If you are new to the game, the options for funding may seem overwhelming. There are tons of different kinds of funding options that may suit you and your business plan. We’ve compiled information regarding many of the most popular kinds of business loans and the repayment time frames associated with each.
If you’ve decided that you do not want to raise funds via investor funding (or ask for money from friends and family), you can look into applying for a business loan. There are many types of business loans available that are perfect for small business owners. Not only can you seek a loan from an accredited financial institution like a bank or credit union, you can also apply for a loan from an online lender.
If you have a lower credit score, a good option can be to look into alternative lenders and learn about their financial products or services. Furthermore, depending on your credit score, a great option can be to open business credit cards, just make sure to pay them back on time!
In general, before you agree to any loan, make sure that your company is liquid enough to repay the loan in the future.