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Small Business Lending: Finding a Solution that Works

   Tuesday, 08 August 2017 13:11 PBC Blog

Small Business Lending Finding a Solution that Works

The economy has definitely taken a hit in recent years, and this has affected both established business owners and those who are looking to start their own companies. Small business lending has become a little more complicated, so those who are looking to become entrepreneurs have had to become much more creative to get the right funding.

Here are some of the ways to find the small business funding solution that will work for you.

Get Your Credit Together

If you have a high credit score for your business, banks are much more likely to give you a small business loan. A high score sends the message that you’ll repay the funds in a timely fashion and shows that you’ve responsibly taken care of your debts in the past. Banks are usually the best places to go when it comes to small business lending since these financial institutions offer low-interest rates and have established a favorable reputation with business owners. Some business owners only consider three or four banks before either making a decision or giving up on getting a bank loan. However, it is recommended that small business owners go to about 10 banks before finding a suitable loan.

SBA Loans

You can also go through the Small Business Administration (SBA) for small business lending. The SBA can refer you to banks that offer small business funding that is specific to your needs. You can visit the Small Business Administration website to find an SBA office near you. It’s best to search for banks that are experienced in SBA lending. The approval process is usually more efficient and you’re likely to get an interest rate that works for your budget. A bank that has approved SBA loans before usually places importance on business plans for small companies as well. These financial institutions can provide insight on forecasts for profit and cash flow and will use these factors when deciding to lend to a small business. The SBA provides counseling and consultations to business owners who want to improve their professional practices or learn how to increase their chances of getting a loan.

Online Resources

The Internet is another viable source for finding loans just for small business lending. You can visit a number of sites that feature alternative lenders like small companies and philanthropists who are willing to invest in your company.

If you find small business funding online, there’s a good chance you’ll pay a higher interest rate than you would at a bank. However, the interest rate will usually be less than what you’d pay if you got a credit card to take care of business expenses.

You may also be required to pay a one-time fee to have your business listed on some sites, but there are some funding sites that are free to join. However, the loan fees for the free sites are usually higher. If you decide to list your business on one of these sites, be as descriptive as possible about your business, so that investors know exactly what they’re donating to.

Merchant Cash Advances

Finally, if you need a substantial amount of money in short period of time, consider a merchant cash advance. This financial option allows you to pay the loan back from your credit card sales, so you won’t have to worry about going into debt. You’ll also be able to get approved in one business day in most cases. If you find that traditional business loans aren’t good for your overall business, it may be a good idea to give merchant cash advances some thought.


We provide two highly accessible financing programs that can get your business the working capital it needs in days instead of months.

For a small business, obtaining a traditional loan today is a complex and difficult process. That’s where Premier Business Capital comes in. 

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