercial real estate, business equipment, or inventory) consider a term business loan. With approval, you can have the cashflow to grow your business. And plan ahead with a consistent repayment schedule of up to 30 years.
Business Line of Credit
If your goal is financing that you can draw on as you need it, consider a business line of credit. A business line of credit works in a manner similar to a credit card. You have instantaneous access to capital as you need it in the increments that suit your needs, up to a predetermined maximum limit. Pay interest on only the capital you use.
If your goal is short term cash flow, consider bridge financing. Get approved quickly and keep your operations going as you complete longer-term financing arrangements or wait for payment from a client or vendor.
If your goal is the purchase or lease of business equipment, consider SRT’s equipment leasing loan. SRT covers the initial cost of the equipment and then leases it to your company. With equipment leasing you have the equipment you need to run your business without having to pay the full cost upfront. You also have the option but not the obligation to purchase the equipment at the end of the leasing agreement.
Asset Based Lending
If your business is highly-leveraged, has erratic earnings, or has issues with cash flow, consider asset-based lending. This flexible financial arrangement uses your business assets as collateral (such as real estate, inventory, equipment and machinery, or many other options) and gives your company ready cash without the need to wait for receivables.
Alternative Business Financing
If your business lacks established assets but projects strong future earnings and cash flow, consider alternative business financing. SRT will construct a financial agreement for your company based on your future successes rather than the history of your organization.
Merchant Cash Advance
If your business is looking for a lump sum payment for a shorter time period, consider a merchant cash advance. The approval process is quick, and you will make small, daily payments based on future business sales.
Is as SBA loan right for you?
A 7(a) loan is one of the most common types of business loans. If your for- profit business is planning a real estate purchase, this is likely the best type of loan for you. A 7(a) loan can also be used to refinance current business debt, purchase equipment or supplies, increase working capital, or for any sound business purpose. Your eligibility is based on your credit history, how you receive your income, and where your business operates.
A 504 loan is designed for small, for-profit businesses that seek to promote business growth or create jobs. These long-term, fixed rate loans are designed for businesses that fit withing the SBA size guidelines, have qualifying management expertise, have a feasible business plan, and are able to repay the loan.
A microloan is designed for startup or expansion of small businesses and certain not-for-profit childcare centers. Microloans applicants can borrow up to $50,000. The financing can be used to rebuild, re-open, repair, enhance, or improve your small business. Real estate purchases are not a qualifying expense.