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Fairfield County business law attorney commercial financing

Whether you are launching a new business or you are interested in expanding your current business, financing your business goals is probably one of your top concerns. Small business owners and entrepreneurs have several different options when it comes to securing funding for a new business venture. Some of these individuals use their own savings, borrow from their home’s equity, withdraw retirement funds, or even use a credit card to finance the business. However, many people find these options to be too risky and instead choose to take out a loan. Conventional bank loans and Small Business Administration (SBA) loans are two popular options to consider when financing your small business.

Conventional Bank Loans

Conventional loans are the most popular type of lending for small businesses. When a borrower obtains a conventional loan, the bank lends him or her a set amount of money at a fixed or floating interest rate. Payment schedules are negotiable and may involve monthly payments, quarterly payments, or annual payments. The parameters of the loan are based on the bank’s particular policies and the business’s overall credit risk. Typically, the higher a business’s perceived risk, the higher the interest rate. Conventional loans are highly dependent on personal and business credit scores. Young business owners with less credit history may not qualify for a traditional loan.

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Long Island Sound commercial financing attorney

In order for any business to be successful, it must be able to grow and develop. While there are many ways to foster the expansion of a business, these techniques may require significant financial resources. Whether your company needs an increase in capital to hire additional staff members or to lease or purchase new machinery, a commercial loan could be the answer. As one of the most common approaches to funding a new business endeavor, a commercial loan can provide several advantages to a growing company. A knowledgeable business law attorney can help you secure the finances that are needed to grow and expand your operations.   

What Is a Commercial Loan?

Simply put, a commercial loan is a long-term, capital-heavy loan that typically has low interest rates and somewhat flexible payment options. In most cases, the approval process for this type of loan can be burdensome, which is why it is recommended to have a financing attorney help structure and apply for the loan. For business owners who are looking to foster the growth and development of their company, it is important to be aware of the benefits of obtaining a commercial loan. 

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