#1 – Traditional Financing
Bank loans, SBA, credit cards, 2nd mortgage, friends and family, self-funded
Traditional lending can be a long and arduous road with a lot of hoops to jump through but for many business owners, this is their first starting point. Applying for a commercial loan is also the first step towards applying for an SBA loan (https://www.sba.gov/funding-programs/loans) – keep in mind only about 20% of business owners can qualify for a long term commercial loan – it’s a good first step, but prepare for other options as well
#2 – Business line of credit
Now we’re not talking about a 2nd mortgage or HELOC. Lines of credit function more like credit cards – you have access to a pool of money that you can use as needed. As you pay it back, you get access again!
#3. Business credit cards
Arguments could be made that financing your business with credit cards is or isn’t a wise choice. It really boils down to your needs. Advantages are bonus rewards, points, cashback, and most times – no personal guarantee. As with all credit cards, the standard downsides still apply
#4. Merchant Cash Advance – https://www.marketing360.com/capital/
A merchant cash advance can be an exceptionally fast, but also expensive, way to get access to funds that you need right now. What you can qualify for and costs associated with is dependent on the volume you’re processing and length of time. So get started now! Additionally, stats show that accepting debit and credit cards lift your revenue by 30-40% so don’t miss out. If you want to learn more or get started processing credit cards be sure to check out https://www.marketing360.com/payment-processing/
#SmallBusinessLoans #SmallBusinessFinance #Finance101
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