What Are Small Business Loans?
Small business loans provide funding that can be used for a myriad of purposes. Some common purposes of business loans include purchasing equipment, ordering inventory, renovating a property, and paying off other existing debts. You can access amounts as low as $10,000 and as high as $10 million.
With most products, the amount you are given must be paid back within a set time frame. Each business loan product has a cost, so you end up paying back more than you borrow. The amount paid back to the lender can either be determined by an interest rate or a factor rate.
The requirements and repayment structure are different, depending on the product you choose.