By Bob Simon
Small businesses have been impacted by covid-19. The outcome from that field lead many small business owners without any other option than take the exit. But some still resist. So, financing or refinancing a small business become a obligation. But how?
More than ever there is more lender and business loan provider available in the market. How it works? Briefly, the loan will help you borrow money that you will use toward business-related expenses, such as: unexpected expenses, expansion, purchasing equipment etc.
Some types of business loan for small business
Determining the amount of money, you need is the first important step. Depend on your current financial situation some lenders will pay out within 24 hours. According to the market, financial situation means monthly and annual revenue, credit history, and assets.
Remember there is different business loan options. Variation depending on the repayment terms, the size of the loan (or amount) and eligibility requirements. Talking about loan means generally borrowing a lump sum of money, make it grow, and repays over an agreed amount of time with interest.
There is a short-term loans, this one is a business loans with shorter repayment periods and SBA stand for Backed by Small Business Administration that the US government guarantees SBA loans. Although they tend to have longer repayment terms.
To get a business loan you will need to provide your personal and business details while you fulfill the application:
1.A copy of your driver’s license
2.Income statement
3.Financial projects
4.Personal and business income tax returns
5.Business licenses
DC of Tampa 