by: Dave Rathmanner
They say that death and taxes are the only two things in life that are certain. But if you own your own business, there is one more thing that you can count on – your need of capital.
Whether you’re starting or growing your small business, money is necessary to buy equipment or stock, pay the salaries of new employees, or just maintain your cash flow.
Easy and affordable access to that cash can help you grow your business more quickly, purchase equipment to get an edge on or keep pace with your competitors, fulfill big orders, or just bridge the gap between when you have to pay your suppliers and when your clients pay you.
According to a recent report by the New York Fed, 2017 was a good year for small business with many of them growing revenue and adding new employees.
In fact, 60% of companies the Fed surveyed expected to make more in 2017 than they did the year before and 40% have been hiring new employees.
But growth can be expensive since it often requires new investments or leads to issues with cash flow. That’s where a small business loan helps.
According to the Small Business and Entrepreneurship Council, up to 97.9% of businesses in the U.S. are considered small businesses. This huge proportion has made the small business loan market very competitive and, at times, hard to navigate.
We created this guide to help clear up the confusion for small business owners. We have researched and analyzed the multitude of small business loan options, as well as the eligibility requirements, application process, and specific small business loans for certain kinds of owners.