The 5 Types of Small Business Loans
There are many types of small business loans out there these days, so if you are seeking a loan, you ought to know the many different options available to you. Of course, when you walk in and talk to your loan officer, you will benefit from sounding informed and knowledgable about the entire world of small business loans. Here are some of the options you have in the realm of small business loans. They range in the size of the loan, the type of loan, and what the loan is meant to provide.
- Micro Loan: This is one of the most common small business loans, and it simply indicates a loan of from $5,000 to $35,000 for any small business purpose.
- An SBA Loan: The SBA does not directly fun loans, but it does guarantee loands from banks. These guaranteed loans are known as SBA loans.
- Franchise Financing: These loans are reserved for francheses of well-known, well-funded, national franchise operations.
- Development Financing: These loans offer long-term, fixed-rate financing for land and buildings.
- Import Export Loans: Usually offered by import/export banks, these loans enable trading in goods and services worldwide.
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