For any growing business, the need for financing is ever present. There are times when the business may need financing that they might not have. In such a case, such an organization will probably result in taking a loan. Today, there are so many financial institutions that offer credit assistance to business. While each of these institutions may have their own way of doing things, the main aim is always to offer financial help to business and make a return out of it.
Each of these institutions has different ways of operation with each having its own advantages and disadvantages. Depending on which loan product one needs, there will be different conditions that one will have to adhere to. These are usually different for each organization. Below is a list of some of the best institutions that one may consider.
This is quite a familiar institution among the small business borrowers. Up to the first quarter of 2015, Wells Fargo had given out loans amounting to $34 B to small business holders with revenue of less than $20 m. According to its model, Wells Fargo has committed itself to lending to small business holders and for this reason, it is one of the best banks, at least for borrowers in this class. Wells Fargo offers both classes of loans, that is the secured and unsecured loans.
Bank of America
Still on the small business class borrowers, Bank of America falls in next. In the same first quarter of 2015, they had given out a total of $33 B to small capital businesses. Bank of America is a good choice for those that would like to take the unsecured business loans. This is usually a preference for many financial institutions as they don’t need much collateral to get a facility. The unsecured credit lines range from $10,000 to $100,000. The interest rates charged usually depend on a number of factors like one’s default history, a pre-existing relationship with the bank among others.
JP Morgan Chase
Commonly known as just chase, this is another good choice when considering taking a loan with a bank. Chase is a big bank with assets that currently stand at $2.4 T. In the same quarter as the other two banks above; the bank had given out loans amounting to $19 B. The bank is best known for its two major loan facility, business quick capital loan, and their business credit cards.
Depending on your business needs, you may choose from these and more banks available in the world. The most important thing to ensure is that the bank you chose is sensitive to your business needs in terms of the terms and conditions of the loan and how it is structured. The interest rate is also a great factor that you need to put into consideration.