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Best Loans for a Startup
If you have aspirations of starting your own business, you might be intimidated by the sheer amount of money you need to launch your company. You may have logistical concerns about hiring employees, getting real estate, and other issues. Unfortunately, traditional banks and lenders may not be willing to take a chance on a new business, depriving you of the capital you need.
Fortunately, you may have other options to secure the money you need for your startup. At Fidelity Advance, we help small business owners reach their goals with alternate funding solutions, opening the door for people with fresh ideas. Our funding advisors will work with you to obtain fast startup capital for your business.
Term Loans
A term loan is a lump sum payment that can give you immediate cash to work with. A term loan can be used for a variety of purposes, such as purchasing real estate, buying stock or supplies, or hiring new staff. Depending on how much capital you need, you might have as little as a few months to pay it back or several years. Term loans are paid off at regular intervals, giving you a consistent schedule to account for in your budget.
Tips for Applying for a Small Business Loan
Securing a small business loan can be an essential step in growing your company, whether you need funds for new equipment, hiring staff, or expanding your operations. However, the application process can feel overwhelming and you may not qualify for conventional loans.
Following these tips can increase your chances of approval and help you secure the financing your business needs. If you own a business and have struggled to secure funding from traditional sources, talk to the California small business loan advisors at Fidelity Advance.
Know What You Need
Before applying for a loan, determine exactly how much funding your business needs and how it will be used. Lenders will want to see a clear plan for the money, so having a specific purpose is essential. Whether it is for purchasing inventory, upgrading technology, or expanding your marketing efforts, being clear about your goals will help you choose the right type of loan and demonstrate to lenders that you have a solid plan for paying it back.