7 Types of Commercial Loans for Your Business
Commercial loans are an important resource for new and existing businesses. A commercial loan can provide a business with the capital to grow your business and purchase equipment needed to operate your business.
Why Your Business Should Use a Commercial Loan
As a business owner, you want to continually grow your business and provide the goods and services to your clients. Commercial loans will help your company achieve its full potential. Check out a small sampling of the tasks you can accomplish with your commercial loan proceeds.
Invest in Land or Commercial Property to Encourage Optimal Business Growth
Eventually, your business may outgrow your current headquarters. Or you might decide to open an additional location or expand your operations to include an untapped market. You'll have the financing on hand to make an offer on the perfect land parcel or commercial property.
Leverage Your Equity to Cover Expenses Associated with Your Company's Growth
It's exciting when your business grows, but eventually, you may find yourself needing to hire more staff, purchase more inventory or invest in additional machinery. Or you might realize your business is overdue for renovations. Our commercial loans will ensure you have the financing to cover these expenses and weather any "growing pains" associated with your expansion.
Loan Options for Your Company
There are different commercial loans suited to various needs. Your best option will depend on the specifics of your company's financial situation and how you plan to use the funds. Here are some of the most popular options:
Traditional Term Loans
Traditional term commercial loans allow you to borrow a fixed amount you'll pay back over a pre-determined amount of time at a specific interest rate. The term for these loans is usually 1-5 years.
Short-term loans generally range from 3-18 months. They're a good option for unexpected cash needs.
SBA loans are loans sponsored by the Small Business Administration (SBA). These loans are designed to provide small business owners with an affordable source of capital.
Equipment loans are commercial loans specifically used to finance the purchase of equipment, allowing you to make convenient monthly payments.
Commercial Real Estate Loans
Use a commercial real estate loan to assist with the purchase of a commercial property.
Get a Commercial Loan at CCCU
CCCU proudly offers commercial loans to our members. We offer multiple products to ensure you find the right option for your needs.
The Benefits of Using a Credit Union
Since a credit union isn't accountable to shareholders like a conventional bank, it can fund commercial loans other lenders can't. And because it’s profits are returned to it’s members, you can typically get a lower interest rate loan in comparison to a big bank.
CCCU is ready to help you find the best commercial loans that fit your business needs. Contact us today at 702-228-2228 to learn more and get started!