Did you know that nearly all the businesses in Kentucky are small businesses (99.3% of them, anyway)? That’s a lot of small business owners who may need financial assistance from time to time.
The good news is that there is a wealth of opportunities to find financing for small businesses in the state. What could you do with a little extra cash for your business?
How a Small Business Loan Can Help Your Kentucky Business
Not clear on what a business loan can be used for? Allow me to illuminate.
For an existing business, loan funds can be used as working capital russia whatsapp number data to help you cover business expenses like payroll, equipment, and office supplies. You can also use them to buy another business, renovate yours, or purchase real estate.
For a startup, a loan can be used to cover those expenses associated with launching a business. Do note that if you don’t have much of a history with your business, you may be limited in your loan options.
Access better funding options with a solution you can’t get anywhere else
Reduce the pain in financing with streamlined applications, instan position your brand as an authority in the market t offers and approval rates that are 3.5X higher than industry averages.
I’m Ready
Types of Small Business Loans to Choose From
When it comes to small business loans, you have a few cate uk data gories to choose from. Each has its own requirements to qualify for, so depending on what your credit score is, you may qualify for one or more types.
I’ve also included a few of the lenders who work with businesses in Kentucky.
Bank Loans
Though they’re among the hardest to qualify for, loans offered through banks or credit unions typically have the lowest interest rates. Here are some of the lenders to consider in Kentucky.
U.S. Small Business Administration Loans
Truist
Bank of Cadiz & Trust Co.
Kapitus
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Another option to consider if you have good credit is an SBA loan. SBA loans are offered by lenders approved by the Small Business Administration, though the SBA itself doesn’t lend money. You can get more information on its 7(a) and 504 loan programs at SBA.gov.