This type of loan means that a company gives your company funds that you’ll be paying back along with a portion of your business's credit or debit sales.
Websites like Kickstarter and GoFundMe have offered entrepreneurs an alternative to usual loans. There, people like your idea and fund it. It’s an innovative way of getting at least some money to start your dream business.
This type of funding gives you the opportunity to take funds from your retirement account and invest in your business.
Using a business credit card to finance your business is not technically a loan, but can be viewed as one.
This type of loan applies to entrepreneurs who own a house and have at least 20-30% equity.
Peer-to-peer is an online service that offer financing through different websites. Interest rates range from 5 to 26%.
This type of loan is ideal for businesses that need to buy vehicles or different equipment. Entrepreneurs can get financing online, through dealers or some banks.
Entrepreneurs who have bad credit can qualify for this type of loan. For a new startup borrowers can get up to $10,000, while existing businesses can be provided with $50,000. Interest rates are between 8 and 22%.
This type of loan is one of the most advantageous, having low interest rates and long repayment terms. There are actually 6 types of SBA loans available.