Part of the American dream is starting your own business, but creating or expanding a company requires capital. A business loan provides funding to get a business off the ground or a quick infusion of cash for expansion. Our partners at ConsumerAffairs researched the best business loans in Tucson to find a lender to help you achieve your dream.
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Start-up companies and small businesses in Tucson use business loans to fund the next step of their business plans. If your company needs capital, a business loan may be the answer. Before signing on the dotted line, though, know what kind of loan is right for you. Common business loans in Tucson include:
Type of loan
Provides funds upfront and are repaid with interest over a predetermined period
Business line of credit
Provides access to funds up to a predetermined limit, and companies only pay interest on the amount used
Allows a company to purchase equipment, which is used as collateral to secure the loan
Provides funds and uses outstanding invoices as collateral
A good option for start-ups that you qualify for based on your personal credit score
Small loans of usually $50,000 or less offered by nonprofit organizations and mission-based lenders
The Small Business Administration guarantees these loans
Qualifying for a business loan in Tucson
Lenders in Tucson have different criteria for qualifying for loans. A traditional lender may require your company to have good credit, but alternative online lenders are more likely to look at your business plan and viability. There are several things most lenders will ask to inspect, including revenue statements, personal and company bank statements, available collateral and financial projections.
Loans are often secured with collateral, which is an asset a lender can seize if you default on your loan. Down payments may be required for some types of loans. Short-term loans are generally repaid within a few months to a year, and long-term loan repayments can last anywhere from 10 to 20 years.
Depending on the lender and the amount of money you take out, your loan repayment schedule can vary. Typical repayment schedules are weekly, monthly, semi-annually or annually.
Business loans fees in Tucson
There are several fees borrowers can expect to incur in Tucson. Many of these fees are taken directly from the funding you receive, so make sure your loan is large enough for its intended purpose after fees. Some common fees business lenders charge are:
Origination fee: A fee to cover the cost of processing the loan
Prepayment penalty: A fee charged for paying off the balance of your loan before the completion of the agreed term
Referral fee: A fee charged by loan brokers for referring you to a lender
Packaging fee: A fee used to cover the cost of preparing a loan application to present to a lender
Be sure to ask about any fees when comparing Tucson lenders. By shopping around, you’ll be able to find a lender who partners with your company to help it grow and prosper.
Seek Business Capital provides consulting services and funding procurement for businesses in Tucson. The company’s primary goal is to give small businesses quick access to capital, and it offers business funding estimates within two hours. Many Tucson customers rave about working with the company’s friendly and knowledgeable sales team members.
Imperial Advance has provided funding to thousands of business owners for more than 25 years. The company has a variety of financing options and offers in-house loans as well as loans through an extensive network of lenders. Tucson customers love the easy, straightforward application and process.
National Business Capital’s goal is to provide easy business financing. The company uses a streamlined application process with limited paperwork to provide quick approvals. The company’s financing options include small business loans and business lines of credit. Customers in Tucson appreciate the ease of the process.
Commerce Bank of Arizona
Commerce Bank of Arizona offers a variety of business loans and services including mobile and online banking. The company has advisors to help you decide the best loan for your company. Business owners in Tucson appreciate the individualized service, but some people say the process takes longer than expected.
National Bank of Arizona
National Bank of Arizona provides direct access to Arizona bankers to help you find financial solutions. The lender offers loans including business lines of credit, term loans, equipment financing and SBA loan programs. Tucson customers praise the high quality of customer service, but some say the process can be long and difficult.
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