Different Types of Business Loans
Loans come in all shapes and sizes and all kinds of types. When deciding what type of loan, business or personal, to apply for you will need to do your research. StartupLoans.org is a resource dedicated to help small business owners learn as much as they possibly can to improve their chances of securing funding.
Top Tier Loan Types
The top tier when classifying a type of loan would be short term or long term business loans.
Short Term Loans
Short-term loans, like their name suggests will generally reach maturity in one year or less. They are designed specifically to help your business get through speed bumps. A common type of business that will secure a short term type of loan is a seasonal business. The loan will carry them through the off-peak months. Short term loans usually take the form of lines of credit, working capital loans or accounts receivable financing.
Long Term Loans
Long-term loans on the other hand usually complete between one to seven years, but they can be much longer for larger purchases such as real estate or heavy equipment. These types of loans are used for major business expenses such as vehicles, property, and construction equipment. They also can be used to expand or acquire other businesses.
Standard business loans can take on several different forms in specific situations, below you can find a list of loans that are available to small business owners.
Common Types of Loans
- Secured Loans
- Unsecured Loans
- Small Business Loans or SBA Loans
- Lines of Credit
- Equipment Financing
- Working Capital Loans
- and many more…
There are plenty more types of loans available. Please use the resources in this section to thoroughly research and investigate each one.