How to evaluate different financing options
- Check the minimum qualifications: Most lenders have basic requirements, such as a minimum time in business, monthly revenue, and credit score. If you need funding quickly, focus on lenders whose criteria align with your current status. Otherwise, create a plan to meet those qualifications over time
- Factor in timing: Some loans provide quick access to funds, while others take longer to approve. Also, consider the loan term. For short-term cash flow needs, a line of credit with a duration of days or weeks may be suitable. For significant investments, a term loan lasting several months or years might be a better fit.
- Evaluate the total cost of the loan: Business loans can include different interest rates, factor rates, standard fees, as well as varying requirements for collateral and down payments
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