- Online Lenders
- Traditional Banks
- Credit Unions
- Small Business Administration (SBA) Loans
Online Lenders
Online lenders offer convenience and competitive rates for small business loans. They often have a streamlined application process and quick funding, making them a popular choice for many entrepreneurs.
Traditional Banks
Traditional banks are a reliable source for small business loans, especially for established businesses with strong credit history. They may offer lower interest rates and longer repayment terms compared to online lenders.
Credit Unions
Credit unions are member-owned financial institutions that often provide small business loans with favorable terms and personalized service. They may be more flexible in their lending criteria compared to traditional banks.
Small Business Administration (SBA) Loans
The Small Business Administration offers various loan programs to support small businesses, including low-interest rates and flexible terms. SBA loans are backed by the government, making them an attractive option for businesses that may not qualify for traditional loans.