 TITLE: Here’s What It Takes to Get a Small Business Loan CONTENT: Research Different Types of Small Business Loans\n------------------------------------------------\nThere's not just one type of small business loan—you have several different options to choose from. Here are a few:\n*   **SBA loans**: These loans are backed by the U.S. Small Business Administration, but offered through private lenders. There are a few types of SBA loans, with the most common being term loans. The government sets interest rate caps on these loans, so they usually have lower interest rates than non-SBA loans. However, they can be hard to qualify for, and the application process is long and intense.\n*   **Term loans**: If you can't qualify for an SBA loan, you can apply for a regular business term loan. Some banks and credit unions offer them, as do an increasing number of online lenders that make the process even faster and easier. Like SBA term loans, you get a lump sum upfront and repay it in fixed installments over time, making it ideal if you have large expenses that require upfront payment.\n*   **Line of credit**: Rather than a lump sum you receive with a term loan, a line of credit is revolving, much like a credit card. You receive a credit line you can repeatedly draw from for business expenses, and as you repay it, you can re-borrow the funds. You only borrow and pay interest on what you need. A line of credit is more ideal than a loan if you have smaller recurring expenses or just need a cash cushion.\n*   **Other options**: If you're struggling to get one of the small business loans mentioned above, there are some other financing options to explore, including personal loans, business credit cards, invoice factoring, merchant cash advance, inventory loans and equipment loans. END