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Friday, March 13, 2015

Small business financing options and considerations

Business financing is important for maintaining cash flow, funding project management and expanding market share among other things. Naturally, finding the most affordable option is a wise consideration. The infographic below details some important business financing options such as credit union loans, accounts receivable factoring and U.S. Small Business Administration loans, of which several additional choices exist. 

Other important considerations when managing small business finances include loan terms, loan duration and differences in interest rate disclosures that protect consumers, but not necessarily businesses. For example, annual percentage rate terms are not required to be reported to businesses, but is a requirement for consumers. As with any financial arrangement, "The devil is in the details", and being aware of those is key to selecting the right financing decision.

Small Business Financing: Know Your Loan Options