Business loans for today’s business realities
When it comes to business loans, one size does not fit all. Learn about your options.
Here’s the 411 on business loan products: the type of loan you need depends on what you need it for. Fund My Biz is one of the only online lenders that offers more than one type of product to meet the short-term financing needs of business owners.
When borrowing money for a specific investment—whether you’re starting a new project or making a large purchase—an Fund My Biz Term Loan is the right type of loan for you. A term loan means you borrow a one-time lump sum of cash and pay it back over a fixed period of time, or a “term.” Our short-term loans range in term length, giving you flexibility around repayment.
When you need ongoing, quick access to working capital—say, for managing cash flow—an Fund My Biz is the way to go. Our flexible business line of credit is revolving, which means you can withdraw from your credit line (up to $100,000) and funds replenish as you repay the line. In other words, you can use it on a routine basis.
Still not sure which type of financing is right for your business? We’ll help you find the right option —without the lag time typically experienced at brick-and-mortar banks.
3 reasons to choose Fund My Biz over any other lender
How to compare business loan offers
One of the biggest challenges facing business owners today is not that they want too much, it’s that they ask the bank for too little. Fund My Biz offers term loans from $5,000 to $250,000 with loan terms and interest rates appropriate for your business need that can help you take advantage of opportunities to grow your business.
Because there are many different business needs, including short-term needs like purchasing quick-turnaround inventory and longer-term needs like opening a new business location across town, business loans vary in much the same way an auto loan differs from a home mortgage.
Comparing APR is only one way to evaluate the affordability of a business loan with so many different terms and types of financing available in the market. In addition to APR, understanding the total cost of capital on a short-term loan to purchase inventory, for example, will help you determine if the loan will help you increase ROI or add too much financial strain on your business.
You don’t need to be a business financing expert, but you should be asking these five questions to help you compare financing offers and find the business loan that best meets your needs.
5 questions to ask
What is the total cost of capital (including interest expense, origination fees, along with any other fixed fees)?
What is the Annual Percentage Rate (APR)?
What is the average monthly payment obligation (regardless of whether your periodic payments are daily, weekly, or monthly)?
What is the total amount of interest paid per dollar borrowed (cents on the dollar)?
Are there any prepayment fees should you decide to pay off the loan early?
Short Term Loans for Small Business
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