15 Types of Business Loans to Consider
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
1. Term Loans
2. SBA Loans
3. Business Line of Credit
4. Equipment Financing
5. Merchant Cash Advance
6. Inventory Financing
7. Invoice Factoring
8. Online Business Loans
9. Microloan
10. Commercial Real Estate Loan
11. Working Capital Loan
12. Restaurant Loans
13. Franchise Financing
14. Peer-to-Peer Lending
15. Alternative Lending Options
Crowdfunding Angel investors Venture capitalists Contributions from friends and family Grants
Choosing the Right Loan for Your Business
1. What industry is your business in?
2. How much funding do you need?
3. What are manageable loan terms for your business?
4. How soon do you need money?
5. What are the costs of different business loan types?
Origination fees Prepayment penalties Balloon payments Late payment fees Factoring fees Monthly service fees SBA guarantee fees
The Takeaway
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