Spokane Business Loans & Commercial Lending
Businesses in Spokane, Washington have had troubles with cash flow because of COVID-19. It seems like small businesses were most affected by the pandemic, and many are still struggling to pivot and adapt to many of these changes.
Whether you are looking to expand your business, purchase real estate, cover construction costs, settle debts or invest in new equipment, small business loans are a great way to get quick funds for your business. Financed individually, a loan like this comes with preferable rates that you agree upon when applying.
At Business Loans Spokane, we are here to show you the numerous ways to fund your business and help you explore all options related to business loans. If you need financing quickly, these are great options to overcome your challenges, handle costs and taxes, or continue realizing your dream of business ownership. We have been working with small businesses in Spokane for some time, and it is our job to help people find the financing option that will help them grow their business.
Applying is free and will not affect your credit score.
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What Commercial Lending Options Are Best For SMBs?
Running a small business requires a lot of attention to detail. It is also a practice where you are dependent on cash for many reasons. Whether it’s ad budgets, inventory purchases or something else, obtaining funds can sometimes be a problem. This is where commercial lending steps in, and small business loans as the best way to overcome your challenges.
With Business Loans Spokane, you can easily apply for a business line of credit or a business term loan. We can quickly process your request and give you the financing you need within a couple of days. The only thing we will need from you are a couple of basic business-related documents and a fulfilled form, after which we will help you choose the right type of financing for your needs.
The best thing about our small business financing solutions is the fact that we do not require any collateral or shares in your business. With our business loan solutions for SMBs, every bit of information is transparent and you will be able to see your repayment plan in full detail.
Below, we share some of the common types of business loans and describe each one in detail. We will help you see when it makes sense to use business financing and how to get started.
The Two Most Common Small Business Loans
If you are having a hard time choosing from the myriad of small business financing options, let us break down the two most common loan types: a business line of credit and a term loan.
For some businesses, a line of credit is the ideal solution because of the quick financing and immediate cash flow that they can use in the future. For others, getting a lump sum in the form of a business term loan is the more preferred option, especially if they are ready to pay the sum back in monthly repayments. Don't hesitate to get in touch if you have any questions about
how to qualify for a business loan.
Other commercial lending solutions are also available with our loan agency in Spokane, WAS: commercial property loans, inventory financing, equipment loans, commercial auto loans, cash flow loans, even bad credit loans. You can view industry specific solutions
here.
Business Line Of Credit
If you ever spent money from your credit card, you know that you only pay interest on the money that you have spent in advance. A business line of credit is very similar to this type – this flexible product allows you to get immediate financing and use it in the way that you like. You can use it entirely, spend only a portion from it or use it to invest in new equipment.
Small businesses that want to repay some of their borrowed funds, increase their revenue by purchasing more materials or improving their bottom line can use this option and get flexible terms for repayment.
Ideally used as a short-term financing option,
a line of credit is great for covering operational expenses like payroll and supplies. To many SMBs, it is the right solution that brings them closer to off-season working capital. The best thing about a line of credit is that it doesn’t require any collateral, and that you can access the funds whenever you want.
If you are interested in a business line of credit, Business Loans Spokane is the right partner for you. We are here to give you flexible conditions and very quick approval times. After submitting your information, we can inform you on whether you are approved or not, and process most of the requests within the same day.
Our business line of credit is a solution that has:
- High approval rates – we can align to credit limits that are as high as $250,000
- Pay interest only on the amount you have drawn
- Refillable credit (available after each payment)
- Flexible payment options
- Repayment periods of up to 18 months
- No application fees
- No penalties for prepayment
Our same-day approval and easy application process is what motivates many small businesses in Washington to obtain their commercial lending from us and get a line of credit they can use whenever they need to cover some expenses.
Business Term Loan
While a line of credit is the ideal solution for 24/7 and continuous access to cash, a business term loan is great if you want a bigger lump sum which you would obtain as a one-time payment. As the name says, this loan comes with its own terms and a dependable cost structure for repayment.
Small businesses that are looking for ways to get a bigger sum of cash up front and repay it over time will benefit from a business term loan. The structure requires to repay the amount through smaller payments over the period that you will agree on, and pay additional interest. We’ll collect the interest first, which encourages businesses to repay their loans over a longer timeframe.
Flat fees and fixed interest rates are what makes business term loan solutions popular in Spokane, Washington. At Business Loans Spokane, we have a team of financial experts that can help you and answer all of your questions related to a
term loan. All you need to do to obtain this financing is fulfill a form and provide basic documentation about your business.
Loans Of Up To $250,000 (No Application Fees + Options That Work For You)
Growing your business has never been easier. Our small business financing solutions give you repayment terms that are flexible and approval times that are quicker than ever before. Using a business term loan can help you improve your business and overcome challenges. Many borrowers ask us how many business loans can I get? and, although there is technically no limit, our advisors can explain the guidelines in detail.
Whether it’s new equipment, operational costs or a sort of a relief due to the challenges brought by the pandemic, there are many ways to use a term loan to your advantage. Repaying it over a longer period is a great option for SMBs.
Our team at Business Loans Spokane takes pride in offering the following:
- Up to $250,000 on a term loan without any application fees
- Your money is available within 1-2 business days
- Choose full prepayment and save on interest fees
- Once you repay 50% of your loan, you get new terms and conditions
We are here to show you the way to a better future and we offer
business loans for every industry. For more information on our business loans for SMBs, read through the frequently asked questions (FAQ) section below or contact us today.
FAQ
How much does it cost to apply for a loan?
Costs are set by the lender. However, at Business Loans Spokane, we don’t charge anything for application! We are here to work around your needs and help you select an option that works for you, without collateral.
What do I need to apply for a business credit line?
To apply for a line of credit, you will need five business-related documents, including:
- 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
For more information about navigating the loan application process, check out this blog post!
What to choose – a line of credit or a term loan?
Both of these products are different, which is why they are best for SMBs with specific needs.
A line of credit gives you a pre-set credit limit that you can use partially or fully. You will need to repay it with regular payments that include a principal fee, plus an interest fee. The good thing is that you have continuous, 24/7 access to your cash, and that you pay interest only on your used cash.
A business term loan comes with a non-revolving credit limit, which means that you can obtain it as a lump sum and repay it in continuous installments afterwards, until you pay it off.
Are there any additional fees related to term loans?
There is a factor rate, which is a fee that is added to the loan amount to calculate the total payback. This rate is different from interest rates or APRs, and is commonly used to calculate the amount of interest charged on your loan.
Will I be able to repay my loan at any time?
Yes, you can repay your loan fully at any time. However, you will need to cover the entire interest for it, but we will give you a 50% discount on your remaining interest rate payments.
We are here to answer any and all of your additional questions on small business loans. Contact us today and one of our agents will get back to you.