Whatever your needs may be, whether you are a start up business or have been in business long term, allow us the opportunity to plan out the growth of your company, utilizing all of the business lending sources we have available. We will find the avenue that best suits your needs and allows for a successful outcome.

Business Loans at a Glance

A business loan is funding given to a business by a bank, an individual(s), or an organization usually to be repaid by a certain date with a certain amount of interest.

There are various types of business loans that include:

Term loans are the most common general purpose loan. They're used for working capital, expansion, refinancing, and acquisitions. You'll repay them monthly over a term based on the expected lifespan of the assets you're purchasing. This straightforward loan is most common for larger amounts.

Short term loans are almost always set up for terms of one year or less, and are repaid in a lump sum at the end of the term, instead of monthly. They're usually for smaller amounts - less than $100,000 - and are best for seasonal inventory buildup or small investments with quick returns.

Equipment financing is generally easier to obtain then general lines of credit, simply because the equipment you buy serves as direct collateral for the loan. It's also less risky, in that if you are unable to make your payments, you don't have a lien against your entire business or your personal real estate: all you lose is the equipment you bought. Depending on the size of your business, equipment financing can cover huge expenses into the millions of dollars.

Lines of credit are more general business loans that are often set up to insure against cash flow problems. Instead of getting a check for the full amount of the loan, the financial institution will allow you to borrow up to a certain amount per year - you take out the money in increments as you need it. The flexibility comes at a cost, though: if you don't repay the loan balances fairly quickly, they can quickly become more expensive than other types of loans. Avoid using a line of credit for significant business improvements: they're designed for temporary cash shortfalls.

Credit card advances - in lending, this phrase does not mean taking out cash through your business credit card, although many businesses do that. Instead, it's a loan based on your track record and your expected future business. It's a good choice if your business has at least a three-year history of accepting credit cards. Because the credit card sales are such a good estimation of your future earnings, you'll be able to get a fairly good rate on a loan against your expected income.

SBA 7(a) - For-profit businesses that need funds for expansion, purchase another business or manage cash flow. The 7a term loan is also an effective financing tool for experienced business owners who are starting a new business. Your business must meet SBA guidelines.  7(a) loan offers flexibility, longer terms, and lower down payments, compared to other types of business financing.

Because it is backed by a SBA guarantee, you can access larger lump sum funding to fund start-up costs, equipment, inventory and working capital.

Within Jamis Companies Mortgage and Finance Division, we have the ability to fulfill all of your business lending needs. Call one of our licensed mortgage planners today.