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Business growth often goes hand-in-hand with new expenses. Getting a small business loan or line of credit can provide you with the financing you need to manage cash flow, cover the cost of an expansion, or pay for new equipment.
Based on your needs, you could opt for small business mortgages with benefits like flexible terms and generous borrowing limits to help you purchase a property, expand, or refinance your current property; or you can consider term loans and SBA loans that can help you purchase assets, including inventory. Small business lending is available with short- or long-term financing options and may be financed with different types of collateral.
Explore the small business financing options below to find out how to get small business credit that is best suited to your business plan.
Getting a small business loan for a new business that has limited credit history is typically more difficult than getting a small business loan as a business with an established credit history. However, because SBA loans and lines are backed by the government, businesses with limited credit history may qualify for SBA lending.
There are three types of SBA loans:
Revolving business lines of credit are designed to get you the short-term liquidity you need to manage working capital, with flexible payment options and consistent buying power.
Another option is a loan that acts as a line of credit for a set timeframe — such as 6-12 months — and then later converts to a fixed-term loan. During the first 6-12 months, you can make multiple purchases (computers, machinery, vehicles, etc.) and only pay the interest on what you borrow. Once that draw period ends, you make payments on the principal and the interest. This is sometimes referred to as a flex loan.
We are committed to helping your business reach its potential. Our dedicated business banking professionals can help you find the right product to meet your business’ needs. To learn more about small business loans, please call 1-800-428-7463, visit us online, or visit your nearest Citizens Bank branch.
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