Every small business owners have these question, How to get a small business loan in the US easy and instantly.
How to get a small business loan in the United States, Private small business loan interest rates in the USA, Small business loan providers in the usa.
We will check first different ways you get working capital or investment on your new small business.
1.Crowdfunding – There are many crowdfunding websites that help new entrepreneurs and inventors to build their start-ups. Kickstarter, Indiegogo, and Fundly, etc are popular crowdfunding agencies.
2.Bank loans – It’s a traditional way, arrange a loan with local banks. Its common and mostly using however to meet the bank eligibility criteria is the toughest part.
3.Private small business loan online lenders – It is very flexible and easy to get even you have a poor credit score. But always check the interest rate and lenders’ charges. We are discussing this.
4.Credit Unions – Mostly Small Business Administration (SBA) approval need for this. Also, you should be an active member of a particular credit union.
5.Loans from friends and family.
Getting A Small Business Administration Loan
Nowadays it is very hard to get small business loans however be optimistic. Hopefully, you going to get from the given providers. We are going to take a look at the small business loan program offers by major private providers in the USA. Before that, we check different types of loans available for small businesses in the United States.
The first one is small business administration (SBA) loans. SBA is offered by private lenders.
The second one is Traditional loans offered by banks. It’s very hard and not flexible for most small businesses. Banks will give preference to established businesses with good credit rates.
The third one, Business line of credit, which simply we can say is a business credit card with a much high limit.
We are giving here information about two reliable and easy private small loan providers in the USA.
Now, Our first provider is Kabbage, one of the best small business loan providers in the USA. Kabbage was recently acquired by American Express. Make and receive payments fully online or with their app. It’s available in 50 US states and territories. Kabbage has a simple application process with less paperwork and a more lenient process than a typical bank
Kabbage offers a Line of credit to small businesses up to $150000. Line of credit is different from typical bank loans. We need to pay interest only the amount we have taken from our approved line of credit. We don’t need to pay the full amount approved like normal other bank loans. The repayment term for the loan is up to 18 months, it depends on your company profile. You can apply for a loan online and receive approval on the same day after verifications.
We can’t say that it completely supports start-ups, You must be in business for at least one year . Yearly revenue should be above 50000 dollars to qualify. Revenue is the total amount of business in one year, not the profit that you’re earning. If you are an American Express customer minimum of 2 months old with an active transaction, then more easy to get approve your loan applications.
Loan terms are typically between 6 and 18 months and, there are no prepayment penalties or hidden loan fees. If you feel like go with these loans, visit Kabbage Website for more details. All Kabbage small business loans are funded by American Express National Bank.
It’s not a paid promotion or affiliate marketing, No referral links are given.
Visit the Kabbage website directly applying for small business loans.
Call Kabbage support @ +1-888-986-8263 Email – [email protected]
Lendza is the second option apart from Kabbage. Lendza provides small business loans even for start-ups. So it’s a good option for new small business entrepreneurs. The maximum loan amount which we can go up to $750000. The repayment period is up to 5 years. There is a minimum of 8% interest rate. The maximum processing time for small business loans from Lendza is two weeks.
Remember Lendza is not a direct small business loan provider, they are the facilitators. They connect us with small business loan providers. Applying for loans on Lednza will not affect your credit scores. Eligibility – You should be a US citizen above 18 years old and should provide a valid US address, phone number, email id.
Visit the Lendza website for applying www.https://lendza.com
** It’s not a promotional or paid article, not includes any affiliate links. It is completely made for public awareness .**
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