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Which Business Financing Product is Best For You?

Learn about a variety of financial products geared toward small businesses.

Accounts Receivable Financing

Accounts receivable financing (A/R financing), or invoice financing, is a type of small business funding option that uses your invoices as collateral. This type of funding is for a business that needs money sooner than a client can pay them. The provider is usually a financial factoring company. The provider finances your business based on what your client owes you and you pay back the money when the client pays you.

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Acquisition Funding

Business acquisition financing can provide you with funds to purchase a business, franchise, or asset. Your company’s assets will be used as collateral. The fees for this type of financing can be lower than other small business funding types.

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Business Line of Credit

A business line of credit is different from other types of small business funding options. Most of the time, business have a specific need for new capital. For instance, short term funding is usually used to address a sudden expenditure. Long-term funding tends to be used for long-term investments. A business line of credit is different because it’s acquired before there’s an actual need for funding. The line of credit can be drawn from when funds are needed, but doesn’t require you to pay interest when you are not using it.

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Commercial Real Estate Financing

Before a provider decides whether or not to approve you for secured financing, they will often look at your proposed collateral and determine how much it is worth. In these situations, the more valuable the collateral, the better chance you’ll be approved for funding. With commercial real estate financing, you offer your commercial real estate as collateral for your funding.

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Equipment Financing

Equipment financing is small business funding designed to supply you with money for new equipment, like electronics, vehicles, machinery, or whatever specific type of equipment you use in your industry. This type of financing can only be used for equipment purchases because the new equipment will be used as collateral for the funding. That means if you default on the funding, you lose the equipment along with whatever you’ve paid toward the fees so far.

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Franchise Funding

Purchasing a franchise can be a good way to own a business without starting a business. Existing franchises are usually already branded. So as a franchise owner, it won’t be your job to promote a new business. Instead, you will promote a new location for an already successful business. Before that, though, you will need to buy the franchise. Franchise funding can provide you with the funds to make that happen.

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Merchant Cash Advance

With a merchant cash advance, you are borrowing against your future earnings. Most of the time, this means that you’ll pay back the funding with a portion (usually around 10-percent to 20-percent) of every credit card sale you make. Unlike other funding types, the fees for a merchant cash advance (sometimes referred to as an MCA) are determined with a “Interest Rate.” This Interest Rate is usually around 1.14 to 1.48.

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Microloan

Technically, a microloan is part of the SBA Microloans Program, which helps small businesses get relatively small loans. Unlike many other types of providers, microlenders are usually non-profit companies and work in specific communities. The time it takes to get funded through a microloan can be longer than other small loan options, but the interest rate is usually much lower. If you have the time to wait for a microloan, it’s definitely a viable option for a small loan, especially when you don’t qualify for a traditional bank loan.

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SBA Loan

The federal government created the Small Business Administration (SBA) to help support small businesses. One way the agency supports small businesses is through SBA loans. SBA loans aren’t actually offered by the SBA. Instead, the SBA offers loan guarantees to financial institutions that issue SBA loans. There are a variety of SBA loan products, including the SBA 504, SBA 7(a), and the SBA Express.

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Short Term Business Funding

When you’re making a long-term investment, you can use traditional-term business funding. For unexpected, short-term expenses, short-term funding can be a better option. Short-term business funding works best with businesses that have a solid financial history but need to manage a sudden cash flow gap.

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Startup Funding

Here’s a way a lot of businesses owners run into trouble: They try to get funding only to discover that their business does not have a long enough financial history to secure funding. Businesses in this situation would be better served by small business startup funding, which usually doesn’t require the two-year financial history record that other funding types require.

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Traditional-Term Business Funding

Many people think traditional-term business funding is the only type of small business funding out there. That’s not true, but this type of funding does work for a lot of different business types. It’s for companies that want to borrow a specific amount of money at a set rate and pay it back over a fixed term. If everything goes according to plan, this type of funding shouldn’t offer any surprises. That makes it ideal for well-grounded companies with a solid financial outlook.

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