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Comparing 15 Different Types of Business Loans [Infographic]

Many business loan seekers think they’ll just go talk to the bank down the street, and then hope that bank will loan them money. What they often don’t know is there are myriad types of business loans, with different qualifications and rates. Most banks specialize in just one or two loan types, and don’t have the ability to educate their clients on every loan product available to the business owner.

If you’re looking for a small business loan, comb over the list below to help know which might be the best fit for your situation. With the number of business loans dropping around the country, this could help you find the loan that will give you the best chance for approval.

Compare Different Business Loans Infographics

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Comparing different kinds of business loans infographic.

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More Information:

Purchase Order Financing

SBA Loans

Small Business Loans

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About the Author

  • Dan Bischoff

Comments

  1. Great outline of programs for the small business owner. Unfortunately the small business owner is in a state of confusion on filling out many of these applications! We need some assistance in responding to the applications so that our loans are fairly considered at underwriting.
    It is important to remember that each lender requires that their application be filled out. There is NOT a universal application ugh!
    Denise Beeson

  2. Denise, agreed! It’s one of the main reasons why business loans are way down — confusion about the lenders, about what to apply for, about what you can qualify for. It’s one problem the Lendio system helps solve, by matching business owners with the right loan that best fits their business.

    Thanks for commenting.

  3. What about microloans? There are a great deal of microfinancing orgranizations that should be added to this list. Just a suggestion!

    • You’re right! I knew there were some I missed in this graphic. Thanks for the suggestion. Here’s the skinny on microloans:

      Microlenders are non-profit organizations that offer government funding to entrepreneurs in specific counties. The non-profit organizations set up their own loan requirements, including collateral and personal guarantees. The non-profits continue to work with the business owners to provide training and technical assistance. Microloans help businesses that are credit challenged, women-owned, starting up with 6 months of revenues, or minority-owned. Many of these types of businesses would be declined by traditional lenders. Microloans require things like an accurate business plan, up-to-date financial projections, and collateral.

      I miss anything?

  4. Hi Dan,

    Any room for Revenue Based Financing on this list?

  5. Thank for this interesting post and sharing with us. I really enjoy this reading about “Comparing 15 Different Types of Business Loans”. I completely agree with you and you have explained this very well through your blog post.