Selecting a Bank or Other Lender
There are a number of types of institutions that offer small business loans, although each type of lender may be better suited to different lending situations.
- Banks include traditional savings banks, savings and loans, and commercial banks, and are generally the first place small business owners think of when looking for institutional financing.
- Credit unions can offer generous terms to their members, but make mostly consumer loans.
- Consumer finance companies may be willing to make higher-interest loans to higher-risk borrowers.
- Commercial finance companies may be worth considering if you need a loan for inventory or equipment purchases.
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