Financing Options for Business
If you’re looking for additional financing for your business, there are many options to consider. That’s why it’s always a good idea to speak with a Kish commercial lending specialist, who can learn your business goals, provide you with a solid understanding of what’s available, and help you determine which solutions are best for your needs.
Below are just a few financing options that a business can take advantage of. Connect with us to start the conversation and hear about even more available options.
Lines of Credit
Similar to a credit card, a Business Line of Credit allows a business to have access to cash whenever it’s needed, and for whatever type of expense is needed. It can also help a business build credit, which could increase the chance of getting approved for future loans.
With a Line of Credit, a business gets a credit limit that cannot be exceeded, and they pay back what is borrowed with interest. The limit is lowered with each purchase, but the limit goes back up once the balance is paid.
An Equipment & Term Loan is a type of business loan that can be used to fund the purchase of your business’s equipment when it’s time to buy for a new location or business expansion, upgrade existing equipment, or replace systems that no longer work.
Types of equipment could include office furniture, computers, production machines, and much more. Different terms are available.
Real Estate Loans
A Commercial Real Estate Loan could be the best financing option for a business that is looking to renovate or expand, or has their sights set on purchasing land or commercial property.
There are different types of Commercial Real Estate Loans that a business can take advantage of—and the loan terms, rates, and amounts are tailored to the business’s unique financing needs.
Business Credit Cards, also called corporate credit cards, can be a smart way for any type of business to get borrowing power. They can be used to make a variety of purchases, and many offer low interest rates as well as cash back or flexible rewards.
Like Personal Credit Cards, Business Credit Cards offer no liability for fraudulent purchases if a card is lost or stolen, which offers peace of mind for companies who have multiple employees with cards.
If ordinary borrowing doesn’t fit a business’s cash flow needs, Special Credit Services may be available:
- The Business Manager© solution from Kish allows a business to get cash for receivables on a daily basis by selling the receivables to Kish at a discounted rate. This can be helpful for customers who don’t want to wait to collect on outstanding invoices.
- The CashFlow Lease™ solution from Kish let businesses use leasing instead of paying cash or obtaining a loan to finance larger purchases like equipment or vehicles that depreciate quickly in value.
How to Qualify
Lenders will look at certain criteria when it comes time for a business to apply for financing. This could include, but is not limited to, your credit score, revenue, available collateral, and how long you’ve been in business.
Some financing options are easier to qualify for than others, and as previously mentioned, connecting with a Kish lending specialist who can provide expert advice and point you in the right direction is always a smart move—whether you’re a new small business or an established organization that wants to expand.
Need financing for your business? Connect with a Kish expert today and find out which solutions would best fit your needs. We’re just a click, call, or short drive away.