To sustain the business operation or to expand the operation

To sustain the business operation or to expand the operation beyond the existing market most entrepreneurs rely on business loans. Before granting loans, lenders consider the credit history, business plan, experience, education and the financial condition of the borrower. Choosing the appropriate business loan can be quite confusing.

Secured vs. unsecured business loans

Business loans are usually divided into two broad categories - secured loans and unsecured loans. Secured loans are backed by an asset. The lender has the liberty to repossess the asset if the borrower fails to repay the loan. Unsecured loans are not tied to any collateral. They are beneficial for entrepreneurs who have insufficient or no assets for obtaining a secured debt. However, the borrower should be ready to pay higher interest rate on the unsecured debt. Credit card debt is a popular example of unsecured loan. Merchant cash advance can be considered a form of unsecured business loan.

Line of credit

Line of credit is a flexible financing solution for meeting the short-term cash needs of businesses. In this form of business loan, a financial institution allows an individual to use a specified amount at his/her discretion. Usually lines of credit are extended only to credit worthy entrepreneurs. Banks usually take into account the business track record, the projected business requirements and the projected revenue before accepting the request for the credit. Lines of credit are usually backed by collateral.

Long-term vs. short-term business loans

Considerable investment is usually required for financing business start-ups or expanding operations. It is beyond the means of most entrepreneurs to repay the loans within a few years. Hence, long-term loans for business are more appropriate for most businesses. In most long-term commercial loans, the debt needs to be repaid between 3 to 20 years. While most entrepreneurs regardless of their credit worthiness are eligible for commercial loans, the debt should be backed by the assets of the business. Commercial loans are usually recommended for purchasing existing business, working capital and machineries, construction and making large capital investments.

Short-term loans are used for meeting temporary shortfalls in cash flow. The debt is usually repaid within a year.

Subsidized vs. unsubsidized loans

If the governments or financial organization considers your business worthy of promotion, they can offer subsidized loans for business. These are usually interest free or very low interest loans. The interest is subsidized by the government.

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