New business loans

Here are some options for new business loans:

  1. Small Business Administration (SBA) Loans: The SBA offers several loan programs for small businesses, including the 7(a) loan program, which provides up to $5 million in financing.
  2. Term Loans: A term loan is a lump sum of money borrowed from a lender, with a fixed interest rate and repayment term. Amounts can range from $10,000 to $500,000.
  3. Line of Credit: A line of credit allows you to borrow and repay funds as needed, up to a maximum credit limit. Interest is only charged on the borrowed amount.
  4. Invoice Financing: If you have outstanding invoices, you can use invoice financing to borrow against them. This can provide quick access to cash.
  5. Equipment Financing: If you need to purchase equipment or machinery, equipment financing can provide a loan or lease option.
  6. Peer-to-Peer Lending: Platforms like Lending Club and Funding Circle connect borrowers with investors, offering fixed interest rates and repayment terms.
  7. Online Lenders: Online lenders like Square Capital, BlueVine, and Fundbox offer quick and easy access to capital, often with fewer requirements than traditional lenders.
  8. Community Development Financial Institutions (CDFI): CDFIs provide financing to small businesses in underserved communities, with a focus on economic development.
  9. Microloans: Microloans are small loans, typically under $50,000, designed for startups and small businesses with limited credit history.
  10. Business Credit Cards: Business credit cards can provide a line of credit for daily expenses, with rewards and benefits for responsible use.

When applying for a new business loan, be prepared to provide:

  1. Business plan and financial projections
  2. Personal credit score and history
  3. Business credit score and history
  4. Proof of income and cash flow
  5. Collateral (e.g., assets, property)
  6. Business registration and licenses
  7. Tax returns and financial statements

Remember to carefully review loan terms, interest rates, and repayment schedules before committing to a loan.