Find the Best Small Business Loans in Green Bay, WI

How to get a business loan in Green Bay

Whether you are an entrepreneur launching a startup in Green Bay or a seasoned business owner expanding your company, a business loan will help you take the next step.

There are many different types of business loans in Green Bay. Some are available for multiple purposes and have little or no restrictions on how you use the funds. Others are dedicated to specific purchases, such as real estate or equipment. Some common loan types are:

• Term loans: These loans provide upfront capital that is paid back over a predetermined period of time. The interest and the repayment plan are based on the business’s credit history, financial condition, and monthly revenue.
• Business lines of credit: These work like a credit card, providing a maximum amount of funding the business can use and accruing interest on money used. While there are significant penalties for missed payments, the approval process is often simple.
• Equipment loans: These loans sometimes require a down payment and are used to purchase equipment. The purchased equipment serves as collateral for the loan.
• Invoice financing: Invoice financing provides funding that is secured by unpaid invoices. These loans are often ideal for companies with outstanding invoices that need quick capital.
• Merchant cash advance: This will give the borrower a lump sum of cash in exchange for an agreed-upon percentage of future credit and debit card sales.
• U.S. Small Business Administration (SBA) loans: This is a government-backed loan available from third-party lenders. SBA loans tend to be long-term loans and carry a lower annual percentage rate.

Depending on the kind of loan you choose, you may have the option to take out a short-term or long-term loan. Short-term loans usually have less rigorous application requirements, but they typically have higher interest rates. Long-term loans are generally used by established companies with a history of positive revenue. The table below lists common standards for the two types of loans.

Short-term vs. long-term business loans

When comparing loans in Green Bay, consider the fees that come with each loan. Lenders may charge origination fees, underwriting fees, closing costs and prepayment penalties that vary per company. Lenders communicate fees as a percentage of the loan, generally less than five percent, and the total amount is usually deducted from the loan amount received.

You don’t want temporary financial restraints to limit your business in Green Bay. Find a loan that works for your company so your business can grow and stay competitive.