Every business is unique, from size to operating costs to credit histories. Finding, applying for, and securing the right loan for your business will depend on these factors and many others. So which loan is right for your needs?
- Basic 7(a) SBA loan. These loans are guaranteed by the SBA, but issued through approved lenders.
- 504 SBA loan. If you have solid assets and can show how your business will create jobs in the community, you may be eligible for a 504 loan.
- Community Adjustment and Investment Programs (CAIP). Similar to 504 SBA loans, the CAIP loan is intended to protect or create jobs.
- LowDoc. The LowDoc focuses on the applicant’s character and personal credit, making it a good choice for businesses that have not yet established a credit history.
- SBA Microloans. If you need $25,000 or less to fund your business, contact your local economic development agency for a microloan.
- Industry-specific loans. Depending on your business, you may be able to select from among loans designed for industries and trades.
- Home equity. If you are comfortable securing your loan with some or all of your home’s equity, you can take out a home equity loan.