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Lendio breaks down the 11 most common types of small business loans, how they work, and their pros and cons.
1. Term Loan. A term loan is a type of traditional business loan where you borrow a lump sum—typically between $1,000 and $500,000—and repay it over a fixed period, usually between 1 to 5 years.
In the 2023 Small Business Credit Survey, 36 percent of small businesses applied for business loans, while 20 percent applied for an SBA loan or line of credit. 7. Microloan
The most common government-backed small business loan with loan amounts of up to $5 million available. Money can be used for almost any purpose, including working capital, payroll, expansion and ...
Loan type. Purpose. Best for. Term loans. Working capital and other short- and long-term business expenses. Businesses with expenses of varying sizes that need to be covered
This is the most selective type of funding. Government funds may be targeted toward youth, with the age of the founder a determinant. Often, these programmes can be targeted towards adolescent self-employment during the summer vacation. Depending on the political system, municipal government may be in charge of small disbursements.
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