Structured Summary
- SBA loans
- Online lenders
- Traditional bank loans
- Microloans
SBA Loans
SBA loans are a popular choice for small businesses due to their low interest rates and long repayment terms. Eligibility requirements include being a for-profit business, operating within the US, and meeting size standards set by the SBA.
Online Lenders
Online lenders offer quick and convenient access to small business loans with competitive rates. Eligibility requirements may vary, but generally include a minimum annual revenue and a certain time in business.
Traditional Bank Loans
Traditional bank loans are a reliable option for small businesses with established credit and a strong financial history. Eligibility requirements typically include a good credit score, collateral, and a solid business plan.
Microloans
Microloans are small, short-term loans offered by non-profit organizations and community lenders. These loans are suitable for startups and businesses in underserved communities. Eligibility requirements may include a solid business plan and the ability to repay the loan.