Key Questions to Ask When You Get a Business Loan

The short answer: there are many ways to get funded. The long answer: Lendio has a network of 75+ partner lenders, which means we offer loan options for just about any business need you might have. Fill out our simple and quick application, and your funding manager will show you all your funding options. It’s that simple.

Picking your favorite can be hard, we get it. That’s why your local Lendio hero is there. He will walk you through all your loan options, talk to you about your needs, and help you pick the loan that’s best for you business. Think of it as a financing buddy system.

If we had ESP, we’d just throw a number at you and add some sort of cool sparkle effect here. But we can’t tell you that until we know how much you need, what you want to use your loan for, what your credit score is, and maybe a few other factors. But we can tell you that we help you get a loan that you can actually afford.

For SBA loans, it could be a few months - for other loans, it could be as little as 24 hours. It all depends on what kind of financing you need. If you need funds lickety-split, we offer several different loans that get funded faster than you can say “put money in my pocket,” including short-term loans and merchant cash advances.

More standard financing options like term loans, SBA loans, and commercial mortgages are paid back on a monthly schedule. If you opt for something like American Express Merchant Financing, a short-term loan, or a merchant cash advance, you’ll probably have daily or weekly payments. But the bottom line is, you’ll be the one deciding which loan and terms you are okay with.

Business Line of Credit

Business Line of Credit
  • Loan Amount:
    $1,000-500,000
  • Term:
    1-2 Year Maturity Date
  • Payment Frequency:
    Monthly

Think of a line of credit as a soft, cozy financial cushion for your business. It’s there if you need it, but you’re not required to use it. If you have a credit score of 560 or higher, you’ll probably qualify for a line of credit.

SBA Loan

SBA Loan
  • Loan Amount:
    $50,000-5,000,000
  • Term:
    10-25 Years
  • Payment Frequency:
    Monthly

SBA loans were developed by Uncle Sam to support small business growth in America. They’re offered by lenders and backed by the U.S. Small Business Administration (SBA). We offer several different SBA loan options, including SBA 7a, SBA 504, and SBA Express loans.

Short Term Loan

Short Term Loan
  • Loan Amount:
    $2,500-500,000
  • Term:
    1-3 Years
  • Payment Frequency:
    Daily, Weekly, or Bi-Monthly

Surprises happen - and that’s why the short term loan exists. It can help you stay afloat during a temporary cash shortage or manage the overhead that comes with taking on an unusually large project. You may need collateral and you’ll definitely need experience in your business’s field.

Business Term Loan

Business Term Loan
  • Loan Amount:
    $5,000-2,000,000
  • Term:
    1-5 Years
  • Payment Frequency:
    Weekly, Bi-Monthly, or Monthly

A term business loan is a standard loan that offers fixed interest rates, regular repayment terms, and a fixed maturity date. See, pretty standard. This kind of loan is best for a business that isn’t brand new, and it can be used to fund anything from an expansion to an equipment purchase.

Merchant Cash Advance

Merchant Cash Advance
  • Loan Amount:
    $5,000-200,000
  • Term:
    3-24 Months
  • Payment Frequency:
    Daily, Weekly, or Monthly

Does your wallet feel a little light and airy right now? If you need funds right away, use a merchant cash advance to borrow against your future earnings. It’s easy to qualify for and doesn’t require you to put up collateral or give up any equity.

Business Credit Card

Business Credit Card
  • Loan Amount:
    $500-20,000
  • Term:
    Revolving
  • Payment Frequency:
    Monthly

Whether you’re just starting out or a well-established business, a business credit card is the easiest way to cover unexpected costs, small or large. And you can choose one with a rewards program to bolster your cash benefits or just get some cool free stuff online.

Equipment Financing

Equipment Financing
  • Loan Amount:
    $5,000-5,000,000
  • Term:
    1-5 Years
  • Payment Frequency:
    Monthly

Yes, you can afford that new backhoe, telephone system, or convection oven. Maybe even all three, although that’s a weird combo. Because business equipment varies so much between industries, there are several different equipment financing options to choose from.

Commercial Mortgage

Commercial Mortgage
  • Loan Amount:
    $250,000-5,000,000
  • Term:
    20-25 Years
  • Payment Frequency:
    Monthly

A commercial mortgage can help you buy, build, expand, remodel, or refinance. And it offers several sweet benefits: it’s a secure piece of collateral, typically has low interest rates, and helps you start earning equity. Plus, building stuff is just the grownup version of playing with Legos.

American Express® Merchant Financing

American Express® Merchant Financing
  • Loan Amount:
    $5,000-2,000,000
  • Term:
    1-2 Years
  • Payment Frequency:
    Daily

If your business accepts American Express as a form of payment, your flexibility may pay off - literally. You can get financing from American Express to increase your inventory, hire more staff, start an expansion project, buy new equipment, and much more.

Accounts Receivable Financing

Accounts Receivable Financing
  • Loan Amount:
    Up to 80% of A/R
  • Term:
    Up to 1 Year
  • Payment Frequency:

Stop feeling broke while you’re waiting for those Net-30 receivables to roll in. You can use accounts receivable financing to get an advance from a lender on the money you’re owed for completed services. Bonus fact: the rates are typically lower than they are for a cash advance.

Startup Loan

Startup Loan
  • Loan Amount:
    $500-750,000
  • Term:
    Revolving Credit - 25 Years
  • Payment Frequency:
    Monthly

Use a startup loan to launch your new business without giving up any equity or borrowing a chunk of cash from Uncle Lester. It’s also an excellent way to establish business credit. If your credit score is 680 or above, you’re a prime candidate for a startup loan.

Business Acquisition Loan

Business Acquisition Loan
  • Loan Amount:
    $5,000-5,000,000
  • Term:
    Revolving or 10-25 Years
  • Payment Frequency:

A business acquisition loan is less common than other financing options but no less awesome. It helps you get the funding you need to purchase an existing company or franchise. Just be sure to prepare a new business plan and some financial projections.