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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.
For example, an equipment loan would be ideal if a small business needs to purchase equipment. However, a line of credit could be better if a business plans to use the funds to cover larger, short ...
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
SBA loan. Think of the Small Business Administration (SBA) as your personal government friend. The main purpose of this federal agency is to help small businesses find the funding and resources ...
If you’re just finding your footing as a business or need to cover small expenses, a business credit card is a solid place to start. You typically need a good credit score of 670 or higher, but ...
Beyond loans, the U.S. Small Business Administration offers mentorship and other programs for small business owners. SBA loans can be a good way to fund working capital and other business expenses ...
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