Looking for a small business loan? You're not the only one. With the economy improving, tens of thousands of new jobs created every month and lending requirements increasingly easing up, more and more entrepreneurs across the country are looking for financing to help grow their companies and capitalize on a revitalized market.
But there are many different kinds of small business loans out there, provided by an equally wide array of lenders, all with their own stipulations and services. To simplify your search and ensure you're only spending time on getting the best loan for your business, keep these three guidelines in mind:
- Consider their customer service: Don't let financial motivations completely dictate your choice of lenders. Make sure the lender you approach has a strong customer service record and values your relationship with them. If a lender is slow to respond to your needs, the relationship may be more hassle than the loan is worth.
- How fast do you need financing?: "The immediate need for funding can have a huge impact on which loans a small business owner can use," writes Erin Lowry for U.S. News & World Report. "Same day or next day funding is an option, but this could come with a steeper APR because the borrower has less time to shop around and compare price points."
- The amount of funding you actually need: This may seem like a no-brainer at first, but it's easy to forget that there are fees to be taken into consideration beyond just the desired loan amount. Additionally, ensure that the lender is actually capable of issuing the maximum loan amount you need. Otherwise, it's time to look elsewhere.
For an Ohio community loan lender that emphasizes customer service and provides long-term, fixed-rate affordable financing for expanding local small businesses, reach out to Growth Capital Corp. today.