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LendingTree has helped over 40 million people find small business loans. Let us help you, too!
An SBA loan is a long term business loan backed by the Small Business Administration. Find out how this popular loan can help your business.
A short term loan provides business owners with extra capital, typically with terms of 18 months or less. Determine if this small business loan right for you.
A long term loan is a traditional loan used to finance lasting business investments. Learn more about this long term, low interest financing option.
A line of credit provides the business money on a revolving basis. Discover the benefits of having available money when you need it.
A working capital loans helps businesses fund everyday expenses. Find out if this financing option fits your needs.
Equipment financing enables businesses to pay for expensive equipment a little at a time. Get more information about financing equipment for your business.
Accounts receivable financing gives businesses money for existing invoices. Discover how your unpaid invoices can get you immediate cash.
1. Complete the form
(10 simple questions)
2. Compare lenders
(Up to four)
3. Save Money!
(With the right loan)
From SBA loans to equipment financing to business lines of credit, today’s funding partners allow business owners to:
Business owners should discuss their options with small business funding partners to come up with the solution that best meets their needs.
Every business needs financial resources in order to operate, grow, and invest in futures. With LendingTree’s network of business loan funding partners, we can help you get the money you need and give you the power to choose the best terms and lowest rates. We’ll present you with up to four funding partners that match your business’s financial needs. From the group, you’ll have the opportunity to compare their rates and terms. When comparing rates and terms, you should take that chance to request the same information from each funding partner. In addition to requesting further information on the interest rate and loan term, you should ask about any fees they charge and the type of penalties that you may face should you make a payment late. Doing your research before the closing process not only ensures that you’re receiving the most cost-efficient terms, but it also allows you to avoid surprises when it comes time to close on the business loan. Allow LendingTree to help you effortlessly compare real-time offers from competing funding partners for business loans so that you can make a knowledgeable choice and save money.
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Why Do You Need a Business Loan?
Before submitting an application, you should determine your need for a business loan. Do you need a long-term option or a short-term option? With various types of business loans available, it’s important to choose carefully. Getting into the wrong type of loan could be detrimental to your business’s finances. If you choose a business loan with a short term for a long-term investment, you’ll most likely end up with a high interest loan you can’t afford. Consider your reason for needing the loan and match the investment’s life with the term of one of the business loans.
How Much Do You Want to Borrow?
After you’ve decided on the duration of the loan, you should consider calculating a monthly payment you feel confident you can afford. Start with a desired business loan amount, and then break that amount down into monthly payments to see if your business can handle bringing on debt. Calculating how much you can afford on a monthly basis will give you a good indication of exactly how much money you’re going to need in order to meet your business’s financial goals. Having a precise figure in mind throughout the duration of the business loan process will help you when it comes time to engage with funding partners.
Does Your Business Have the Capacity to Pay Back the Loan?
Funding partners want to make sure they’re lending money to businesses who can afford to pay back the loan in the future. To determine whether or not a business has the potential to pay back the borrowed money, funding partners measure the business’s debt compared to its equity, financial statements that show equity investments, and the projected and historical profit and loss statements to determine the borrower’s ability to efficiently manage their business. As a method of preparation, it would be prudent to calculate your business’s working capital and put together a cash flow projection in order to determine whether or not your business is in a good position to take on a loan.
Do You Have the Required Documents to Apply?
Documentation will vary across funding partners and types of business loans, but there are a few documents that are almost always required. These include:
While this paperwork will be requested during the application process, it doesn’t hurt to have it prepared beforehand. You don’t want to risk the chance of getting denied simply because you weren’t prepared with the proper paperwork. A large part of the application process is getting the funding partner to believe you and your business are able to manage the responsibility of a business loan. Your diligence and organization in presenting the proper documentation can make a huge difference in your chances for approval. Also, be willing to submit any additional paperwork your funding partner may request in a timely manner.
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