Article summary: Many businesses rely on commercial loans to fuel growth or fund other business initiatives. If you’re looking for financing, there are lenders, in addition to the bank, that can make funds available in as quickly as 24 hours.
Commercial Loans for Small Businesses
Many businesses, large and small, rely on commercial loans to fuel growth or fund other business initiatives like purchasing equipment, buying inventory, or other day-to-day business activities.Fortunately, there are many options available today for the small business willing to look outside the bank and other traditional sources for commercial loans.
Many of the options that were once considered “alternative” are now considered mainstream and even the first choice for other small business owners just like you who are looking for a small business loan.
Traditional Commercial Loans
The local bank has traditionally been the first place most business owners look when they need a commercial loan. It makes sense; they have their business checking account, maybe a savings account, and possibly even a business credit card there. Unfortunately, it’s not uncommon for a business owner with a profitable business to get turned away at the local bank.
The banker may be looking for a fairly narrow borrower profile, though getting a loan guaranteed by the SBA can make it a bit easier for a small business to qualify for funding from the bank. Frequently, they are looking for businesses with annual revenues of $1 million or more, several years in business, collateral to secure a loan, a business owner with a personal credit score in the 700s, and larger loan amounts. A business owner who meets those criteria will likely have success at the local bank—provided a traditional bank loan makes sense for their business.
- Simple: Easy application & fast funding
- Tailored: Funds you need on your terms
- Human: Real, live loan advisors
A Quick Approval and Funds in 24 to 48 Hours
Online lenders, like OnDeck, look at your business differently than many traditional lenders, like the local bank—and are a good alternative to a traditional bank loan in many cases. We consider dozens of data points to evaluate the health of your business and your business’ credit worthiness. In addition to your personal credit score and business credit profile, we look at your cash flow, your annual revenues, and other information to evaluate whether or not we’ll offer your business a loan. Looking at your business this way allows us to say “Yes” more often than the bank—and your loan application, in many cases, could be approved within an hour and often have your funds delivered in 24 to 48 hours.
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Financing options to help you grow your business
If you’ve ever heard the adage, “It takes money to make money,” you must be a small business owner. Fortunately, there are more small business loan options available today than ever before—you just need to know where to look and what to look for. You don’t need to be a financing expert to build a successful business, but you do need to consider all the business loan options available to determine which one is best to meet your business need.
Small Business Loans and Lines of Credit
With online lenders and lines of credit, there are more options available today than a traditional term loan from the bank when you need extra capital to fuel growth or fund other business initiatives.
Loans with a Purpose
Depending upon why you’re borrowing (your loan purpose), there could be an option custom fit to meet your business need. Here are some of the financing options available with specific use cases in mind.
Non-Traditional Financing Options
Sometimes it takes a different approach to meet a business’ financing needs. There are a number of options from micro-loans to funding sources that won’t even be described as a small business loan.