You’ve come up with an idea, the mechanics worked out, now all you have to do is open the business! It’s the most exciting part of building your dream career, but it’s also the most expensive part. This is where small loans can help.
At this point, you may be wondering how to get a small business loan. Before you start the application process, you will need a few things. First, create an organized business plan. Come to the table with a lot of energy to get your business going and determine your current creditworthiness. Before you get started, here’s an introduction to the most common business loans:
Small Business Loan– There are different types of corporate loans. A small business loan is very similar to a mortgage or car loan in that small business owners can get a certain amount of money – or a line of credit – to start a business while maintaining business ownership. At Mountain America Credit Union, your business needs are covered with a revolving line of credit ranging from $ 10,000 to $ 50,000. It’s like a credit card. This small business financing solution gives you the flexibility to borrow, repay, and borrow again without having to reapply for the loan. In addition, no collateral is required. Make sure you speak to someone about the details of the small business loan terms that you will face on this type of loan.
Equipment rental—Every business needs some kind of equipment. How much and at what cost depends on the industry. A device loan can help you get ahead. When you use the best equipment you can be sure that you have a competitive advantage and can truly help your business succeed. In addition, better equipment will lead to stronger business growth. The right investment in the right quality equipment is definitely something you want to look into, and an equipment loan can get you there.
An equipment loan can be $ 10,000, $ 10 million, or more, and the money can be used to upgrade outdated commercial equipment or purchase new items. These assets are designed to increase the productivity and profitability of your business – like computers, refrigerators, tractors, printers, and more.
Construction loan—Whether you are building your office from scratch or upgrading an existing space, building is often necessary to best meet your vision for your new business. Most financial institutions, including Mountain America, offer construction loans that are accompanied by a team of experts who will guide you through the complicated process of working with city planners, contractors, and architects to ensure you are getting the best service from the right team for your needs. Use your home loan to finance commercial buildings from $ 250,000 to $ 2,000,000.
More business support options
Not all preset business loans are a good match, and that’s fine! There are many other options to choose from that are just as effective in helping your business. If a business loan doesn’t seem like the right solution, Mountain America also offers the following tools to support your business:
- Business visa®—Every business — yes, even yours — needs a business credit card. It’s a handy business tool that can help you track expenses, earn rewards, and save money in the long run. Look for one with unrivaled low interest rates, cashback options, and low to no annual fees. You will be surprised how useful a business visa can be in starting your business!
- Credit line—If you know you need more than $ 50,000 to keep your business up and running in the early stages, a revolving line of credit can give you more flexible funding for larger expenses. Easily access funds for a variety of business needs, including buying equipment, funding special projects, and maintaining steady cash flow. Plus, it’s very simple – it works like a credit card. Take a close look at your company’s needs and make the decision that makes the most sense in the long run. A line of credit can be the perfect solution to funding your business.
- Commercial real estateFinding the right commercial property can mean the difference between a successful small business start and serious struggles in the first few months and years. Use a trusted lender to ensure a smoother process when taking out a commercial home loan.
Whatever your business loan needs, know you have options that will help you achieve your goals. The best business loan for you really depends on your individual needs and your situation. So take some time to speak to someone about what the best plan for the future is. Contact Mountain America Credit Union today and keep your business going with the right credit for your unique business needs.