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Small Business Loans
According to the U.S. Small Business Administration, an estimated $11 billion in small business loans were approved in 2012. Business loans for small businesses have continued to increase. By the middle of 2017, the total loan amount had reached $18.9 billion.
The increase in small business loans is partially due to an increasing number of entrepreneurs who are opening new businesses each year. In 2015, an estimated 675,000 new businesses were opened in the U.S. In addition to new businesses, existing businesses are also borrowing in greater numbers in order to grow or to sustain their businesses. Patriot Financial LLC assists businesses by offering different commercial financing options.
What Is a Small Business Loan?
Small business loans are money that is borrowed to grow, start or to continue business operations. There are several different types of loans for small businesses, including secured loans and unsecured loans. Some of the most common types of small business loans include the following:
- Accounts receivable loans
- Business lines of credit
- Construction loans
- Equipment financing loans
- Merchant cash advance loans
- Merger and acquisition loans
- Startup loans
- Working capital loans
What Can Business Owners Use Small Business Loans For?
Startups who secure small business loans may use them to buy necessary inventory, equipment, buildings or property that is needed to start the businesses. The funds may also be used as working capital until your business gets off the ground.
Small business loans may also be used to help businesses to expand by enabling them to purchase more inventory, larger factories or stores or to buy more equipment. For periods during which there is a downturn in your business, small business loans can help you to pay your operational expenses until the business picks up. In these types of scenarios, small business loans may be used to make payroll, pay vendors or buy supplies.
How Might You Benefit From a Small Business Loan?
When you are able to secure a small business loan, it will allow you to run all of the different aspects of your business while minimizing disruptions that might happen during slowdowns. Starting businesses that become profitable requires money, and many banks are simply unwilling to lend new businesses the capital that they need.
Where Can You Obtain a Small Business Loan?
In large cities, small businesses may find it easier to secure loans because of the varied local options. However, it is possible for you to obtain a small business loan online with Patriot Financial regardless of where your business is located.
How Do You Apply for a Small Business Loan?
The first step in securing a small business loan is to make certain that you qualify. Your eligibility may depend on several factors, including the following:
- How long your business has been open
- Your assets and liabilities
- Your current or expected revenue
- Your industry
- Your credit score
- What you plan to use the loan for
Depending on your lender, you might have to visit a financing company, credit union or bank to finish your paperwork. You can also choose to apply for a small business loan with Patriot Financial online. This option can make securing your needed capital more convenient.
What Are the Costs Associated With a Small Business Loan?
The costs and interest rates for small business loans can vary. This makes it important for you to choose a lender who understands your working capital needs and your revenue.
Is a Small Business Loan the Right Option for You?
If you are not certain whether or not a small business loan is the right choice for you, ask yourself the following questions:
- Are your capital resources sufficient to start your business without risking your financial welfare?
- Are you beginning a slowdown period during which you normally experience trouble meeting your business’s obligations?
- Are you wanting to expand your business but need additional working capital to do so?
Contact Patriot Financial Today
If you believe that a small business loan is the right choice for you, the professional team at Patriot Financial is ready to help. Contact us today with your questions or submit your application using our convenient online application form.