More than ever, this is the time when a good business credit score will solicit hearty approvals for all your credit requests. If you haven't yet established business credit or have an unsatisfactory score, you may need to start with some groundwork before reaching out to lenders and suppliers.
As a small business owner, taking out a business loan can certainly help you grow your business. The problem, however, comes if you as an owner fall into the trap of taking out multiple loans at the same time (also known as “loan stacking”).
Small business owners always face challenges; however, they need not face them alone. RapidAdvance is here to support you with thought leadership, education, and partnerships with the SBA and NSBA.
Small businesses employ many types of financing products to generate working capital. The options range from commercial real estate mortgages to equipment financing, and from asset-based lending (ABL) to secured bank loans and lines of credit. While they all are great resources for businesses, they can sometimes be difficult to get and often require the business owner to pledge collateral. Check out these tips for getting a small business loan now.