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What is the process of getting a small business loan?
Asked by unknown
1 Answers
Before taking a loan, decide its reasonâit can be to start a business, expanding an existing business, or other reasons. The type of loan that would suit purpose must also be decided before opting for a loan. After analyzing all the above factors, the best lender for the type of loan can be then narrowed down.
Are secured loans better than unsecured ones for small businesses?
Asked by unknown
1 Answers
Secured loans are provided against collateralâwhereas unsecured loans are quickly processed and are simpler in nature. Both have its own advantages, so it depends on the type of business and duration for which the loan has been sanctioned. A secured loan is easier to get and holds lesser risk for the lender. It will also have lower interest ra
What is the average term of a small business loan?
Asked by unknown
1 Answers
The average business loan usually is provided for a maximum term of 7 years. But there are other ways of obtaining a business loan for a longer termâsuch as augmenting the collateral with real estate or looking into programs that are available in the market like the SBA 504. The loans lent by SBA can last from three to 25 years or more.