Which of 11 most common types of small business loans is right for you?

Canva There are many different kinds of small business loans, making it essential to do your research before beginning any application process. Rushing the process is akin to walking into a paint store and telling the clerk you need a can of paint, any kind will do. You’d end up driving home with a new can of paint, but it’s unlikely you’d get the one needed for your specific job. To increase your odds of success, you would have to identify the paint’s color, sheen, and whether it’s indoor or outdoor. “Getting a business loan sounds simple — until you realize how many types of loans exist and how many lenders offer those loans,” says business.org. “Suddenly, you find yourself overwhelmed by choices that you didn’t even know existed.” The best place to start is by identifying what your specific use will be for the loan. If your objective for the money isn’t clear, it’s safe to say you have work to do before knocking on a lender’s door. Create a solid plan, and then determine the specific amount of money needed to make it happen. Also consider how long you would like to have to pay the money back. Lendio breaks down the 11 most common types of small business loans, how they work, and their pros and cons. The following information covers the common routes entrepreneurs take to get the capital they need. Pay attention to the dollar amounts, rates, terms, and other elements, as they’re like the product details in the paint store that will help you choose the small business loan type that’s perfectly suited for your business needs. Business line of credit When flexibility is a priority, consider a business line of credit. You can get anywhere from $1,000 to $250,000, and the money is typically available in one to two days. The rates vary from 8% to 60%, and the financing usually comes with a 6- to 18-month maturity. A business line of credit is revolving, so rather than receiving a lump sum, you can access the money as many times as required. There’s no pressure to dip into the money, but it’s always there. Whether you’re using it to purchase equipment, add inventory, hire staff, expand to a new location, pay invoices, or add a vehicle to your fleet, you’ll only pay interest on the exact amount of money you use. If you’ve been in business for more than half a year, are bringing in $50,000 or more in annual revenue, and have a credit score of 600 or higher, consider yourself a prime candidate. As part of the application process, a lender may require you to make a personal guarantee. This agreement allows the lender to levy your personal assets if you default. Of course, if you consistently make your payments, this element of the financing becomes a moot point. Pros: Flexibility – You can withdraw funds up to your limit at any time, only paying interest on what you’ve borrowed. Access to emergency funds – A business line of credit serves as a financial safety net, allowing you to handle unexpected expenses swiftly. Cash flow management – A business line of credit can help manage cash flow, particularly for businesses with seasonal revenue. Funding small projects – A business line of credit can be used to fund small projects or short-term business needs. Cons: Potential fees – Some lenders may charge establishment or maintenance fees for a business line of credit. Higher interest rates – Interest rates for business lines of credit are generally higher compared to traditional loans. Risk to business – Failure to make repayments on time could put your business at risk. Temptation to overspend – Having readily available funds might lead to unnecessary spending, straining your financial resources. SBA loan Think of the Small Business Administration (SBA) as your personal government friend. The main purpose of this federal agency is to help small businesses find the funding and resources they need. In particular, the SBA assists small businesses that are disadvantaged and might not be able to get help otherwise. With an SBA loan, you can expect amounts from less than $50,000 all the way up to $5,000,000. Terms also cover a broad range, typically from 10-25 years. One downside to SBA loans is they’re famous for being slow and paperwork-intensive. For example, if you submit an application in early July, you often won’t see the funds until August or September. In some cases, it might even stretch into October. SBA loans are unique because the aforementioned agency isn’t actually the lender. Rather, it guarantees a substantial portion of each loan, which reduces other lenders’ risk and makes them more willing to approve your request. The SBA offers an array of loans to small business owners. Here are a few of the most popular options: SBA 7(a) Loan: This loan is the most sought-after and can be used for all kinds of purposes. If you’re seeking less than $50,000, the lender might not ask for collateral. When you start approaching the neighborhood of $350,000 or higher, plan on providing significant collateral to address the risk of default. In case you’re wondering, 7(a) loans can be awarded for as much as $5 million to those who meet all the qualifications. SBA 504 Loan: These loans are mainly used to fund projects, so they require more research and examination for approval. To even be considered, your business must have a net worth above $15 million and an average net income of $5 million or less. Qualifying projects include buying an existing building, building a new facility, buying land, and buying long-term machinery. The benefits to these loans include fixed interest rates, 90% financing, longer amortizations, and no balloon payments. SBA Express Loan: As the name implies, this type of small business loan is extra fast. As long as you meet the requirements, you can finance up to $500,000 with an SBA Express. Expect to have your application reviewed in 36 hours or less. Of course, this is still an SBA loan, so your funds will probably take a month to arrive. Before you apply for an SBA loan, you’ll need to gather all the necessary documentation. You’ll need to include your business license, 2 years of business tax returns, 2 years of personal tax returns, a year-to-date Profit and Loss statement, YTD balance sheet, and a debt schedule. Pros: Lower interest rates – SBA loans typically offer lower interest rates than other types of loans, making them more affordable. Longer repayment terms – SBA loans come with longer repayment periods, which can help ease the burden of monthly payments. Access to larger capital amounts – SBA loans can offer access to larger amounts of capital than may be available through a traditional bank loan. Credit building – Timely repayment of an SBA loan can contribute positively to a business’ credit history. Cons: Lengthy application process – The process of applying for an SBA loan can be long and tedious, which might delay access to needed funds. Strict eligibility criteria – SBA loans have strict eligibility criteria that some businesses might not meet. Personal guarantee required – Most SBA loans require a personal guarantee, which could put personal assets at risk. Limited use of funds – There may be restrictions on how the loan funds can be used. Short-term loan Short-term loans are like an SBA Express Loan on steroids. Click submit on your application and, if approved, you can have the money in as little as 24 hours. That’s right — you can obtain a loan in roughly the same amount of time it takes to binge-watch a season of your favorite TV show. Because they’re built for speed, the amounts for these loans only go up to about $500,000. You’ll also need to pay that amount off quickly, generally within 1-3 years. The interest rates can be quite favorable, starting as low as 8%. Many entrepreneurs use short-term loans for times when they need quick solutions to pressing circumstances. So whether you need to pay for unexpected expenses, hire new staff, endure a sales slump, replace a broken piece of equipment, or take action on an exciting business opportunity, a short-term loan can be a solid option. The qualification requirements aren’t too stringent for these types of small business loans. As long as you’ve got healthy credit and have been in business for at least a couple of years, you’ll be in good shape. In some cases, the lender may require you to secure the loan with some personal collateral. Common examples of collateral include a house, truck, or real estate property. Pros: Quick access to funds – Short-term loans are usually processed quickly, giving immediate access to the funds needed. Easier approval – The approval process is often less rigorous compared to those for long-term loans, allowing businesses with less-than-perfect credit scores to get approved. Short repayment period – As the name suggests, short-term loans are repaid quickly, which can be an advantage for businesses not wanting long-term debt. Less interest over time – Since the loan term is shorter, the total interest paid over the lifespan of the loan might be less than a long-term loan (despite higher interest rates). Cons: Higher interest rates – Short-term business loans usually have higher interest rates compared to long-term loans. Frequent payments – These loans often require more frequent payments, which could be a strain on your business’ cash flow. Risk of debt cycle – If a business is not careful, it might get trapped in a cycle of constantly needing to refinance or take on new loans. Less money – Generally, short-term business loans offer less money than long-term loans, which might not be sufficient to cover larger financial needs. Business term loan A business term loan is a great way to acquire working capital, expand your business operations, purchase equipment, hire additional staff, or whatever else it is that you need. This type of financing product has been popular among entrepreneurs for decades. If loans were cars, these would be the Toyota Corolla. No, they’re not the flashiest loan on the block. But they’ve been a top-seller for decades and are known for their reliability. The loan amounts range from $5,000 all the way up to $2,000,000, and you can often see that money in as little as 24 hours. Plan on your business term loan repayment terms to be somewhere between six months and 10 years. Better yet, the interest rates start as low as 8.49%. These loans have a fixed interest rate or flat fee, so the payments will never go up during the lifetime of the loan. A major benefit of this loan is it’s easier for you to identify how much you can afford to borrow, while also making it less stressful to pay off. Pros: Fixed repayment schedule – A term loan offers a clear repayment timeline, which can help businesses plan and manage their budget. Lower interest rates – Compared to other types of loans, business term loans usually come with lower interest rates. Access to larger amounts – Term loans typically allow businesses to borrow larger amounts, which can be beneficial for significant investments or expenditures. Building credit – Regular and timely repayments can enhance a business’ credit score over time. Cons: Collateral required – A term loan often requires collateral, which could be a risk if the business fails to repay the loan. Strict requirements – The eligibility criteria for term loans tend to be stricter, which might not suit businesses with lower credit scores. Long-term commitment – The repayment of term loans spans over a long period which might not suit businesses wanting short-term solutions. Early repayment penalties – Some lenders might charge a penalty for paying off the loan earlier than the agreed term. Merchant cash advance With a merchant cash advance, you borrow against your future earnings to secure the financing you need. Once you’ve been approved and the funds are advanced to your account, you’ll begin repaying the loan by having an agreed-upon percentage of your daily credit card deposits withheld for the lender. Your advance can be used for myriad purposes, so this type of financing has earned a reputation among entrepreneurs for being very flexible. Like short-term loans, merchant cash advances are known for speedy delivery. You can apply for anywhere from $5,000 to $200,000, and time to funds can be as short as 24 hours. This type of convenience comes at a premium rate, and you can expect the factor rates to start around 1.08. Qualifying for a merchant cash advance is surprisingly simple because the nature and terms of the loan make the risk lower for a lender. Minimum credit score requirements start at 500. You’ll need a minimum monthly revenue of $10,000 and a minimum time in business of three months to qualify for a cash advance. Pros: Fast funding – Merchant cash advances often provide quick access to capital, usually within a few days. No collateral required – Merchant cash advances are unsecured, meaning you don’t have to put up any assets as collateral. Flexible payments – The repayment amount fluctuates based on your daily credit card sales, accommodating for slower business periods. Easy approval – Approval is based on business performance, not personal credit, making it easier for businesses with poor credit to qualify. Cons: Costly – Merchant cash advances often come with high factor rates, making it one of the more expensive financing options. Daily repayments – Daily withdrawals from your business bank account can impact cash flow. Not regulated like loans – Merchant cash advances are not considered loans and are not regulated by lending laws, leading to potentially aggressive collection practices. Incentive to overspend – Because a merchant cash advance is based on future sales, it might encourage unnecessary spending or overestimating future revenue. Business credit card Of all the types of small business financing out there, the business credit card is the most user-friendly. If you’ve had a personal credit card, you basically know how it works. You can access amounts up to $500,000 with a business credit card, with interest rates from 8-24%. It’s not unusual to get a 0% introductory rate. There’s very little paperwork required compared to many loans, and the time to funds rarely exceeds 2 weeks. This option is excellent for those who don’t feel ready to pursue a business loan or have been repeatedly turned down for them in the past. You’ll boost your working capital with fast access to cash, plus get the added benefits of leveraging a card rewards program and building your credit. Business credit cards can be used for just about anything related to your operations. Whether you need to buy a new dump truck, add inventory, expand your office, take a client out to lunch, or hold an off-site staff event, this financing can be just the ticket. Qualifying for a card isn’t difficult, which makes it a good match for those who are new to business. As long as you’ve got a credit score above 680 and have a decent business history, you should be in good shape. Pros: Reward points – Many business credit cards offer reward points or cash back on purchases, which can be reinvested into the business. Building credit – Regular and responsible use of a business credit card can help build your business’s credit rating. Separate business and personal expenses – Business credit cards make it easier to keep business and personal expenses separate, simplifying accounting and tax filing. Emergency funds – Business credit cards can be used to manage cash flow during lean periods or to cover unexpected expenses. Cons: High interest rates – If the balance is not paid off each month, the interest rates on business credit cards can be high, increasing the cost of borrowing. Dependence on credit – Over-reliance on business credit cards can lead to excessive debt and negatively impact the business’ credit score. Personal liability – In many cases, business credit card debt is personally guaranteed by the business owner, putting personal assets at risk. Risk of overspending – The easy access to credit might lead to unnecessary or impulsive purchases. Equipment financing Some business loans are like Swiss Army knives. They don’t provide a specialized tool, but when you open them up, you’ll find they have dozens of tools that can be used for multiple purposes. Startup loans and merchant cash advances are good examples of this all-purpose financing. But there are times when precision has its value. Equipment loans fall into this camp. With amounts available up to $5,000,000, you can use them to purchase any kind of equipment your business might need. And that’s where the name is a little deceiving. When most people hear the word “equipment,” they think of things like backhoes, trucks, forklifts, tractors, cubicles, refrigerators, trailers, conveyor belts, and trash compactors. This type of financing can also be used for less obvious equipment, such as payment processing programs, solar panels, or accounting software for your office. The point is, if the purchase will help to equip your business for its needs, it probably meets the criteria. One great thing about this type of small business loan is that you can access the money quickly. After submitting your application, you may see funds in as little as 24 hours. Another strong point is the interest rate, which can start as low as 7.5%. Qualifying for equipment financing is less difficult than many other types of loans. If your business has been running for a year or more, brings in $50,000 or more in annual revenue, and has a credit score of 520 or above, you should be sitting pretty. Some equipment financing companies will work with day-one startups. With equipment financing, the equipment you purchase will serve, at least in part, as collateral for the loan, so you may need less additional collateral than you would for other loan types. The loan amount your lender approves will depend on your credit profile and the type of equipment you plan to purchase.  The lender will also evaluate the value and condition of the equipment as part of the approval process. Pros: Less need for collateral – The equipment itself often serves as collateral, so you don’t need to risk other assets. Preserves cash flow – Equipment financing allows businesses to preserve their working capital for other operational expenses. Tax advantages – Interest and depreciation on financed equipment can often be deducted as a business expense. Access to the latest technology – It provides an opportunity to afford the latest technology or higher-quality equipment that might be too expensive to buy outright. Cons: Risk of obsolescence – The financed equipment might become obsolete before it’s fully paid off, leaving you paying for equipment that is outdated. Total cost – The total cost over the term of the finance agreement can be higher than the equipment’s actual purchase price. Ownership uncertainty – Depending on the agreement, you may not own the equipment at the end of the term. Impact on credit – Just like any type of credit, equipment financing can impact your credit score. Mismanaged financing can negatively affect your score, while well-managed payments can improve it. Commercial mortgage A commercial mortgage can be used for just about any property need, whether that’s retail space, an office, a warehouse, or a restaurant. If you’ve been around for decades and want to expand, that’s no problem. New to the business and want to purchase your first location? Perfect. You can use a commercial mortgage to get out of a lease and begin the next stage of property ownership. You can leverage the financing to purchase a business location you’ve always wanted. If you’d prefer to build, you can use a commercial mortgage to pay for the construction costs. For those looking to expand their existing property, you can use it to add square footage. And if you’re working with an older location that needs some updating, such as a restaurant or retail store, this financing can be just the ticket. Finally, you can use a commercial mortgage to refinance to extend your payment term or secure a better interest rate. This financing option is an asset-based loan, so the amount and rate of your commercial mortgage will be based on your credit and the value of the property you’ll be using as collateral. You can expect amounts ranging from $250,000 to $5,000,000. The interest rates are usually on the lower end, starting around 6.25%, with terms in the neighborhood of 10-25 years. These terms make it an affordable type of financing that will save you a hefty sum over the lifetime of the loan. Qualifying for a commercial mortgage loan requires a clear plan for how you’ll put the cash to use. For example, if you’ll be making renovations to a property, your lender will want to know how you intend to do it and will also assess the after-repair value (or ARV) of the property. Having a plan in place before approaching a lender ensures you’ll always be able to answer their questions without breaking a sweat. Lenders will also look for: Minimum credit score: 650 Down payment: Starting at 10-25% Time in business: 2 years or more You can plan on a lender requesting several property-related documents, including the purchase contract, property blueprints, a market analysis for the property, project budget, scope of work, and assessment of the property’s existing condition. Pros: Asset ownership – A commercial mortgage allows your business to own an asset that can appreciate over time. Stability – It provides a stable location for businesses which could be a significant advantage for customer retention. Renting potential – The extra space could be rented out to generate additional income. Tax benefits – Interests on commercial mortgages are tax-deductible. Cons: Down payment – Commercial mortgages typically require a substantial down payment, often more than what’s required for a residential mortgage. Interest rates – Interest rates can be higher than residential mortgages. Risk of foreclosure – If a business fails to make repayments, the property could be at risk of foreclosure. Maintenance costs – Owning a commercial property can bring additional costs like maintenance, repairs, and insurance. Accounts receivable financing If you’re like most businesses, you frequently deal with unpaid invoices. The situation is so prevalent that experts estimate our nation’s businesses have a total of about $825 billion in unpaid invoices. Having people owe you money is part of business, but when those people never pay you, it can be a business killer. Accounts receivable financing (sometimes referred to as factoring) is tailor-made for the times you need money but have money held up by unpaid invoices. With this type of financing, you’ll receive the money you need by selling your purchase orders or receivables. The amounts vary, but you can often get up to 80% of your receivables. The money arrives in as little as 24 hours, and the loan term can last up to a year. As for the factoring rate, it’s as low as 3%. One of the main benefits of accounts receivable financing is it relieves you of the burden of tracking down those who owe you money to collect on the outstanding debts. Instead, the lender will do the dirty work for you. Another key advantage is you can qualify even if your credit is less-than-great. The factoring company is most interested in the credit of the company owing you money because that’s where they’re going to get their money. So if your debtors have good credit, the factoring company will consider it likely that they’ll pay up, meaning they’ll be more willing to have you transfer the invoice to them. Your credit, in the meantime, stays mostly out of the picture. Also, accounts receivable financing doesn’t require you to put forth any collateral. Again, this is because the lender doesn’t consider you a risk. It’s the companies that owe you money that are evaluated. So you can hold on to all your personal belongings and not need to worry about putting them in jeopardy at any time. Pros: Immediate cash flow – Accounts receivable financing provides immediate cash, improving business liquidity and enabling timely handling of operational expenses. No collateral – Unlike some other forms of business financing, accounts receivable financing doesn’t typically require physical collateral. Credit score irrelevant – This type of financing generally depends on the creditworthiness of your customers, not your business. Therefore, businesses with lower credit scores can still qualify. Flexible terms – The financing volume can grow with your sales, providing flexibility for businesses with seasonal demand fluctuations. Cons: Cost – Accounts receivable financing can be expensive, with costs higher than traditional loan interest rates. Dependency – This type of financing creates a dependency on your customers’ payment habits, which could create cash flow issues if they are late or default on payment. Loss of control – You may lose some control over customer relationships, as the financing company may interact directly with your customers during the collection process. Incomplete financing – Financing companies might not finance the total amount of the receivables, leaving a gap in your expected cash flow. Startup loan As a wise person once said, you have to start somewhere. The issue that entrepreneurs run into is that some types of small business loans require a substantial business history to qualify. If you’re just trying to get your business up and running, you lack the tenure and revenue a lender may require. Some business owners get around this by seeking loans from their family and friends. This approach can be solid, but it’s fraught with challenges. And seeking investors outside of your inner circle can potentially require you to surrender too much equity. This stage is where a startup loan saves the day. This type of financing is meant for new businesses and can provide funds as low as $5000 on up to $10 million. You’ll receive the money as soon as the same day. The loan terms can last as long as 5 years. It will always be tough to build a business, but you don’t have to bootstrap things to the extreme. A startup loan gives you the capital necessary to lease office space, build inventory, purchase equipment, hire and train staff, and cover your other regular expenses. You’ll have multiple options when looking at startup loans, including SBA microloans, equipment financing, invoice factoring, lines of credit, short-term loans, and business credit cards. The payments will be based on the amount of the loan, as well as the interest rate, term, and collateral. Eligibility requirements will vary by the loan type you choose for your startup Pros: Access to capital – A startup loan can provide the necessary capital to get your business off the ground, covering expenses such as equipment, inventory, and marketing. Building credit – Regular and timely repayments of a startup loan can help build a positive credit history, which can be beneficial for securing future financing. Retain ownership – Unlike equity financing where you might have to share ownership, a startup loan lets you retain complete control over your business. Lower interest rates – SBA microloans and Community Advantage loans can sometimes offer lower interest rates than other types of financing. Cons: Repayment risk – As a startup, you may not have a steady cash flow yet, making loan repayments a potential challenge. Collateral – Startup loans often require collateral, which means your personal or business assets could be at risk if you default on the loan. Strict eligibility requirements – Startups are seen as risky investments, so banks and traditional lenders often have strict requirements for startup loans. Debt burden – A loan needs to be repaid with interest, which adds to the financial burden and can consume a significant part of your income as a startup. Business acquisition loan A business acquisition loan is one of those small business loans engineered for a specific purpose: buying an existing business or franchise. Because when great business opportunities arise, it’s not likely you’ll have a pile of money sitting around for the purchase. Instead, your objective will be to find the best financing option to make it happen. With a business acquisition loan, you’ll get anywhere from $5,000 to $5,000,000. The terms can be revolving or for 10-25 years. The funds won’t arrive particularly fast, usually taking about a month to hit your account. One of the best aspects of these loans is that interest rates begin as low as 11.5% for an SBA loan greater than $350,000. These favorable rates mean you’ll save a substantial amount of money over the lifetime of the loan. Getting a business acquisition loan can provide a jumpstart to your business, as buying a franchise or existing business is a great way to step right into a functional business without the backbreaking work of building it from the ground up. So instead of pouring your money into figuring out how to keep a fledgling business afloat, you can put your resources toward helping your business soar. While the application varies depending on whether you’re buying a franchise or existing business, you can plan on lenders evaluating factors such as your credit history, business tenure, and revenue. You’ll need to provide records of the business’s performance and valuation, in addition to your own business plan and financial projections. Lastly, lenders will want to know about any relevant experience you have that will enable you to run the business successfully. Pros: Immediate operational benefits – Securing a business acquisition loan allows quick entry into a market with an already operational business, eliminating the time and effort to build a business from scratch. Established track record – An acquired business usually comes with an established customer base, existing cash flow, and a market presence, reducing the uncertainties associated with startups. Expansion opportunities – For an existing business, an acquisition loan could enable the acquisition of a competitor or expansion into new markets. Flexible financing options – Business acquisition loans come in a variety of forms, from traditional term loans to SBA loans, offering flexibility to meet different needs. Cons: Debt burden – An acquisition loan adds to the financial obligations of a business, which could strain the business’ cash flow, especially if the acquired business does not perform as expected. Risk of overvaluation – There’s a risk of overpaying for the business being acquired if its assets or earning potential are overvalued. Integration issues – Merging two different business cultures, systems, and processes can be a complex and challenging process. Collateral requirement – Business acquisition loans often require collateral, which could be at risk if the business fails to make repayments. How can you get approved? Once you click submit on a loan application, the lender will use multiple factors to determine their response. These same factors also play a role in determining the loan’s terms and rates if you’re approved. So how are approval decisions made? Here are 6 essential factors lenders use to evaluate your business credit and decide whether or not to open their wallet to you. Personal credit – You can almost always expect lenders to be keenly interested in your business credit. But your business credit is inextricably linked to your personal credit, so it’s safe to assume they’ll also want to take a look at your personal financial health. This information typically includes your credit in use, credit history, payment history, and amounts owed. Personal debt coverage – Again, your personal and business finances are related, so a lender will be interested in your personal debt coverage. If you’ve got a healthy state of affairs, expect lenders will consider you less of a risk and will be more keen to work with you. Business debt coverage – There’s no problem with your business carrying debt. The question is whether your business can handle its debt obligations. To get a bead on your business debt coverage, a lender evaluates your cash flow and debt payments. Personal debt utilization – If you’re carrying personal debt, you’re in good company. About 77% of American households have some form of debt. What can set you apart from the masses is if you have credit available that you’re not currently using. To get this metric, a lender will divide your outstanding debt by the cumulative amount of your available revolving credit. Business debt utilization – Lenders also care about the state of your business debt. Having debt isn’t a big deal. What matters is whether the amount of debt you’re carrying is appropriate compared to the size of your business and the industry you’re working in. This assessment comes from comparing your outstanding business debt to your assets and revenue. Business revenue trend – Lenders are more motivated to work with you if your business is trending in the right direction, so they’ll want to ascertain what your average revenue growth will be over time. If yours lands at or above the average for your industry, you’re in great shape. If you fall below the average, plan on there being some possible challenges in your pursuit of financing. A note about business loan applications While lenders use a variety of tools to determine your qualifications for a loan, none of these metrics are indicative of your worthiness or strength of your character. So as you begin the process, it’s important to remember that you will likely face rejection at some point. After all, the majority of small business loan requests are unsuccessful. If you get turned down for a particular loan, don’t take it personally. Simply learn from the experience and try to use it to make your next application even better. The good news is that there are nearly as many loan products out there as there are stars in the sky (at least the stars that are visible from your house on any given night). If your initial application is rejected, try again. By keeping an open mind throughout the process, you’ll be able to adapt to the situation and identify new options. It’s often beneficial to speak with an expert who can evaluate your financing needs and guide you toward the best financing solutions. By doing your research, asking the right questions, and keeping your mind open, you’ll be setting yourself up for success. This story was produced by Lendio and reviewed and distributed by Stacker Media.