Bank Loan Online and Small Business Finance in the US
A bank loan online generally refers to funding provided by a bank that can be accessed through an online application. Online applications usually only take a few minutes to complete and are analyzed by the bank within a couple of days. Bank loans typically do not require as many documents as a small business loan, but banks may require applicants to provide personal financial statements and credit histories along with the purpose of the loaned funds.
Banks that offer online loan applications usually specify the requirements, interest rates, terms of payment, and any benefits of the loan to help individuals decide if a particular loan is available and beneficial to them. This information saves the time of potential applicants and banks. A bank loan online application may also offer the option to print the application to be completed and mailed or faxed to the bank. This method ensures that the applicant's personal information is not transmitted over the Internet and cannot be stolen by another individual.
Banks with online loan applications usually offer additional benefits to approved applicants. Individuals can view their loan details, such as interest rates, balance, and amount owed, from an online account that is set up when the applicant accepts the bank's loan. The bank may also allow borrowers to pay their loans through a secured online system, receive monthly statements via email, and view tax statements online.
Individuals looking for small business finance US are usually referring to financing options available to small businesses in the United States. There are many government agencies on the federal, state and local levels that aim to assist small businesses with financial issues.
The largest source of small business finance in the United States is the Small Business Administration (SBA). This agency provides loans to small businesses that have been denied by traditional lenders for financing. The most common loan provided by the SBA is the 7(a) loan. In order to qualify for this loan, a business must employ fewer than one hundred employees and submit all necessary documentation. The requirements for start-up and existing business differ slightly, but both require certain business and personal financial documents as well as a business plan. The SBA does not provide loans directly. Instead, it has a guaranty program, which means that the SBA will guarantee a certain percentage of a loan provided by a lender in order to minimize the lender's risk of loss. To apply for an SBA loan, business owners must compile all necessary documents and ask for a loan from a lender who participates in the guaranty program.
Most states and a growing number of cities also have financial agencies that work much in the same way the SBA does. Many of these agencies, including the SBA, run websites that allow business owners to access information on funding options, current news, management advice, and common business laws and terms.
