Getting a Loan for Your Business – The Benefits, Types and Solutions you Must Know About

Managing a business all by yourself is hard, especially, if you’re a small business looking to exist and expand. Getting a loan approved by a bank is even more difficult. The best thing that you can do to not let such finance troubles ruin your business plans is taking help of financial investment firms like Accord Financial. They’re a team of excellent decision makers and financial agents that provide different kinds of loans to small and mid-size businesses.

The guide below makes a mention of some of the benefits, types of loans, and assistance solutions that they provide. Have a look!

Benefits of Hiring Experts

Financial firms like Accord Financial make life easier due to the following reasons.

  1. They’re Easy to Approach

All that you got to do to get started is pick up the phone and call them. The next thing you know is they’re evaluating your loan request to check your eligibility. And as long as you have an average credit score, they will finance you.

  1. Their Policies are Simple

It’s not a lot of tedious paperwork to understand their policies. They’re quite thorough all by themselves.

  • You avail a loan between $5000 to $75,000 if your annual sale is equal to or more than $100,000.
  • The loan is approved for a minimum tenure of 3 months and 18 months at max.
  • You can get another loan once your first loan is 50% paid.
  • You can repay in full anytime after 3 months.

3 Types of Loans That You Can Avail

There are different kinds of loans designed for your different needs. Have a look and pick what’s best for you.

  1. A) Small Business Loans

This one has been discussed above ($5000-$75,000). A few extras about it are listed below.

It is issued to:

  • Businesses in North America.
  • Businesses that have existed for at least 2 years.
  1. B) Asset Based Loans

Assets include the following:

  • Inventory
  • Accounts receivable
  • Equipment

This type of loan is best for you when you have the following business plans.

  • Restructuring
  • Refinancing
  • Acquisition
  • Rapid growth
  1. C) Equipment Financing

Essentially a part of asset-based lending, equipment financing can be done in the following cases.

  • Heavy equipment financing
  • Construction equipment financing
  • Industrial equipment financing
  • Commercial equipment financing
  • Medical equipment financing
  • Agricultural equipment financing

3 Financial Assistance Solutions by Experts

Providing and approving loans is one thing. But managing those approved funds is an altogether different task. And Accord Financial offers both – they lend loans and they provide financial assistance solutions too. The best ones include the.

  1. A/R management solutions
  2. Supply chain management solutions
  3. Lender financing solutions

All in all, firms like Accord Financial ensure that you’re not just provided with the loan for your business but also any other kind of management solution that your internal team is incapable of handling.