How We Chose the Best Small Business Financing Software
There are several ways to raise capital for a small business, including personal savings, angel investors, and crowdfunding. However, small business loans are a favorite choice among business owners. While years ago bank loans were at the top of the list when seeking funding, today numerous small business financing companies operate online, making it easier for SMEs to obtain fast and more affordable funding. We came up with a list of the top five financing companies based on funding amounts offered, requirements, and fees.
Funding Amounts Offered
Each business has specific financing needs. Borrowers need to know how much funding they can access from the provider.
Every lender has certain requirements that businesses have to meet before they qualify for a loan. Borrowers need to know the requirements that must be met to access funding, such as a minimum credit score, minimum annual revenue, and minimum years in business.
Ideally, there will be minimal fees in addition to the base interest rate/APR on the loan. In most cases, fees are associated with the loan application and processing and vary from one lender to another.