As businesses in Minnesota grow, owners often see new opportunities arise. However, in order for you to take advantage of such an opportunity for your company, you may require capital. At Dunlap & Seeger, we often advise business owners on the available avenues for financing and how to determine which provides the optimal benefits.
You do not necessarily have to go to the bank to request a loan, but it is a common place to start. Forbes magazine notes that the process in going through a large lending institution may take longer, and the criteria for obtaining the loan may be stricter than other lenders may require. The Small Business Administration backs loans through a number of banking institutions, though, and that may result in more favorable terms that make this a feasible route for you. Alternately, you may discover that a local bank in your community offers a lending program specifically for local businesses.
Other options you may want to explore include lenders and lending sites online. You may be able to qualify for a short-term loan or a cash advance in a relatively short amount of time. Some lenders also offer working capital loans, which can be used to operate the company so that other resources may go toward expanding your business. Also online, you may find a peer-to-peer lending site that takes your loan application and matches you with individuals or lending institutions, facilitates the transaction and services your loan for the lender.
More information about solutions for business growth is available on our webpage.