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Invoice factoring provides a lump sum of advance cash payments in exchange for outstanding invoices. Invoice factoring isn’t a business loan, but it provides a cash advance on outstanding invoice payments. You simply are selling your unpaid invoices and payments will be collected directly from your customers.
The SBA loan is a government agency loan that supplies multiple funding programs. Their loans have guarantees associated that reach to 80% of loan amounts provided by an approved lender, which are mostly comprised of banks. SBA loans come in three programs, and their money is accessible for almost any enterprising purpose.
Business Term Loans
Business term loans are similar to short-term loans, with the main exception being the repayment periods. While short-term loans provide immediate cash-flow, this form of loan is geared towards longer term projects. As a result, they have long repayment periods, which are between 1 and 5 years. Business term loans can be used to meet the need of just about any business objective such as for hiring, equipment.
Equipment financing loans enable a business to pay for the costs of a piece of equipment required to run their operations. The approval process for equipment financing is often fast, and it’s a quick way to reduce the out-of-pocket startup costs for a business project.
Merchant Cash Advance
A merchant cash advance isn’t considered as a loan. The lender gets repaid through a percentage of the borrowers daily customer credit card transactions. With a merchant cash advance, a business can get quick access to cash with minimal collateral, even if they lack a good credit score.
Short Term Loans
A short-term loan allows a business to receive lump sums of cash that is required to be repaid between 3 and 18 month periods. The short term loans are repaid through a set of fixed payments. This type of loan is designed for quick cash infusions. They’re needed by businesses for a variety of reasons, whether it be dealing with emergency situations or to expand a business.
A working capital loan can be used to pay salaries, invoices or other business related expenses such as for cash-flow. They are made to assist a business with its day to day operational needs. They are excellent for businesses that are seasonal and ensure that they are able to maintain during slow periods.
Line of Credit
A business line of credit provides a business with capital to use as needed. It is more flexible than other loan types, since a business can decide on the amount they would like to borrow. This form of borrowing is excellent for managing gaps in cash-flow, acquiring extra working capital, and dealing with an emergency.