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Utah Business

Mountain America Credit Union shares their tips and tricks in regards to finding a business loan.

Thinking about a business loan? You’ve got options

You’ve developed an idea, worked out the mechanics, now all you need is to open for business! It’s the most exciting part of building your dream career, but also the most expensive. That’s where small business loans can help.

At this point, you may be wondering how to get a small business loan. Before you start the application process, you’ll need a few things. To start, create an organized business plan. Come to the table with plenty of drive to get your business off the ground and your latest credit score. Before you get started, here’s a primer on the most common business loans:

Small business loan—There are several different types of business loans. A small business loan is a lot like a mortgage or a car loan in that small business owners can obtain a set amount of money—or line of credit—to help start a business while maintaining business ownership. At Mountain America Credit Union, your business needs are covered with a revolving line of credit ranging from $10,000 to $50,000. It’s just like using a credit card. This small business financing solution gives you the flexibility to borrow, repay and borrow again, all without reapplying for the loan. Plus, there’s no need for collateral. Be sure to talk to someone about the details of what small business loan terms you’ll be facing with this type of loan.

Equipment loan—Every business needs some sort of equipment. How much and at what cost depends on the industry. An equipment loan can help you get ahead. When you’re using the best equipment, you can be confident you have an edge on the competition and that you can truly help your business to succeed. Not only that, but better equipment will lead to stronger business growth. Properly investing in the right kind of high-quality equipment is definitely something that you will want to look into, and an equipment loan can make that possible for you.

An equipment loan can be for $10,000, $10 million or more, and the money can be used to upgrade outdated commercial equipment or purchase new items. These assets are intended to increase the productivity and profitability of your business—like computers, refrigerators, tractors, printers, and more.

Construction loan—Whether you’re building your office from scratch or you’re looking to make updates on an existing space, construction is often necessary to best fit your vision for your new business. Most financial institutions, including Mountain America, offer construction loans that come with a team of experts to guide you through the complicated process of working with city planners, contractors, and architects to ensure that you’re getting the best service from the right team for your needs. Use your construction loan to finance commercial buildings from $250,000 to $2,000,000.

More business support options

Not all preset business loans are a good fit, and that’s ok! There are plenty of other options to choose from that are just as effective in helping your business take off. If a business loan doesn’t seem to be the right fit, Mountain America also offers the following tools to support your business:

  • Business Visa®—Every business—yes, even yours—needs a business credit card. It’s a handy business tool that helps you track spending, earn rewards and save money in the long run. Look for one with competitively low interest rates, cashback options, and little to no annual fees. You’ll be surprised at how useful a business Visa can be for getting your business started!
     
  • Line of credit—If you know you’re going to need more than $50,000 to keep your business running through its early stages, a revolving line of credit can give you more flexible financing for larger expenditures. Easily access funds for a variety of business necessities, including buying equipment, funding special projects, and maintaining an even cash flow. Plus, it’s easy—it works just like a credit card. Take a hard look at what your business needs are and make a decision that will make the most sense in the long run. A line of credit may be the perfect thing to provide funding as you start your business.
     
  • Business real estate—Finding the right commercial property can be the difference between getting your small business off to a successful start and facing some serious struggles as you pull yourself through those first few months and years. Utilize a trusted lender to help you enjoy a smoother process when getting a commercial real estate loan.

So whatever your business loan needs are, know that you have options to help you achieve your goals. The best business loan for you really depends on your individual needs and situation, so set aside some time to talk to someone about what the best plan is moving forward. Reach out to Mountain America Credit Union today and keep your business moving forward with the right loan for your unique business needs.