Information to help you make the right choice for your business – from understanding your options for financing to choosing the best lender for you
Most lenders will require a company to be in business for at least two years before they can get a small business loan as the lender wants to make sure the company will still be around when the loan comes to term, so the lender can recoup their funds. The risk with a company that hasn’t reached two years is that… Read more »
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Small business loans are a type of debt financing where a borrower receives a lump sum of money, typically under $500,000, from alternative and traditional lenders, then makes payments on a predetermined schedule with interest. The financing is a way for the company to: Bridge gaps in cash flow Purchase or lease equipment, vehicles, inventory, or machinery Recover… Read more »
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The length of a business loan often changes based on the usage of the funds. It should be tailored to the borrower whenever possible to make sure that their cash flow can cover payments over the term without defaulting. The longer the term length, the lower the monthly payment is on most loans, which frees up cash flow. A… Read more »
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There are important differences between short-term and long-term business loans to keep in mind.
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Recasting a personal or small business loan is when a borrower makes a lump sum payment (curtailment) toward their loan’s principal balance. The lender then recalculates the monthly payments based on the new, lower balance while keeping the same interest rate and terms. By reducing the principal owed, the borrower frees up future cash to… Read more »
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