Springfield Business Loans & Commercial Lending
Small businesses are an integral part of the economy in Massachusetts. Statistics show that there are more than 600,000 small businesses in this state, making up the majority of businesses in all industries. However, many of these small businesses have challenges. The good news is that there are ways to overcome them – and one of them is getting a small business loan.
At Business Loans Springfield, we pride ourselves on giving you an easy way to get the financial help you need and choose the financing that your small business needs. As a reputable lending partner to many organizations, we are here to service your small business loan needs and offer personalized assistance.
Small business loans are a great way to support your business. If you are in an immediate need of cash flow, want to buy equipment or real estate or just need money to grow your business, this option can open you up to many possibilities.
Applying is free and will not affect your credit score.
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The Most Popular Commercial Lending Options
If you are running a small business, you probably know that you are dependent on cash for ad budgets, inventory purchases, and many other things. If you think that the inability to obtain such funds is what is holding your business from growth, commercial lending can help you solve that problem.
Applying for a small business loan does not take hours – you only fulfill a form and provide us with basic documents about your business. You can quickly get a loan and use the funds. If you need assistance, you can rely on our advisors who can help you choose the right type of business financing (you can find more on that in the part below).
Did you know that we offer
business loans for every industry in Springfield, MA? Whatever your situation is, the business financing options that we offer at Business Loans Springfield are very useful for any type of small business in Massachusetts, regardless of its type or industry. We are here to provide you with the assistance you need to get the financing that your small business needs.
For long, these loans have helped many businesses keep their operations going, expand their presence and grow. The best thing about them is that you keep full control of your business, get funding quickly, and agree on interest rates that work for you. We offer a wide variety of fast working capital solutions as well as
industry specific loans such as commercial property loans, equipment loans, bad credit, retail loans and much more! Read on to see the types of business loans and their unique benefits.
Which Of The Small Business Loans Should You Choose?
As we said above, there are numerous reasons as to why a business may be in need of a loan. For some, the COVID-19 pandemic has been a real challenge on itself, while for other small businesses, renovations or new equipment are essential for an increase in revenue.
While there are many
small business financing options, we offer the two most popular - a business line of credit and a term loan - with no-hassle applications. If you opt out for the line of credit, you will get solid financing and available cash flow that you can use in the future. A term loan is also a good way to get a lump sum and pay it back in numerous installments. Call our professional advisors to find out
how to qualify for a business loan.
Business Line Of Credit
What Is It And How Can It Help Your Business
A business line of credit operates similarly to a credit card – it is a flexible business financing product that lets the small business draw and access funds on-demand, or make any purchases. Small businesses that need to improve their bottom line, invest in new equipment or repay some of their borrowed funds can benefit from it and get flexible terms for repayment.
A line of credit for small businesses is commonly used as a great short-term funding option. Businesses that are in need of financing or want to cover their operational expenses like payroll and supplies commonly use it. For others, it is a good source of off-season working capital.
With a credit line, there is no need to put a collateral. You can access the funds 24/7 and use it to make purchases, cover debts, or invest in equipment. At Business Loans Springfield, we offer very flexible conditions – the application process is easy and you can withdraw funds or borrow more (up to your credit limit) at any time. We can process most of the credit line requests within the same day and give you the financing you need on time.
Some of the main benefits of a business credit line include:
- High approval rates – even for businesses with a credit limit to $250k
- An option to pay interest only on the amount you have drawn
- Refillable credit (available after every payment)
- Flexible payment options and repayment periods of up to 18 months
- No application fees
- No penalties for prepayment
The ease of application and same day approval are beneficial for many small businesses. Business Loans Springfield provides you with financial solutions that tailor to your needs, and accessible funds that you can use whenever you need them. Learn more about our line of credit solutions here.
Business Term Loan
Cash Up Front & Planned Repayment Term
Business term loans are used by small businesses who need a bigger lump sum and a dependable cost structure for repayment. Obtaining a small business term loan is usually for an important one-time purchase.
If you are interested in getting cash up front and repaying it over time, a business term loan might be the best choice for you. You will later on repay the amount through smaller payments over the period of the repayment term, and pay additional interest. In this model, the interest is collected first, which is why it is logical to obtain such loans for large purchases.
Some of the reasons why many small businesses in Massachusetts are choosing business term loans are the flat fees and fixed interest rates. With these, there is no room for error – you know how much you are going to repay from the start and accept the terms beforehand. That is why a business term loan is usually a stress-free option to get cash quickly, and agree on pre-set repayment terms.
Get Up To $250,000 With No Application Fees
Using a business term loan can help you grow your business or at least reinvent it with a new perspective. If you are planning to get money, this is one of the most logical ways to do it. However, you should plan your spending beforehand and know what you need the money for. Whether it’s a form of relief due to the COVID-19 pandemic and the challenges it brought, new equipment or a new location, there are ways to use term loans and repay them over a longer period. Many clients ask us "how many business loans can I get?" and, fortunately, there is no limit on the amount of times you borrow. Our team is happy to explain the guidelines in detail.
Business Loans Springfield is here for you. We can help you:
- Get up to $250,000 without any application fees
- Access your money within 1-2 business days
- Save on interest if you choose full prepayment
- Renewed terms and conditions once 50% of your loan is paid
- A number of term options that work for you
With plenty of business financing options, we can help you get a loan that works for you. Whatever your needs are, our team is here to show you the routes you can take to get cash quickly and repay it as you want.
Learn more about business term loans solutions here.
FAQ
Does it cost money to apply for a loan?
It always depends on the lender. However, with Business Loans Springfield, you won’t pay a cent. We don’t charge an application fee and are able to work around the option you need without your collateral.
What information do I need when applying for a credit line?
There are five main things that we will need from you in order to apply for a line of credit. They are the following:
- A document showing your annual revenue
- A document clarifying your business type or industry
- A document showing how long your business has been active
- Your personal credit score and your business credit score
- Your personal and your business contact information
What’s the difference between a line of credit and a term loan?
A line of credit is different from a loan. With it, you receive a set credit limit (just like a credit card) and make regular payments that include a principal and interest portion to pay it off. Unlike a loan, you have continuous and repeated access to your cash while it is active, which means that you can spend portions of it and pay interest only on them.
With a business term loan, there is a non-revolving credit limit, which means that you can only access the amount loaned once, and make subsequent principal and interest payments until it is completely paid off.
Are there any additional fees related to term loans?
Term loans have a factor rate, which is added to the loan amount to calculate the total payback. It is different from interest rates and annual percentage rates (APR) and used to calculate the amount of interest the lender charges on a loan.
Will I be able to repay my loan at any time?
Yes, you will be able to repay your loan in full at any time. However, you will need to pay the interest (if you haven’t) – we will give you a 50% discount on it.