Small Business Loans for Big Business Goals

Small business loans are on the rise, with the  U.S. Small Business Administration  reporting that approximately $11 million was approved across small business loan programs for the entire year of 2012. And yet, that amount had already almost doubled—hitting $18.9 billion—by mid-2017.

This is partially because more and more entrepreneurs are deciding to start their own small businesses annually, averaging around 675,000 new businesses in 2015, according to the  Bureau of Labor Statistics. Additionally, those already in business are borrowing at higher rates to either sustain or grow their companies, making them stronger in the long run.

Even though these particular loans are being taken out at amazing rates, a lot of small business owners still have a number of questions when it comes to borrowing money to cover their small business needs.

For instance, what exactly is a small business loan? When should you get one? What benefits do small business loans offer? How do you apply? The list goes on and on.

If this is where you’re currently at, let’s dig a little deeper into all of these questions (and a few more) to get you the answers that you want and need—right now.

 

What is a Small Business Loan?

A small business loan is money borrowed to start, grow, or keep a small business afloat. Additionally, there are a few different small business loan types. Some of them are secured, meaning that you used some type of asset as collateral against the loan; and others are unsecured, meaning they’re not attached to an asset but are granted based on your credit.

Among the small business loans available, a few of the most common include:

  • Startup loans
  • Construction loans
  • Franchise-based loans
  • Merger and acquisition loans
  • Business lines of credit
  • Working capital loans
  • Equipment financing and refinancing loans
  • Merchant cash advance loans
  • Accounts receivable loans  

 

What Can I Use a Small Business Loan For?

A small business loan obtained by a startup is often used to buy any necessary property, buildings, equipment, or inventory to put the business owner’s dream into action. It can also be used to give you a little working capital as you strive to get your business up on its feet and running.

If your goal is to expand, small business loan funding enables you to purchase additional inventory, buy or build a larger store or factory, or buy more equipment to better suit your increased needs.

And if you have periods where you’re struggling, a small business loan can help you cover your operational expenses until things pick up and you can stand on your own again. This includes funding payroll, buying supplies, and paying vendors, just to name a few.

 

How Do I Benefit from a Small Business Loan?

Obtaining a small business loan essentially enables you to effectively run all aspects of your business, minimizing any disruption during slow periods and giving you cash flow options if you’re ready to take your company to the next level.

For instance, Melissa Kobus, founder of Gloss Salon & Day Spa, told us that she found that starting a profitable small business takes money—money that banks aren’t always willing to lend a new company.

That’s why Melissa came to BFS initially, to get the capital she needed to open her salon’s doors. It’s also what has kept her coming back every time she’s ready to grow, adding more space to better serve her growing clientele.

 

Where Can I Obtain a Small Business Loan?

Small businesses located in bigger cities—such as New York, Los Angeles, Miami, and Boston—tend to have an easier time securing a small business loan because there are more local options.

However, you can also obtain a small business loan online no matter where your small business is located, such as when you’re applying for a small business loan through BFS Capital.

 

How Do I Apply for a Small Business Loan?

If you’re wondering how to apply for a small business loan, the first step is to make sure you qualify for the specific business loan you want.

Business loan eligibility can depend on a number of factors, such as:

  • How long you’ve been in business
  • The assets and liabilities you have
  • What your revenue or expected revenue is
  • The industry you’re in
  • Your credit score
  • What you plan to use the loan for

Depending on which lender you choose, your may have to visit your local bank, credit union, or financing company to complete the paperwork.

Alternatively, you can also apply for your small business loans online when using lenders like BFS. This can make obtaining the capital you need even more convenient, no matter when you have time in your day or week to apply.

 

What Are the Costs Associated with a Small Business Loan?

Small business loan rates and costs can vary, making it extremely important to secure yours from a lender who understands your revenue and working capital needs.

 

Is a Small Business Loan the Right Option for Me?

If you’re still unsure whether a small business loan is the right option for you, here are some questions you’ll want to ask yourself:

  • Do I have enough capital to start my small business without putting my family’s welfare at risk?
  • Am I entering a slow season where I typically have difficulty paying my bills, making a small business loan preferable because it would take some of the stress away?
  • Am I ready to grow my business, but just need some working capital to make it happen until I can increase my revenues from the extra sales?
BFS Capital Small Business Loans
Get the small business funding you need to make your good company great.
  • REVIEW

    REVIEW

    We review your recent business account statements.

  • APPROVE

    APPROVE

    We base our approvals on average monthly gross business volume.

  • PAYBACK

    PAYBACK

    We take automated, fixed payments from your business account until paid in full.

Why Choose BFS Capital?

Whether you're envisioning that new piece of equipment on the floor of your factory or workshop, you want your warehouse shelves fully stocked with some much-needed inventory, or you’re faced with an acquisition opportunity that you don’t want to pass up, BFS Capital can help you obtain the funding you need to make it happen.

Our loans for small businesses are designed to help you start your business, tackle the inevitable growth challenges you face while building your business, or simply help you get through the slow times, like when your industry has a natural lull.

At BFS Capital, we provide better funding options for a variety of small businesses. Plus, we’re there for you when you need to make fast investments, striking while amazing business opportunities are still available. That’s because a number of our small business loan options can be secured within a couple of days versus the traditional weeks or months.

Unlike other small business lenders, we've had years of experience working with thousands of customers. Because we have a deep understanding of small business needs, we also offer some of the best small business loans and funding solutions available, with benefits you won't find anywhere else.

 

Other Lenders

BFS Capital

Approval Time

Months

As Few as 1 Business Day

Access to Capital

Months

As Few as 2 Business Days

Credit Requirement

Prime Credit

Most Types

Industries

Limited

Most Types

Repayment

Fixed Monthly

Flexible Options

 

Apply online today to see if you qualify for a business loan or for merchant cash advances.

Whatever your small business needs, BFS has a small business loan option for you!