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How to Get Business Loans


At some point in the life of almost every business additional capital is needed.  Whether it is a new business starting out or an established business attempting to grow or merge with another company, most entrepreneurs will need to pursue a business loan.  There are so many types of loans and different lenders that this can be a daunting task for even the most astute business owners. 


A good first step when you start a new business is to create separate business credit.  Your business credit will be important when you go to apply for many types of business loans.  In the same way that you want to make sure your personal credit is in good shape, a business owner should make sure that they have good business credit scores.  The time to establish good credit is before you need to use it to apply for a loan.  Make your payments on time, or early, so these payments will be reported to the credit reporting agencies.


There are many types of business loans available.  Some are based on assets, or secured loans, while others are unsecured.   Money may be given as a loan or as an investment in which case the business owner is giving equity in the business in exchange for capital. 


The loan that will best suit you needs depends on many factors.  Have you been in business for a while or are you a startup.  Do you need large sums to expand an existing business or merge with another company or do you need a small amount to simply cover payroll for a few months. 


This is a partial list of some of the many types of loans that might be right for your company:  Bank Loans, Commercial Mortgages, Hard Money Loans, Venture Capital, Angel Investments, Small Business Loan (SBA), Merchant Cash Advances, Inventory Factoring, Asset Based Loans, Accounts Receivable Loans, and many more.  So many options can be a little overwhelming for a business owner trying to concentrate on building a business. 


The first thought of most entrepreneurs is to  go directly to a local bank.  If you have excellent credit, a great business plan, a strong financial sheet, and a previous relationship with the bank this might work well.  However, if you are one of the many businesses that do not fall into this ideal category you might want to use a loan broker to help weed through the many options available.  A broker can help you determine the best loan for your situation and provide you with multiple offers.  They can also negotiate on your behalf to get you the best rates and terms.