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Low taxes, affordable real estate, and an established workplace make Indiana a great place to own a small business. If you’re ready to run a successful venture in the Hoosier State, business loans can help you do just that.
No matter your industry, business loans can help you obtain the funds you need to get up and running or expand what you’ve already established. When you shop around for financing, you’ll likely come across the following options.
SBA loans are backed by the U.S. Small Business Administration (SBA), meaning the SBA will guarantee a portion of the funds you borrow. If you have strong credit, you may lock in up to $5 million in funding with terms of up to 25 years, usually at lower interest rates.
A line of credit lets you borrow as much or as little as you’d like, up to a set credit limit. You’ll use special checks or a credit card to withdraw money and only pay interest on what you borrow. If you’re unsure of your current or future funding needs, a line of credit can be a great, flexible option.
When most people think of traditional small business loans, term loans typically come to mind first. With a term loan, you’ll receive a set amount of money at once. Then, you’ll repay it over time over an agreed-upon term, ranging from a few months to a few years or longer.
Equipment loans are designed to help you cover the cost of new or used equipment for your business. Depending on the lender, you may be able to finance between 80% and 100% of its cost. Terms may be anywhere from a few months to 10 years.
Accounts receivable financing is when you sell your outstanding invoices to a company. The company may advance you anywhere from 70% to 90% of the invoices and collect them on your behalf. Once they receive the payments, they’ll distribute the remaining invoice amount, minus a fee.
Several organizations service loans to small businesses that set up shop in Indiana.
Purdue Federal Credit Union offers a variety of business loans, such as SBA 504 loans, lines of credit, equipment loans, real estate loans, and business credit cards. It has several branches throughout Greater Lafayette, Crown Point, and La Porte.
The IU Credit Union in Bloomington is another option with similar products to Purdue Federal Credit Union.
In addition to these credit unions, you might want to explore the Indy Chamber, a nonprofit that advocates for business owners in the Indianapolis area and offers business term loans ranging from $1,000 to $50,000. As long as you have less than five employees, you may qualify.
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Once you choose a card, you can get approved in as little as 7-10 days.
Northeast Indiana SCORE provides mentorship and workshops to small business owners in Fort Wayne, Angola, Kendallville, Warsaw, and Huntington. The Indiana Small Business Development Center (SBDC) is another resource that offers no-cost business advising, training, and referrals. If you get involved with Indiana Small Business Connection (Indiana SBC), you can attend a small business expo and promote your offerings, while networking with other small business owners in the state.
The Indiana Small Business Development Center launched the Indiana Technical Assistance Program to help small businesses grow. If you’re an eligible small business, you can receive up to $15,000 in professional services. Grants are also available to minority businesses in the state through the Indiana Black Expo.
To qualify for a business loan in Indiana, you’ll need to decide how you’ll structure your business (sole proprietorship, LLC, etc.) Once you do, use the INBiz search to determine if you can use your preferred business name. In addition to finalizing your business and structure, you’ll need to maintain a registered agent who will be responsible for receiving important legal and tax documents on your behalf. You may apply for loans once you’re ready to operate. Just keep in mind, you’ll need to meet certain thresholds in regards to your credit score, monthly revenue, and other requirements to be eligible.
The right loan for your Indiana business depends on a number of factors, like your credit, time in business, annual revenue, and particular goals. Lendio can help you search for financing options and hone in on the ideal ones. If you’re looking for a flexible loan, a line of credit may make sense. But if you’d like to pay for new machines and tools for your business, for example, equipment financing might be the better choice.
An Indiana business loan can help you obtain the funds necessary to launch or grow your venture. Unless you have unlimited amounts of cash at your disposal, it will be vital for your small business in the Hoosier State.
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