The Power of Knowing & Understanding All Types of Business Loans (Views: 526)
But that’s no longer the case. In Canada, more types of business loans options have recently been made available and before you start looking for financing search, you need to be aware of all your options.
Luckily, that’s what we’re here for. LendMart’s online small business loans marketplace brings together all types of loans across all types of Canadian lenders. We’re here to make sure you know all your loan options, so you can walk away with what is best for you. The following guide gives you a breakdown of all the different small business loan types, and what you need to know about each.
What are the Types of Business Loans You Need to Know?Here's your short-list of every small business loan type that you should know about:
1. Business loans. You can score low-cost, long-term loans from a bank or online lenders.
2. Short-term loans. Online lenders offer a smaller amount of financing with short-term loans with 3 to 18 month terms.
3. Lines of credit. Both traditional banks and online lenders offer revolving lines of credit that you can tap into whenever you want or need to for your business.
4. Equipment financing. You can use an equipment loan to finance up to 100% of the cost of your business's new or used needs for equipment.
5. Invoice financing. Invoice financing companies offer fast you a certain amount of cash based on your business's outstanding invoices.
6. Merchant cash advances. Merchant capital companies advance you fast cash that you will need to pay back with a portion of your business's daily credit and debit card sales.
Apply to multiple lenders today in just 5 minutes