{"id":4382,"date":"2019-06-18T10:03:39","date_gmt":"2019-06-18T10:03:39","guid":{"rendered":"\/blog\/?p=4382"},"modified":"2020-01-07T10:07:54","modified_gmt":"2020-01-07T10:07:54","slug":"different-types-of-business-loans-available-for-starting-own-business","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-business\/different-types-of-business-loans-available-for-starting-own-business\/","title":{"rendered":"Different types of business loans available for starting own business"},"content":{"rendered":"\n

After keeping the idea of owning an apparel business on hold for 10 years; finally, last year I decided to give shape to my long-held dream. Even though I received financial support from my near and dear ones to bear the initial cost of setting up the business, I soon realised, that to sustain the business, I will require a steady flow of funds. And, that\u2019s when my good banker friend introduced me to different types of business loans as shared below:<\/p>\n\n\n\n

Know More<\/a><\/div>\n\n\n\n

\u2022    Term loan \u2013\nWith this commercial loan, you can avail a lump sum of the fund to support your\nbusiness needs. You will have to repay the availed loan inclusive of the\ninterest rate, over a pre-decided time frame.<\/p>\n\n\n\n

\u2022    Short-term\nloans \u2013 These types of business loans will avail small quantum of the loan\ncompared to term loans. But, it is ideal if you need a small amount of fund.\nRemember, the repayment term is also shorter for these loans. <\/p>\n\n\n\n

\u2022    Personal\nloan \u2013 This can be a good option for start-up funding if your requirement is\nfor a small sum of money. However, this loan will give you the freedom to use\nthe fund anyhow you wish to for the benefit of your business. <\/p>\n\n\n\n

\u2022    The line of\ncredit loans \u2013 It is a short-term business loan and is one of the most useful\ntypes of loan for small-business owners. This loan protects your business from\nemergencies and slow cash flow. It is mainly to meet inventory needs and\noperating costs for working capital and the business cycle, but not for the\npurchase of equipment or real estate. The line of credit loans usually attracts\nlow-interest rates as they are considered as low-risk loans. <\/p>\n\n\n\n

\u2022    Equipment\nloan \u2013 An equipment loan will finance up to 100% of your business’s equipment\nand machinery cost. And, interestingly, the equipment itself acts as\ncollateral. So, if you need specific equipment and machinery for your business\nto take off then this could be a good choice.<\/p>\n\n\n\n

\u2022    Invoice\nfinancing \u2013 This type of loan lets you use your outstanding invoices to get a\ncash advance from a lender. This could be one of the best options if you are\nfacing cash flow problems because you can\u2019t put your business in a standby mode\nuntil your customers clear the payments. And, you know that number of payments\nyou have to make to keep your business running such as rent, salary utility\nbills etc. <\/p>\n\n\n\n

\u2022    Business credit card or business charge card \u2013 The function of a business credit card is similar to a personal credit card where you have a maximum credit limit and have to pay the spent amount by a particular date. On the other hand, a business charge card neither has a spending limit nor any interest. But, you will have to clear the entire balance by the end of every month. So, depending on your need and convenience of payment, you can opt for either one of the cards. Well, short-term loan best fitted my business requirement. I hope you find your perfect business loan<\/a> too. <\/p>\n\n\n\n

Apply Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

After keeping the idea of owning an apparel business on hold for 10 years; finally, last year I decided to give shape to my long-held dream. Even though I received financial support from my near and dear ones to bear the initial cost of setting up the business, I soon realised, that to sustain the business, I will require a steady flow of funds.<\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":4386,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-4382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-business"],"yoast_head":"\nDifferent types of business loans available for starting own business - TATA Capital Blog<\/title>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Different types of business loans available for starting own business - TATA Capital Blog\" \/>\n<meta property=\"og:description\" content=\"After keeping the idea of owning an apparel business on hold for 10 years; finally, last year I decided to give shape to my long-held dream. 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