Article summary: Picking the right option to fuel growth or accommodate a short-term business initiative can be a challenge. Keep reading to learn more about short-term business loans and when they might be a good option for your business.
Short-Term Business Loans
Funding for small business is evolving with many options to finance cash flow, purchase inventory, buy equipment, hire new employees, and otherwise fuel growth, that didn’t exist before. Online lending, crowdfunding, equity funding, non-profit lending and other alternatives to a bank loan are fast becoming mainstream funding options for small businesses as many business owners look for new ways to infuse capital into their companies to help them grow and thrive.
- Simple: Easy application & fast funding
- Tailored: Funds you need on your terms
- Human: Real, live loan advisors
Some Funding Alternatives Are a Better Fit for Short-Term Capital Needs than Others
If you need capital to take advantage of a special offer on inventory, to overcome a seasonal cash flow bump or meet some other immediate need, you should consider a short-term business loan. And, if you’ve been in business for at least a year, have $100,000 in annual revenues, along with a personal credit score of around 600 or better, you might be a good fit for an OnDeck loan.
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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.