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CommonLending

Types of business loans

A short map of the main structures.

What it is

A term loan is one lump sum. A line of credit is a limit you may draw again. Equipment financing is tied to an asset. Invoice financing borrows against invoices you still own, and factoring sells them. A merchant cash advance buys future receivables. SBA loans come from participating lenders.

What's typically needed

  • Latest three months of business bank statements
  • Time in business
  • A government-issued photo ID
  • Basic business details, such as legal name and industry
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