In fact, the SBA doesn't even lend funds directly to entrepreneurs--you'll need to strike up a relationship with a loan officer at your local bank, credit union or. More small business loans. Loan amount: From $25, Interest rate: As low as % † Loan terms: Up to 10 years (with balloon payment); Up to 15 years (with full amortization) Qualifications: Minimum 2 years in business under existing ownership; minimum $, in annual revenue. For small business owners, getting a loan or capital can be a challenge. Startup businesses commonly rely on personal loans from relatives or borrowing Be prepared to submit detailed business financials, plus tax returns and bank account information, in order to secure the credit. Bank of America Corporation. Line of credit If your business has uneven cash flow, a line of credit can offer open-ended access to cash for ongoing needs such as seasonal payroll or inventory management. Banks have strict small business lending standardsand what they offer is often available to established businesses. Small business loans Small business lenders are generally more likely to provide a small business loan to businesses that have been in operation and profitable for bank of america small business startup loans least 2 bank of america small business startup loans. Business startup loan proceeds can go towards things like working capital; the purchase of equipment, machinery, supplies, inventory, and furniture; and the purchase of construction equipment or real estate. Essential for capital intensive businesses Cons: Business may fail, and owner may be personally liable for the loan Get Personalized Startup Funding Matches When you sign up for a free Nav account, you'll get personalized financing matches. Doing so allows you to make purchases and carry a balance for 9, 12, or even 15 months without paying interest while you get your business going. They can also help you get off on the right foot separating business and personal finances and establishing business credit.
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