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Business Loan Business Loans in Franklin, Kansas: The Ultimate Guide
When it comes to starting, expanding or running a business in Franklin, Kansas, getting a business loan might be necessary to cover start-up costs, meet payroll, purchase equipment or inventory, or finance other initiatives. Fortunately, business loans are legal and popular in Kansas with many financial institutions offering various types of loans to borrowers. In this guide, we will outline everything you need to know about business loans in Franklin, Kansas.
The Basics of Business Loans:
What is a business loan?
A business loan is a sum of money borrowed by a company from a lender, intended to be paid back with interest over a period of time. These loans can come in many forms, including small business loans, lines of credit, and term loans. Businesses often use this money to cover start-up costs, purchase equipment or inventory, smooth out cash flow, or invest in growth and expansion.
Who can apply for a business loan?
Any business, small or large, can apply for a business loan. However, eligibility and requirements will vary depending on the lender, type of loan, and loan amount. Business owners must also have a good credit score and a strong business plan outlining how they will use the funds.
Types of Business Loans:
Lines of Credit:
A line of credit is a flexible loan structure that allows borrowers to access a predefined amount of funding on-demand. This type of loan is often used by businesses to provide short-term funding for working capital, inventory purchases, or unexpected expenses. As the borrower pays back the borrowed amount, the line of credit replenishes and can be accessed again in the future.
Term loans:
Term loans are structured loans that have a fixed repayment schedule and interest rate. This type of loan is often used by businesses to make large purchases or investments, such as real estate, equipment, or vehicles for the business. Term loans can be secured or unsecured.
SBA Loans:
The Small Business Administration offers loans to businesses that cannot qualify for traditional financing. These loans often have lower rates and longer repayment terms. However, the application process can be complicated, and approval can take longer than other types of loans.
Interesting Facts and Statistics about Business Loans in Franklin, Kansas:
Fact #1: In 2019, Kansas’ Small Business Administration (SBA) backed loans totaled $502 million, with more than $150 million going to rural businesses.
Fact #2: The Federal Reserve Bank of Kansas City reported that 70% of small businesses in Kansas reported revenue losses or temporary shutdowns caused by the COVID-19 pandemic. Many businesses rely on financing to help them weather the pandemic related storm.
Fact #3: According to a 2018 report by WalletHub, Kansas ranked 32nd in the nation for the best states to start a business. This ranking was based on various factors including business costs, labor costs, and access to financing.
Apply Now:
If you’re interested in applying for a business loan in Franklin, Kansas, TheGuaranteedLoans can help. As a connector service, we work with many different lenders to help business owners find the best loan options for their needs. Our online application is easy and straightforward, and we can help connect you with a lender quickly. Remember, it’s important to have a solid business plan and good credit when applying for a loan.
Remember, a business loan can be a valuable tool for starting or growing your business, but it’s important to do your research and choose the right type of loan for your needs. When in doubt, reach out to a trusted financial advisor or lender for guidance. We hope this guide provides you with the information you need to make a smart decision for your business.