Types of Business Loans You Need to Know A business loan is often the first step toward growth, but knowing which type to choose is key to success. Types of Business Loans Each type of business loan serves a unique purpose, so it’s important to understand the options before applying. Term loans are typically used for large, one-time expenses, such as purchasing equipment or expanding operations. SBA loans are government-backed loans designed to help small businesses secure funding with lower interest rates. Business Lines of Credit: A revolving line of credit that businesses can draw from as
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