Sarah George is a freelance writer who loves helping small business owners understand the complexities of getting a business loan. She believes that effective financial and debt management opens doors for small businesses to thrive in a changing economy.
Over the last four years, Sarah has written hundreds of articles about banking, insurance and general finance. While writing in these spaces, she made it her goal to point out privacy concerns and protections for banking products aimed at children. She also loved highlighting the nuances of insurance coverage so that the average consumer could understand what circumstances qualified for an insurance claim.
Sarah has been featured in various publications, including CBS, CNET, Nasdaq and Finder. She holds an English Education degree from Pensacola Christian College and is a Certified Educator in Personal Finance. In her downtime, Sarah enjoys hiking, disc golf and playing board games with friends and family.
A business loan is an essential tool for growth or covering cash flow gaps. There’s no one-size-fits-all option, and some types of loans can be used for the same purpose as another. Business term loans can be used to expand, buy equipment or nearly any other defined purpose. Business lines of credit are great for recurring needs like everyday expenses, and they tend to have loose requirements to qualify. But bad credit borrowers have options too, as long as they find the right lender and show they can repay the loan.
Business owners take control of their lending experience by asking questions. Don’t hesitate to ask about conventional and alternative loans, how repayments work and all the details about any fees you’ll pay.
— Sarah George
National Business Capital is a business loans marketplace with a network of 75 partner lenders. Businesses with a minimum annual revenue of $480,000 can apply. Check out our National Business Capital review to learn more.
SMB Compass has 9 types of business loans: from term loans and lines of credit to SBA and bridge loans. Check out our SMB Compass review to learn more.
1West Finance is an online loan marketplace offering six main business loans from over 50 lenders. Its choices include loans for working capital, real estate, equipment and accounts receivable financing.
Lendistry, an online-based CDFI, offers term loans and non-revolving lines of credit to business owners in underserved communities. Check out our Lendistry Business loans review to learn more
See the current interest rates for different types of unsecured business loans and the factors that affect those rates.
Having a credit score of 500 doesn’t make getting a business loan impossible, but it can be challenging. Check out our picks for best business loans for a 500 credit score.
According to the Federal Reserve, these are the average small business loan amounts.
Using these seven steps can help you get a first-time business loan.
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