Get the Right Business Loan for Your Needs

Every business needs financing at some point—whether for startup costs, working capital, equipment purchases, or emergencies. But with so many loan options available, how do you choose the best one?

✅ Compare lenders & loan types

✅ Understand SBA vs. bank vs. alternative loans

✅ Know what documents you’ll need

✅ Get matched with the best financing options

Check Your SBSS Score First (See which loans you qualify for before applying)

Types of Business Lenders Compared

1. SBA Loans (Best for Low Rates & Long Terms)

Pros:

✔ Government-backed

✔ Low interest rates

✔ Long repayment terms

Cons:

❌ More paperwork

❌ Slower funding (unless using an SBA Preferred Lender)

Best for: Established businesses needing larger loans

2. Traditional Bank Loans (Best for Established Businesses)

Pros:

✔ Lowest interest rates

✔ Best terms for qualified borrowers

Cons:

❌ Hard to qualify (strict credit & revenue requirements)

❌ Lower leverage (typically 65%-75% vs. SBA’s 90%)

Best for: Businesses with strong credit & 2+ years of revenue.

3. Alternative/Online Lenders (Fastest Funding)

Pros:

✔ Approval in hours, funding in days

✔ Easier qualifications (good for startups & lower credit)

Cons:

❌ Highest interest rates (12%-30%+)

❌ Shorter repayment terms

Best for: Startups or businesses needing fast cash.

Types of Business Loans Explained

Loan Type	Payback	Amount	Term	Interest Rate
SBA 7(a)	Monthly Payments	50K–300K	Up to 10 years	2.75% + Prime
Conventional Term Loan	Monthly Payments	Up to $500K	Up to 7 years	Starting at Prime
Business Line of Credit	Monthly Payments (Interest Only)	25–250K	Revolving	1% + Prime
Fintech Line of Credit	Monthly Payments	25–250K	2-Year Draw	Starting 3% Monthly
Short Term Capital	Fixed Payment Terms	25K–4M	<24 months	Starting at Prime

Secured Loans (Lower Rates, Collateral Required)

• Backed by assets (real estate, equipment, inventory, etc.)
• Easier approval & better rates
• Examples: SBA 7(a), bank loans

Unsecured Loans (No Collateral, Higher Rates)

• Based on credit & cash flow
• Harder to qualify, higher interest
• Examples: Business credit cards, some online loans

Documents Needed for a Business Loan

Before applying, gather:

✔ Business & personal tax returns

✔ Bank statements (3–6 months)

✔ Profit & loss statements + balance sheet

✔ Business plan (for startups)

✔ Legal documents (licenses, contracts, etc.)

How to Compare Loan Offers

When evaluating lenders, check:

✅ Interest rate & APR (includes fees)

✅ Loan amount & repayment term

✅ Fees (origination, prepayment, late penalties)

✅ Collateral requirements

✅ Funding speed

Get Pre-Qualified Before Applying

Why risk a hard credit pull and denial? Check your SBSS score first to:

✔ See which lenders will approve you

✔ Avoid unnecessary credit checks

✔ Improve your chances before applying

Book a Call with a SBSS Specialist