Traditional bank loans are the largest type of lenders in the U.S. but they can be difficult to access. If you've been in business for a longer length of time and have financial history you might be eligible to apply.
When possible, it is best to get a loan from a bank that you already have a relationship with.
Be prepared that these loans take longer to process, usually require strong credit, and collateral. If you are able to apply, this is a great way to expand or sustain your business at an affordable price with lower interest rates.
Ideal for businesses that:
Have 2+ years of operations and financial history, strong credit, and assets to be used for collateral.
These lenders are known for:
Providing larger amounts of capital to established businesses and requiring a lot of documentation/paperwork.