Types of small business loans
Unsecured business loans: This type of business loan does not need any collateral to secure it.
Merchant cash advances: Small business loans of this type are expensive than other loan options available for them. These loans are mostly approved by private lenders.
Loans for grocery stores: these loans are specifically designed for grocery stores that are in business for more than one year. These loans are approved for remodeling the store, marketing campaigns, purchase inventories and various other needs.
Working capital financing: Sometimes small businesses are short of cash flow even if they are doing quite well. In such condition this type of small business loan is a good option.
Inventory loans: These small business loans are quickly approved by the private lenders like OnDeck to meet up the need of money required for new or more inventories by the business.
Dental loans: These loans are approved by private lenders for dental professionals for their need of funds for short term cash flow in dental practice or buying dental equipment.
Temporary cash flow loans: Sometimes small business run short of cash flow for various reasons. In such situation this type of loans can help in running their business smoothly.
Medical financing: This type of small business loans can help medical professionals in buying equipment and other accessories needed for their practice.
Restaurant loan: These loans are specially designed for funding restaurant owners for buying new machine, remodeling the restaurant or to meet up instant financial needs.
Retail capital loan: Small business loans of this type are approved quickly by lenders to fund retail store owners to help them in running their business easily.
Business equipment financing: These loans are quickly approved for financing the equipment required for the smooth running of a business.
Small business loans for women: Increasing interference of women in business and after observing their importance in the growth of any economy many banks and private lenders have started approving quick loans for the proper growth of their business.
Almost all of these small business loans are quickly approved by the banks and private lenders like OnDeck to meet up their short term financial needs. Online processing of these loans help small businesses in applying them easily and get them approved quickly. These loans are approved for resolving short term financial bottlenecks as well as expansion of the small businesses. These small business loans are normally approved within 48 hours after applying for them online. The loan amount is credited by the lenders online directly in the bank account of the small businesses.