As small businesses across the U.S. continue to seek working capital and small business loans to manage current products and services or expand company offerings, finding the right commercial loan that meets specific needs has become easier thanks to online lending sites. Common commercial financing options available to small business include SBA loans, business grants, and other small loans for businesses, such as equipment financing and merchant cash advance.
The benefits of online financing provide business owners with anytime, anywhere options; a streamlined loan process that saves time and money; and more customized loans that fit the customer’s unique circumstances. It also offers small business owners with:
- Quick access to cash while designing a loan schedule that is flexible to customer needs.
- Financial flexibility. Use funding for any immediate needs, from operational overhead to marketing efforts.
- Cash flow management that is simpler thanks to preset loans.
- Tax benefits, including deductible loan interest payments.
- Maintenance of ownership by avoiding selling company interest to investors. Instead, commercial financing lets small business owners retain ownership while only paying the lender interest on the commercial loan.
Recent financial indicators in 2012 show that small business lending approvals are seeing a slight uptick. According to Small Business Lending Index, approvals by mid-to-large-size banks improved for the second consecutive month to 11.3% from 11.1% in June 2012, representing the highest approval rate by banks since March 2012. And, oftentimes, accessing financing online can expedite the loan process and increase the chances of receiving loan approval, simply by being matched with the right lender based on your unique circumstances.
Virtually any type of small business can utilize commercial financing, including manufacturing, cable, construction, security, and plumbing companies, among many others. For small businesses searching for more information about small business financing, visit the following links: