Types of Small Business Loans (Part 2)

Small Business Loans

If you are looking to get small business loans, there are a few different types available to you, depending on your needs. Today I will describe some potential needs and then describe the loan types that would best fill those needs.

Emergency Funding: If you have a sudden disaster, such as the damage of critical equipment or damage from a natural disaster, there are a few options available to you. If you are actually in a declared disaster zone, the best option, is to contact the Small Business Administration to see if you can get funding under their disaster relief program.

If you have simply had an expense come up unexpectedly, you might want to consider small business loans, such as cash advances or merchant account loans. Having cash or credit available on hand isn’t a bad plan for emergencies either.

Planned Long-Term Asset Acquisition: This covers things such as major office space overhauls, the purchase of additional property, or the large-scale purchase of equipment that will last 20 years or more. For this, your best bet is to try to get approved for low-interest, secured bank funding from a major financial institution. This will have the lowest interest rate, and interest rate is king when it comes to long-term funding.

Dealing with day-to-day expenses: Sometimes your monthly expenses get ahead of your incoming invoices. You need something to stabilize against this. A business line of credit is the best of the small business loan options for this purpose.

For more information, go to Small Business Loans at http://www.unsecuredbizloan.com/small-business-loans/

Types of Small Business Loans (Part 2) was last modified: November 8th, 2011 by Amit Kraidman
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