3 Business Loans Available for the Small Business Owner
Starting a new business requires strong financial support. To realize your dreams you need to find a good financial partner ready to fund your venture. Traditional bank loans may be a good option if you are not a start-up and if you have good personal credit. Otherwise, you need to look for alternative lenders. R & R Commercial Lending is here to help.
Fortunately, a bad credit score does not always stop you from fulfilling your dreams and has given rise to a rich entrepreneur culture. If you are interested in a business whereby you invest in real estate or need new equipment, you should look to some of the asset-based business loans in Florida. And the application process is simple. If you are an entrepreneur looking for financing options, you can apply for the following business loans in Florida:
- Real Estate or Equipment – Hard money loans
This is the best option for those who have a bad credit history and need a large sum of money for purchasing real estate or work-related equipment, or other hard assets. These loans are open to most businesses and are usually used for emergency situations. Unlike traditional bank loans, qualifying for a hard money loan is fairly easy and requires great assets instead of great credit. They get approved quickly and are usually fairly short term loans.>/p>
- SBA Loans – Startup Business Loans in Florida
Many businesses, including small or newer businesses, can qualify for an SBA loan. These loans do require a good personal credit score. SBA loans are for business owners with a long borrowing history.
The application process is a little more complex and will usually require a substantial amount of your time, attention and documentation. However, SBA loans offer the most competitive rates, terms, and benefits than any other loan choice that a small business owner has to choose from. They also only require a 10 to 20 percent owner contribution which can also be money or assets that the business owner has previously contributed to the company, before applying for an SBA loan.
It may take a while to get through the process, but SBA loans are certainly a great option for growing your business and acquiring the necessary capital and equipment that you need.
- Unsecured Business Loan – Revenue Based Loans
If you’ve been in business for a while and your business is generating over $100,000 per year you may qualify for an unsecured business loan even if your credit is a bit bruised. You will need to show monthly cash flow in order to qualify and it will have to pay back over a short term, but if you need the money in order to take on a new contract or take advantage of an opportunity to make more money, this may be the loan for you.
R&R Commercial Lending, Inc. is a well-established organization that is committed to fulfilling the financing needs of their clients. So if you are looking for start-up business loans in Florida, a hard money loan or a bad credit small business loan in Florida, R&R Commercial Lending, Inc. is ready to help.