Small business loan

The Small Business Loan Revolution is Here

The economy is back, and it’s ready to lend a hand

If you’re like most small business owners, you’ve been on quite the roller coaster for the past several years. You pinched pennies, made sacrifices and deferred capital investment projects. Finally, your patience has paid off. With the economy back on a roll, entrepreneurs and small business owners looking to borrow funds for projects of any kind are being met with competitive rates and efficient loan processes.

Related: How to Secure a Small Business Loan Online

Funding your business has never been faster or easier

The past decade not only saw inefficient and antiquated financial firms dissolve, it also saw savvy and sincere innovators rise up and fill in the void. The evolution of FinTech has resulted in the emergence of time-saving financial tools. Some lending technology companies have developed systems that deliver funds in just 24 hours, while others have improved the processes by which large capital projects are funded. To summarize, the old days of slow and stuffy banking are over.

There are dozens of SMB loan types to choose from

No two loan applications are exactly alike. A restaurant owner may need a few thousand dollars to get through a payroll week, while a multinational consulting company may require a long-term loan to fund an extensive building project.

Each entrepreneur’s needs, and all of those in between, are suited for different types of loans. Here’s a quick comparison of a few of the most common loans offered to small businesses:

  Online SMB Lender Loan Traditional Bank Loan SBA Loan Merchant Cash Advance
Funding Amount Small Large Medium-Large Small
Interest Rates Competitive Competitive Competitive High
Processing Speed Very Fast Slow Slow Fast
Approval Rate High Average Low Average
Application Process Online Paper Paper Online

As you can see, there’s certainly no shortage of loan types available to modern business owners.

Sign Up: Receive the StartupNation newsletter!

Find funding today

Funds are just a short click away. Click on your state below to make banks compete for your business today.

Lending Tree

Content sponsored by LendingTree. 

Leave a Reply
Related Posts