Consumersadvocate.org has a great article that discusses the 3 types of small business lenders and then analyzes their top picks for online lenders.
SBA-Backed Loans are considered the safest type of small business loans since they are government-backed. The SBA provides a guarantee of up to 85% for loans under $150,000 and 75% for loans over $150,000. This reduces the risk for lenders and raises the borrower’s chances of getting approved for lower interest rates and longer repayment terms. These loans can be very hard to get approved.
Brick-and-Mortar Lenders generally have the lowest interest rates. They do have more strict qualifications regarding a business’ credit score, time in business, and annual revenue. The funding time is often longer.
Online Lenders offer a simpler application system. They fund the loan itself, usually with an underwriting financial institution that backs the loan. Their interest rates may be higher. Some online lenders do offer SBA-backed loans.
Read the following article: Best Small Business Loans Based on In-Depth Reviews to see consumersadvocate.org’s top 13 online lenders (after researching dozens of lenders) and the types of loans that these lenders serve:
*Line of Credit
*Accounts Receivable Financing
*Merchant Cash Advance
Once a business owner decides the type of loan that they will need, it is best to write out a business plan or loan proposal and review your credit score and history before you select lenders that you want to approach.
Consumersadvocate.org recommends that you always compare a minimum of 3 different lenders to get the best loan offer. Besides looking at the loan offer’s interest rate, look at the origination fee, factor rates, guarantee fee, underwriting fee and application fee.
This article is full of great information regarding types of lenders, types of loans and research on many online lenders that is invaluable for the small business owner!
Commissioned Salespeople/Business Sales.
Emerald Coast Business Intermediaries is providing a new level of service for those looking to sell and buy businesses on the Florida and Alabama Gulf Coast and throughout South Alabama and the Florida panhandle area. We work both Main Street and Lower Middle Market M&A Deals. Those selected for career training should be located within two hours of our Destin, Florida corporate office, and must have, or be able to quickly obtain a Florida or Alabama real estate sales license. Training will be a combination of live, online and follow up mentoring from our manager/broker with 25 years of experience. He is one of 2 Certified Business Intermediaries in our market. The next closest ones are in New Orleans and Jacksonville.
Helping people sell their business (and getting paid very well to do it)….
Helping people sell and buy businesses is a REAL career with the opportunity for unlimited income. With millions of baby boomers approaching retirement age, the United States is in the initial stage of what is expected to be the greatest wave of business transitions in American history. This is creating a growing demand for dedicated, professional business intermediaries.
Intermediary positions are available for mature professionals willing to learn the exciting and challenging field of business sales, mergers and acquisitions.
ECBI Team members are provided with superior training, an attractive compensation schedule, strong administrative support and extraordinary opportunities to reap the rewards of a professional financial career.
When selecting new members for our team (and we are very team oriented), we look for the traditional indicators of successful business intermediaries:
- Maturity- at least 5 years of business experience
- Initiative- a well-organized, well-planned self-starter
- Creativity- development of solutions for complex business problems
- Selling experience- prospecting for, qualifying and closing customers and sales
- Business management or ownership- past entrepreneurial and management experience a plus
- Education- college degree strongly preferred.
- Background- management or financial consulting, or commercial/industrial real estate may be a plus.
No prior experience in mergers or business brokerage is required. The ECBI Team offers the resources and training to help our intermediaries succeed in what is for many a very lucrative career.
No phone calls please. Please reply with resume to HR@ecbrokers.com