- Traditional Banks and Credit Unions
- Online Lenders and Alternative Financing
- Government Programs and Grants
Traditional Banks and Credit Unions
Small businesses can still find low-interest loans from traditional banks and credit unions. These institutions offer a variety of loan options, including term loans, lines of credit, and SBA loans. While the application process may be more rigorous, the interest rates are typically competitive.
Online Lenders and Alternative Financing
Online lenders and alternative financing companies provide accessible options for small businesses seeking low-interest loans. These lenders often have streamlined application processes and may offer more flexible terms than traditional banks. Small businesses can explore options such as peer-to-peer lending, invoice financing, and merchant cash advances.
Government Programs and Grants
Small businesses can also explore government programs and grants that offer low-interest loans. The Small Business Administration (SBA) provides various loan programs designed to support small businesses, including the 7(a) loan program and the CDC/504 loan program. Additionally, some government agencies and non-profit organizations offer grants and low-interest loans to support specific industries or initiatives.