Best Small Business Loans In Springfield, IL
If you have ever googled the term “business loans Springfield” in an attempt to obtain small business loans for your company, you should first understand the concept behind these types of loans.
Nowadays, small business owners use business loans to shore up their cash flow, grow their business or buy expensive equipment. Since it is usually cheaper than credit cards, business financing introduces a lot of benefits minus the need to give up a piece of the business to an investor.
However, shopping for a business term loan requires some serious consideration. You need to ask yourself how much money you want to get, what will you use it for, and how long will it take to pay the amount back. Below, we are talking about small business loans in more detail.
Applying is free and will not affect your credit score.
Which Commercial Lending Solution Should You Choose?
Running a small business typically involves a great deal of costs, which is why many business owners go for commercial lending. At Business Loans Springfield, we offer numerous options that tailor to your needs and can give you the right type of financing for your company.
Applying for our small business loans is easy – all you need to do is fulfill some forms and you will quickly get your small business loan and use the funds. While for many it is difficult to choose the right business term loan for their needs, we work with expert financial advisors that can help you with all of your questions on
how to qualify for a business loan. We are here to assure you that business financing is the right choice for you, and how a business line of credit or a term of loan can be the best option for your needs.
Choosing Between Different Small Business Loans
There are a couple of decisions you need to make when applying for a business loan. If you are planning to make some renovations or purchase equipment, a business term loan can be the right option for you. Similarly, a line of credit can help you if you want a solid financing option with continuous cash flow over the longer term. The financing in this case can also help you cover some of your recurring business expenses. We are proud to offer business loans for every industry in Springfield, IL.
Our team at Business Loans Springfield is here to help you choose the right type of commercial lending with same-day approval. Our fast business loans are a flexible solution that you can customize as you expand your business or make important purchases.
Business Line Of Credit
They say that every small business should adapt to changes, especially if the times are changing or growth occurs on an uneven cash flow. If you need quick access to cash to repay some of your borrowed funds, you can benefit from an unsecured line of credit and get flexible terms for repaying your funds.
Ideal for short-term funding, a line of credit is commonly used by small businesses that need to support financing, cover their operational expenses (supplies, payroll), or increase their inventory. In the financial world, these lines of credit are considered a good source of off-season working capital.
Without any need to put a collateral, you can obtain your line of credit and access your funds 24/7, which means that it is up to you to make all the needed purchases or cover your debts. The conditions are very flexible – you can withdraw funds, borrow additional funds (up to your credit limit), pay back a portion of the loan, etc. Because of this, lines of credit are also known as revolving credit.
Applying for a small business line of credit is easy, and you can get the funds within minutes or up to 1 or 2 business days. You’ll get peace of mind knowing that the financing you need is available when you need it. We are here to support your decision for a line of credit and show you how flexible it is to finance and grow your business. You’ll receive:
- Approval with a credit limit of up to $250,000
- Option to pay interest only on the amount that you have drawn
- Refillable credit that is available after every payment
- Low payment options and repayment periods of up to 18 months
- No application fees or penalties for prepayment
Easy Application & Same Day Approval
Growing your small business is easy with our business financing options. At Business Loans Springfield, we can support you with the following:
- Same-day approval on your business line of credit
- Financial solutions that are designed around your business needs
- Accessible funds whenever you need them
Learn more about our
line of credit solutions
Business Term Loan
A business term loan is a great decision if you want solid rates, dependable cost structure, and terms that can help you make important purchases, cover debts, or expand your business. The decision of obtaining such a loan is usually made when business owners need a lump sum for a specific one-time purchase.
With a term loan, you will get cash up front, which you will pay back through consistent payments over the period of the repayment term plus additional interest. However, the interest is collected at first, which is why it is better to select business term loans for large one-time purchases.
Fixed interest rates and flat fees make this choice of business financing a good option for many business owners. The truth is, these can keep you stress-free as they will remain constant throughout the term.
On the other hand, fixed rates and flat fees are good because you can easily calculate whether you can keep up with your payments, and how much financing you actually need. Unlike a line of credit, a business loan gives you a continuous payment schedule to repay the loan. In other words, you will make consistent payments over time, which is why many prefer it as a solid long-term option.
Using A Business Term Loan To Grow Your Business
There are many ways to use a term loan if you want to grow your business. The first question you should ask yourself, however, is why you are getting the loan and what you will need the money for. You can obtain a loan to buy equipment for the office, relocate to a new location, or with any other significant cost that can be paid back in increments over a longer repayment period. Many borrowers ask "how many business loans can I get?" and, fortunately, there is no limitation. Our team of advisors are happy to explain the guidelines.
We are here to help you choose a business term loan for your needs and:
- Access money without any application fees
- Get up to $250,000
- Save on interest at time of full prepayment
- Get new terms and conditions once you repay 50% of the loan
- Browse through a choice of term options
Our business financing options are flexible, and you can get approved quickly. Whatever your unique needs are, we can discuss options with you and help you find the right solution.
FAQ
How is the interest rate calculated for a line of credit?
Interest rates are applied daily to the balance of your credit. They come in the form of daily incurred interests, and if there is any incurred interest, the payment is first applied to it, and then to any outstanding principal. The good thing is that your balance and interest cost go lower as you make more payments.
What kind of documentation is required to apply for a line of credit?
If you are interested in applying for a line of credit, you will need the following documents:
- A document showing your annual revenue
- A document clarifying your business type or industry
- A document showing how long your business has been active
- Your personal credit score and your business credit score
- Your personal and your business contact information
Are there any additional fees associated with term loans?
Yes. There is the factor rate, which is added to the loan amount to calculate the total loan payback. This rate calculates the amount of interest that the lender charges on a loan, but is very different from both interest rates and annual percentage rates (APR).
Aside from the factor rate, there are no application or withdrawal fees associated with a term loan.
Can you prepay a term loan at any time?
Yes, Your loan can be pre-paid in full at any time before, and you will get a 50% discount on any unpaid interest.
Secured vs. unsecured loan – what’s the difference?
Secured loans require offering something that you own of value as collateral. Small businesses typically lock in business assets such as inventory or heavy machinery to apply for them.
Unsecured loans do not require any collateral to guarantee the financing. However, their interest rates are higher compared to secured loans.
We are here to answer any and all of your additional questions on small business loans. Contact us today and one of our agents will get back to you. Many thanks to our partner: Asesoria Santa Cruz de Tenerife