- Traditional bank loans
- SBA loans
- Online lenders
- Microloans
Traditional Bank Loans
Traditional bank loans are a common option for small business owners. They typically offer competitive interest rates and longer repayment terms, but they often require a strong credit history and collateral.
SBA Loans
SBA loans are backed by the U.S. Small Business Administration, making them more accessible to startups and entrepreneurs. They offer favorable terms and lower down payments, but the application process can be lengthy and require extensive documentation.
Online Lenders
Online lenders provide a quick and convenient option for small business owners. They often have less stringent requirements and faster approval processes, but they may come with higher interest rates and fees.
Microloans
Microloans are small, short-term loans offered by non-profit organizations and community lenders. They are designed for startups and entrepreneurs who may not qualify for traditional financing, but they typically have lower loan amounts and higher interest rates.