Small business financing options can be overwhelming. Dividing fact from fiction can be complex, especially when you’re busy running your own business. However, the top options include the following. Consider these options to jump start your business the right way.
A term loan is called an installment loan. Traditionally, this type of loan is obtained from a bank or credit union. Just as the name implies, it is repaid over a set term, this can be anything from six months to five years or more. It also comes with a fixed or varied interest rate.
Interestingly, there are now term loans available online. Now you can apply for a term loan directly from a lender’s website. Most of these loans are user-friendly and customizable based on the terms of the loans. Built-in flexibility and transparency are a big reason small businesses chose online term loans for their business funding needs. Even if you have bad credit, a term loan might be right for you.
Business Credit Cards
Another option many small business owners look at is business credit cards. If you want to avoid taking out a loan, credit cards are an alternative. Use them to pay for small-ticket items and earn rewards in the process. Having business credit cards on files is a great idea even if you don’t plan on using them right away.
Pick out a business credit card that has rewards that makes sense to you. Such as cash-back for miles or traveling. Some even have rewards for utilities and supplies. So, check that out before you sign up. However, you’ll have to have good or excellent credit to secure business cards.
Merchant Cash Advance
Merchant Cash Advance is another option for funding your business. You can choose an MCA for your business if you’re looking for quick cash. It works through an exchange. So, you’ll trade a percentage of your future receivables for cash upfront.
If you’re interested in Merchant Cash Advance for your business, then we want to help. Legend Advanced Funding can help you secure the cash you need to get your business started. Contact us today for more information about MCA.