September 2022

Financing options for small businesses

Is your business a startup, or has it been operating for several years? The answer to that question is just one of many factors used to determine your creditworthiness — your ability to qualify for a loan — when the time comes to seek financing.

An article on Bank of America's Small Business Resources site explains the ins and outs of the financing process. It begins by defining the most common types of loans, including Small Business Administration (SBA) loans. Since Bank of America is a preferred lender for the SBA, it has a lot of helpful advice on the subject.

In addition to traditional loans, the article also covers a range of alternative financing including such things as grants, crowdfunding, and borrowing from friends and family. So if you're interested in getting financing, this article is a great place to start.

To discuss your business goals, set aside some time for a call with a Small Business Specialist.

MAP4881812 | 08/2022