Loan Options for Small Business Owners
SBA and Bank Loans
Amount of Financing Available:
$5K - 5 Million
Typical Turnaround Time:
1-4 weeks
Required Personal Credit Score:
600+
Required Age of Business:
2 years+
Typical Use of Funds:
Working Capital, Expansion, and Real Estate
Relative Cost:
Lowest
Typical Time to Repay:
10 years
Collateral Needed?
Yes
Alternative Loans
Amount of Financing Available:
$2K - 500K
Typical Turnaround Time:
Less than 1 week
Required Personal Credit Score:
500+
Required Age of Business:
1 year +
Typical Use of Funds:
Working Capital and Expansion
Relative Cost:
Medium
Typical Time to Repay:
1 month - 5 years
Collateral Needed?
No
Equipment Loans and Leases
Amount of Financing Available:
$5K - 15 Million
Typical Turnaround Time:
1-2 weeks
Required Personal Credit Score:
500+
Required Age of Business:
Startups Ok
Typical Use of Funds:
Buying Equipment
Relative Cost:
Low
Typical Time to Repay:
1-7 years
Collateral Needed?
The equipment is the collateral
Invoice Financing
Amount of Financing Available:
$100K - 150K
Typical Turnaround Time:
1-3 business days
Required Personal Credit Score:
530+ (no credit check in some cases)
Required Age of Business:
Startups Ok
Typical Use of Funds:
Filing Cash Flow Gaps
Relative Cost:
Medium
Typical Time to Repay:
1 week-3 months
Collateral Needed?
No
Merchant Cash Advance
Amount of Financing Available:
$2K - 500K
Typical Turnaround Time:
3-5 business days
Required Personal Credit Score:
500+ (no credit check in some cases)
Required Age of Business:
Startups Ok
Typical Use of Funds:
Working Capital and Expansion
Relative Cost:
Highest
Typical Time to Repay:
4-12 months
Collateral Needed?
No
Use Retirement Money
Amount of Financing Available:
As much as you have in retirement account
Typical Turnaround Time:
3-4 weeks
Required Personal Credit Score:
Not applicable
Required Age of Business:
Startups Ok
Typical Use of Funds:
Starting a Business or Buying an Existing Business
Relative Cost:
Medium
Typical Time to Repay:
Not applicable
Collateral Needed?
Not applicable