What kind of business loan do I need?

When someone is ready to borrow money, figuring out the right type of business loan can be difficult. The variety of options are dizzying. Is a line of credit appropriate? Should I consider an SBA loan? What is a USDA loan? Why do interest rates vary so much? According to Nathan Burnell, Horizon Community Bank’s vice…

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What are USDA loans?

Thriving businesses are important-and not just in big cities. Farmers, cooperatives and rural businesses are the lifeblood of our small towns and play a key role in Arizona. Towns like Parker, Yuma, Quartzsite and Goodyear keep the State’s economic health humming along. Did you know Yuma is the winter lettuce capital of the world, according to…

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What is a SBA 504 loan?

What is a 504 loan, you ask? Here’s the skinny, but don’t forget to consult with an SBA-approved lender to explore its finer points. Also called the Certified Development Company or CDC/504 loan, the Small Business Administration (SBA) 504 loan is a commercial real estate loan used to purchase land with buildings on it, fund new…

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Understanding Business Line of Credit Loans

Virtually every small business begins its financial life leveraging the founder’s personal credit history and borrowing capacity. Personal credit cards, savings accounts, loans from family or  friends… these are common ways to fund a startup. Building a credit history in the name of the business is the next step, often by opening business checking accounts…

Is it time for a small business loan?

It’s time to invest in your business assets, be it a better location, new talent or updated machinery… and you’ve toyed with the idea of a business loan. You’ve probably explored a million and one funding options, knowing funds from family, friends and credit cards isn’t an effective solution. But still, you hesitate taking on…

The true cost of online loans

by Jerry Ernst (As seen in June’s issue of InBusiness magazine.) It’s a common situation. You needed a loan to grow your business and, since banks need a substantial amount of paperwork you didn’t have time to produce, you went with an online loan. The loan application only took about twenty minutes, with minimal fuss and…