Getting funds for your business can be a tricky thing. It all seems very easy to read but practically it involves a lot of paperwork and one mistake can lead to many complications. There are many banks and money lenders in Maryland who have strict rules for approving the loans. However, there are many that can lend you quick business loans in Maryland. They provide funds for small to medium sized businesses and even give expert advice on how to keep your business growing.
Business loans are of many types. You need to decide which one suits you. Some of them are-
Friends and family loans – When you take a loan from your friends or family, you need to put it in writing. No matter how close you are with the respective person, to avoid any misunderstanding in future, prepare a legal document bearing all the details of the loan.
Working capital loan – These loans are used to add extra funds in your capital to grow and expand your business. If you want to handle some extra expenses like inventory purchases, renovation or advertising, you can apply for this loan. They are available from banks to private money lenders.
Small business administration loans – These are also offered by private money lenders. Government backs these loans to lend them to small business owners. SBA loans are secured because you use your or the company’s assets. There are three types of SBA loans the 7(a) loan program, the microloan program and the CDC/504 loan program. Each one specializes in different benefits like 7(a) in special purposes; the microloan in providing short-term loans; and CDC/504 in both long-term and short-term services.
Guest post by First Down Funding