Getting a business loan from a bank can be a nightmare even if you’re well-qualified, because they’re slow and require tons of paperwork. Short-term lenders can make getting a small business loan easier. In this article, we review the rates, terms, and qualifications of the two best short-term loans for business: Kabbage vs. OnDeck Capital….
About the Author
Megan Hanna
Megan Hanna is a Small Business Finance Editor at Fit Small Business. Megan earned an MBA with an emphasis in finance and has spent much of her career in commercial banking. When not helping small businesses and working on her Doctorate in Business Administration, Megan loves spending time with family, playing the piano, and hiking in her hometown of Prescott, Arizona.
How to Get a Loan to Buy a Business in 2018
Buying a business is a big undertaking, and getting a loan to buy a business can be the most complicated part. Banks set high standards that both you and the business have to meet before you’re approved. We’ll show you how to get the loan to buy a business that’s best for your personal situation….
What Invoice Factoring Is & How It Works
Invoice factoring is a type of accounts receivable financing that converts outstanding invoices due within 90 days into immediate cash for your small business. The factoring company will typically pay you in two installments for your invoice: an advance of 80 percent to 85 percent of your invoice and the remaining 20 percent (minus fees)…
6 Best Small Business Line of Credit 2018
A small business line of credit is typically used for short-term working capital needs and can be drawn repeatedly The best small business LOCs feature limits up to $500,000. They’re unsecured, meaning collateral like inventory or real estate isn’t required. We reviewed providers to identify the best six business lines of credit. Best Small Business…
6 Best Working Capital Loans 2018
A working capital loan is short-term business funding used to finance a company’s day-to-day operations, like buying inventory or covering payroll. Common small business working capital loans are LOCs, term loans, invoice financing, and merchant cash advances. We reviewed working capital loan providers in costs, terms, and qualifications to identify the six best. Top 6…
6 Best Unsecured Business Loans 2018
Some business owners can’t or don’t want to pledge specific assets, personal or business, as security for a business loan. Even so, many traditional lenders require business loans to be supported by collateral, such as real estate or equipment. As we understand many borrowers prefer unsecured business loans, we’ve reviewed the best unsecured finance providers….
Best SBA Lenders: Top 100 SBA Lenders
With more than 3,000 SBA lenders nationwide, choosing the best SBA lender can be difficult. Some of the best SBA lenders approve average loan amounts of about $75,000 to more than $1.5 million, with interest rates averaging around 6.4 percent to more than 9.2 percent. We’ll show you the 100 top SBA lenders per current…
How to Apply for an SBA Loan in 4 Easy Steps
Applying for an SBA loan requires four steps, including determining your eligibility, finding the right SBA loan provider, assembling your paperwork, and completing the SBA forms and application. Getting an SBA loan can take about two to three months with a traditional SBA lender, or as few as 30 days with an SBA loan broker….
Startup Business Loans 2018: The 12 Best Ways to Fund Your Startup
Business owners often need to utilize more than one source of financing to get their new startup off the ground. Typical options include business loans, raising money, or using your savings. We’ll analyze the 12 best startup business loans, from SBA loans to angel investors to Rollovers for Business Startups (ROBS). A ROBS might be…
6 Best Invoice Factoring Companies 2018
With invoice factoring, your unpaid invoices are converted into immediate cash through an advance of 80 to 90 percent of the total amount owed. We reviewed invoice factoring companies to find the six best factoring companies. These companies are experienced at collecting payments for small businesses with some of the best advance and discount rates…
SBA Loan Rates – Current Interest Rates and How They Work
There are three primary types of SBA loans: SBA 7A Loans, SBA Express Loans, and CDC/504 Loans. SBA 7A loans and SBA Express loans can be used for a wide variety of purposes, including growth capital and refinancing. CDC/504 loans, on the other hand, are specifically for the purchase of fixed assets like real estate…
SBA Loans: Types, Rates & Requirements
The Small Business Administration (SBA) guarantees small business loans originated by approved lenders. SBA loans are difficult to qualify for but carry low interest rates up to ~9.75% and repayment terms up to 25 years. The 6 types of SBA loans are 7a loans, CDC/504 loans, CAPLines, Export loans, Microloans, and Disaster loans. Our recommend…
