Conventional Business Loans Indiana
Network of Indiana Lenders providing Conventional Business and Commercial Real Estate Loans.
Typically less expensive than SBA Business Loans for commercial real estate.
Business Loans Approved for $350,000 to $5,000,000
What is a Conventional Business Loan?
Conventional Business Loans and FAQs
Conventional business loans are a type of loan that is offered by banks, credit unions, and other financial institutions. They are not backed by the government, unlike Small Business Administration (SBA) loans. Conventional business loans can be used for a variety of purposes, such as starting a new business, expanding an existing business, or purchasing equipment or inventory.
Types of Conventional Business Loans
There are many different types of conventional business loans available, each with its own unique terms and conditions. Some of the most common types of conventional business loans include:
- Term loans: Term loans are the most common type of conventional business loan. They are typically repaid over a fixed period of time, with regular monthly payments.
- Lines of credit: Lines of credit allow businesses to borrow money up to a certain limit, as needed. Businesses only pay interest on the amount of money they actually borrow.
- Equipment loans: Equipment loans are used to purchase equipment for a business. The equipment itself often serves as collateral for the loan.
- Commercial real estate loans: Commercial real estate loans are used to purchase or refinance commercial property. The property itself often serves as collateral for the loan.
How to Qualify for a Conventional Business Loan
To qualify for a conventional business loan, businesses typically need to meet the following requirements:
- Good credit score (FICO 700+)
- Strong business plan
- Profitable financial statements (Past 3 years)
- Sufficient collateral (Typically Equal to Loan Value)
- 3 years time in business
How to Apply for a Conventional Business Loan
To apply for a conventional business loan, businesses typically need to submit the following documentation:
- Business loan application
- Business plan
- Financial statements
- Tax returns
- Personal financial statements
- Personal credit report
Foresight Business Funding can review your loan package and find the right lender for the best rate for you.
Call to discuss with an advisor (317) 589-0118
Conventional Business Loans FAQs
Q: What are the benefits of conventional business loans?
A: Conventional business loans offer a number of benefits, including:
- Competitive interest rates (Because they are not based on the Prime Rate, they are typically 2% less than SBA Rates)
- Flexible terms and repayment options
- Variety of loan types to choose from
- Quick approval and funding process
Q: What are the drawbacks of conventional business loans?
A: Conventional business loans also have some drawbacks, including:
- Stricter qualification requirements than SBA loans
- May require collateral
- May have higher interest rates than SBA loans
Q: How much money can I borrow with a conventional business loan?
A: The amount of money that you can borrow with a conventional business loan will vary depending on the lender, the type of loan, and your business’s financial health. However, most conventional business loans range from $350,000 to $5,000,000.
Q: How long does it take to get approved for a conventional business loan?
A: The approval process for a conventional business loan can vary depending on the lender. However, most lenders will approve or deny a loan application within a few weeks.
Q: How do I repay a conventional business loan?
A: The repayment terms for a conventional business loan will vary depending on the type of loan and the lender. However, most conventional business loans are repaid in monthly installments over a period of 5 to 7 years with a 20 year amortization.
Tips for Getting Approved for a Conventional Business Loan
Here are a few tips for getting approved for a conventional business loan:
- Have a good credit score.
- Create a strong business plan.
- Get your financial statements in order.
- Be prepared to provide collateral.
- Shop around and compare offers from multiple lenders.
Conventional business loans can be a great way to finance a business. They offer a variety of benefits, such as competitive interest rates, flexible terms, and a variety of loan types to choose from. However, it is important to note that conventional business loans have stricter qualification requirements than SBA loans and may require collateral.
If you are considering a conventional business loan, it is important to do your research and compare offers from multiple lenders to find the best deal for your business. You should also consult with a financial advisor to discuss your specific needs and to determine whether a conventional business loan is the right option for you.
Call now to let us help you obtain the business loan you need (317) 589-0118
Q: How can I improve my chances of getting approved for a conventional business loan?
A: There are a few things you can do to improve your chances of getting approved for a conventional business loan, such as:
- Improve your credit score.
- Pay down any existing debt.
- Increase your business’s revenue and profitability.
- Reduce your business’s debt-to-income ratio.
- Get a business credit card
Other Small Business Loan Options
Business loans and working capital are available through our business funding network even when you need it quickly. We believe it important to evaluate cash flow and your business plan, before using the leverage of financing.
No matter how successful your business has been, expansion can cause growing pains, and temporary road blocks that require a cash infusion to keep business growth plan in place. We can help you develop a plan, as well as, obtain the capital your business needs.
We offer all forms of financing to help your business: Equipment Leasing, Asset Based Loans, Invoice Factoring, SBA Loans and Commercial Real Estate Loans. We can help you obtain the traditional bank financing or private business loans for your business needs.
BizFundFirst has over 5,000 lending sources, business turnaround financing specialists and access to any type of professional you need to finance and grow your business.
We offer most every form of loan or loan alternative:
- SBA Loan
- Business Term Loans
- Unsecured Business Term Loans
- Real Estate Financing
- Business Credit Line
- Business Credit Line- No Credit Check
- Equipment Financing
- Invoice Factoring
- Merchant Cash Advance
- Private Funding Loan Alternatives
- Gas Station Loans
- Legal Cannabis Business Funding
Our Business loans and loan alternatives, provide small business loan options to business owners across America with access to the working capital or financing they need when they need it. Regulated lenders are under greater restrictions, so more time and paperwork creates delays.
We provide multiple financing solutions. Whether you have good credit or have been recently turned down for a business loan, our approval rate is 93%.
To learn if we can help you get the loan or capital you need to grow your business and help with your goals, please contact us.
Or call our Indianapolis office at (317) 589-0118