Supporting both the operation and expansion of a growing small business often requires some additional financial support. Getting a small business loan or grant can help you bridge the gap when you need to make capital investments, increase your workforce, or move to a larger space. To help you decide which type of funding might be right for you, here are a few small business-financing options:

Line of credit: Using a line of credit as working capital can make it easier for you to manage your cash flow as your income or expenses fluctuate. It allows you to borrow only the funds that you need, giving you more control over the amount of interest you will accrue.

Business loans: For larger investments, it may be time for a term loan. Like a mortgage or personal loan, term loans come with variable or fixed interest rates and monthly payments over a contracted period of years. Unlike a line of credit, a business loan will provide you with a large sum of cash up-front. These loans can be ideal for expanding your space or funding other large investments.

Commercial loans: For established businesses that own commercial real estate, a commercial loan is another option. Like a home equity loan, a commercial loan allows you to borrow against the equity you’ve built in your business property. Depending on the value of the property and the equity you hold, this could mean more borrowing power. As with Business loans, for larger investments, it may be time for a term loan. 

Equipment loans: If you’re specifically looking for cash to fund the purchase of new equipment – including vehicles, manufacturing or production machinery, farming equipment, or other necessary equipment – then an equipment finance or leasing program may be what you need. Like business loans, equipment finance offer fixed interest rates and payment plans over a period of time.

Small Business loans: An Unsecured Business Loan allows you to cover any business-related finance need. The Unsecured Business Loan is a short-term facility – usually up to a maximum of 12 months. You’ll repay the loan and interest at the agreed contract frequency.

No security (collateral) is required to get a loan and provide a boost to your working capital and allow you to make investments in inventory, equipment, renovate, hire new staff or any other business related activity. Some business owners use this type of business loan to cover cash flow fluctuations and even for new business opportunities.