Your business deserves financial flexibility, control, and support.
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Which business financing solution is best for you ?
If you’re an entrepreneur, chances are that at some point, you’ve needed financing. Running a small business inevitably entails a number of costs and small business loans (SBL) are fundamental to the success of most businesses out there.
Business Loans Michigan offers solutions for your financial and commercial lending needs in Detroit and nearby cities. When applying for a small business loan through our loan agency, you know that you are getting access to the best options on the market. You can easily get a fast business loan and quickly use the funds where they are most needed.
We know that it can be difficult to choose the right solution for your needs, and that’s why Business Loans Michigan’s experts of dedicated financial advisors are available on-hand for all your business inquiries. They can help you determine whether a line of credit or a term loan is the best option for you.
Does your business need to make renovations, or do you need to purchase equipment? Term loans are generally preferred if you are looking to make a large one-time purchase. On the other hand, a line of credit may be a better option if you’re looking for a financing option that allows you to manage cash flow over the longer term or to cover recurring business expenses. No matter what, we offer business loans for every industry in Michigan.
We know that growing your business is important to you, and that’s why we provide you with same-day approval for fast small business loans. Call us today to quickly find out if you are eligible!
See also : How many business loans can you get?
Business Line of Credit
Are you looking for a quick, effective and flexible solution to your financial needs? The business line of credit works for your business’ growth. With the business line of credit, you have access to funds 24/7 - giving you the flexibility to expand your small business today! That means you can immediately make those important purchases. You won’t have to put off growing your inventory or purchasing important equipment. Best of all, with the business line of credit you only have to pay interest on what you use.
With a business line of credit, you can withdraw funds, pay back a portion of what you’ve drawn, and borrow additional funds up to your credit limit. This is what’s called a revolving credit: you apply for the loan once, and the funds replenish as you pay them back. You can withdraw funds at any time and have them available in your bank account within minutes or up to 1-2 business days.
A business line of credit gives you incredible flexibility, allowing you to withdraw funds immediately, or later on when you need them. Either way, you can enjoy the peace of mind that comes with knowing that the small business loan you need is at the tip of your fingers when you need it!
Business Loans Michigan offers top-of-the-line financial solutions for small businesses in Detroit and nearby cities. Our business line of credit is the most flexible way to finance and elevate your business to its full potential.
We understand that it takes financing to grow a small business into a successful enterprise. Get your commercial lending needs answered today by applying for a business line of credit.
Get more information on the business line of credit and how to use it to grow your business here.
Business Term Loan
If what you need is a lump-sum you can use to make a specific one-time purchase, a business term loan may be what you need to grow your business. With a term loan, a lender provides the borrower with cash up front and gets paid back through consistent payments over the period of the repayment term. The borrower also pays a percentage of interest. Since this financing option involves a lump sum that will immediately begin collecting interest, it is normally preferable to use this type of financing for large one-time purchases.
5 ways that you will benefit from a term loan:
A term loan’s fixed interest rate or flat fee is also an advantage. You will never have to worry about your payments increasing, they will stay constant throughout the term. This makes it easy to calculate whether you can feasibly keep up with your payments as well as how much financing you can actually afford. Unlike the line of credit, a business loan requires you to make consistent payments, according to how your payment schedule is set up. This kind of financing can be preferable over the longer term, given its fixed rate and longer repayment terms.
A business term loan can be used for a number of things, from hiring more staff to purchasing needed equipment. Here are a few examples where a term loan could be used to help you expand your business:
How to use a term loan to expand your business:
Overall, if what you need is to make a big one-time purchase, then a term loan would be the right option for you. Whatever your business needs are, our team would be happy to discuss your options with you.
Get more information on the business term loan and how to use it to grow your business here.
Frequently Asked Questions
1. How are interests calculated on my line of credit?
The interest rate is applied daily to the balance on your line of credit to calculate your daily incurred interests. If there is incurred interest, your payment is first applied to the interest, and then to any outstanding principal. Your balance and interest cost will lower as you make more payments.
2. Are there any fees associated with the term loan?
A factor rate is added to the loan amount in order to calculate the total loan payback. There are no application fees or withdrawal fees associated with the term loan.
3. Is it possible to prepay my term loan?
Yes. You can prepay your loan in full at any time and get a 50% discount on any unpaid interest.
4. What kind of documentation do I need to provide to apply for a line of credit?
5. What is the difference between a secured and an unsecured loan?
Secure loans are guaranteed by collateral. In the case of small business loans, this collateral is usually a business asset (inventory, heavy machinery, etc). Unsecured loans don’t have any collateral to guarantee the financing. Generally, a secure loan will offer lower interest rates.
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