8.2.24
Where Businesses Turn When They Need Cash
Consumers business loans
Do you have business banking questions? Contact our knowledgeable commercial loan officers.
Discover financing options to help cover cash gaps and expand your business.
If you’re new to running a business, here’s a quick overview of available financing options to help maintain cash flow and grow your operation.
Business credit card
One of the first financial moves many sole proprietors make is to get a credit card that’s used only for business purchases. Having a business credit card makes it easier to manage cash flow and keep track of expenses that will be deducted when filing taxes.
Many business credit cards—like those from Consumers—have no annual fee and offer reward points, including those that can be redeemed for cash back through statement credit. Plus, online services make it easy to monitor spending and payments.
Business line of credit
A business line of credit is one of the most flexible financing options for accessing cash. Like a personal credit line, a business line of credit allows your business to draw from your available credit whenever you need cash. You borrow, pay back and re-borrow as needed.
One month you may draw very little on your business line of credit, and the next a lot. Your needs determine how much you use. As you repay the funds, the line of credit frees up access to more cash, up to your limit.
Business lines of credit can be used for any use and many business owners find them indispensable for covering gaps in cash flow.
Business loans
Business loans provide a lump sum that can be used for a specific purpose. These include:
- Commercial real estate loans
- Equipment and vehicle loans
- SBA loans that can be used a range of expenses
Often, the item purchased serves as collateral for the loan and a down payment of 10% to 30% is required for business loans.
Work with a local lender
Time and again, Consumers business members say a key reason they prefer us over a big bank is because our lending decisions are made locally. Our commercial loan officers live and work where you do business, and they take to learn about your needs and help find solutions to help you reach your goals. Call us 800-991-2221 to get your business loan questions answered.
All loans subject to approval. Rates, terms, and conditions are subject to change and may vary based on credit worthiness, qualifications, and collateral conditions. Federally insured by NCUA
Consumers business loans
Do you have business banking questions? Contact our knowledgeable commercial loan officers.
