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Smart Business Financing

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Small Business Loans: its Features and Benefits

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Small business loans are for entrepreneurs who want to expand their business by buying new equipment or acquire new system to level up their venture. Some also apply for this loan for additional working capital to purchase additional inventory or some even use the loan to venture to another franchise business to increase business opportunities.

The terms vary from bank to bank, but most banks have payment terms from 1 to 10 years. Collateral is required for this loan to ensure and secure the bank’s lending integrity and profitability. Examples of possible collateral properties include: single detached houses, townhouses, duplex type of houses, condominiums, lots, apartments, commercial properties, and other mixed-use properties. It will take around 7 to 10 working days to determine if your loan application has been approved or not.

The major benefit of this loan is to help you with your business’ cash liquidity. It will help you set up your business right away and purchase the equipment needed to supply the service or products that you want thereby gaining momentum required for your business needs.

However, it may require a little more documentation and proof of profitability to get approval from major banks because there is more relative risks in start-up businesses, but if you show proof that you are qualified financially and in character, there is a big chance for you to get the loan. You need to be accurate and precise in submitting the documents needed for it. Those will ultimately decide your fate in the amount and years allotted for the loan repayments.

Here are advantages of getting small business loans:
• Allows the entrepreneur to have a working capital
• More cash flow in the business
• More business opportunities (expansion of business venture)

Disadvantages in getting small business loans:
• Lengthy process of application
• A lot of documentation/paperwork to qualify for the loan
• Needs a valuable collateral
• Risk of losing the collateral in case the business venture is not profitable
• Entire amount you initially requested may not be granted

In applying for loans, you should be mentally prepared for accepting the result of your application. That is why it is advisable to consult a loan specialist or an accounts officer to have a concrete base for your future or existing business plans.