Here are 10 popular small business financing options:
SBA loans: These are loans offered by the Small Business Administration, which are backed by the government and have lower interest rates than traditional loans.
Business credit cards: These cards can provide a revolving line of credit and may offer rewards, but usually come with higher interest rates.
Traditional bank loans: These loans may have lower interest rates than other options, but may require collateral and have stricter lending requirements.
Crowdfunding: This involves raising small amounts of money from a large number of people, usually through an online platform.
Equipment financing: This type of loan is specifically for purchasing equipment and may offer flexible repayment terms.
Invoice financing: This involves selling your unpaid invoices to a third-party lender at a discount in exchange for immediate cash.
Merchant cash advances: This involves receiving a lump sum of cash in exchange for a percentage of future sales.
Personal loans: If you have a good personal credit score, you may be able to obtain a personal loan to use for your business.
Peer-to-peer lending: This involves borrowing money from individuals through an online platform.
Grants: These are non-repayable funds awarded to businesses that meet specific criteria, such as being a minority-owned or environmentally friendly business.