- Traditional bank loans
- Online lenders
- Small Business Administration (SBA) loans
Traditional bank loans
Traditional bank loans offer competitive rates and terms for small businesses with established credit and financial history. Approval times can be longer compared to online lenders.
Online lenders
Online lenders provide quick approval times and flexible terms, making them a good option for small businesses needing immediate funding. However, interest rates may be higher compared to traditional bank loans.
Small Business Administration (SBA) loans
SBA loans offer low interest rates and longer repayment terms, making them an attractive option for small businesses. However, the application process can be more rigorous and approval times may be longer compared to online lenders.