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 small business loans dropping around the country, this could help you find the loan that will give you the best chance for approval.
Lendio’s mission is to empower your business by making small business loans simple through options, speed, and trust. Whether you are looking for an acquisition loan or start up loan, Lendio offers hundreds of different loan products from a variety of lenders. Find out which business loan is best for you.
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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
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.
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?
Hi Dan,
Any room for Revenue Based Financing on this list?
Bryan, for sure. But then it wouldn’t be “15 different types.” :)
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.
great Article :)
I agree with all type of business loans which you mentioned in this informative post. All are the great source for small and medium business owners. Thanks for sharing interesting article.
Happy to hear that you agree and that you think our article was informative and interesting. Thank you for sharing your thoughts with us, Barry!
Thanks for sharing this intresting informaion with us. Post is very informative and gives idea about the different business loans.