- Traditional bank loans
- Small Business Administration (SBA) loans
- Online lenders
- Peer-to-peer lending platforms
Traditional bank loans
Traditional bank loans offer competitive rates and terms for small businesses with established credit and financial history. However, the application process can be lengthy and require extensive documentation.
Small Business Administration (SBA) loans
SBA loans are backed by the government and offer favorable terms for small businesses, including lower down payments and longer repayment periods. However, they often have strict eligibility requirements and can take longer to secure.
Online lenders
Online lenders provide quick and convenient access to small business loans, with competitive rates and flexible terms. However, they may have higher interest rates compared to traditional bank loans.
Peer-to-peer lending platforms
Peer-to-peer lending platforms connect small businesses with individual investors, offering competitive rates and flexible terms. However, they may have higher interest rates and require a strong credit history for approval.