When you need a small business loan, where can you look to find one?
You can knock on the door of a commercial bank—that’s the most common financing solution for a small business. But qualifying for a bank loan is hard. In fact, only about 20% of small business owners can score a loan from a bank.
Luckily, you have a few other sources of capital to tap into: online small business loans, equity financing, crowdfunding, or family and friends—to name a few.
But what about the government? Are there government small business loans?
The answer? Sort of. When you need financing, consider pursuing business loans from the Small Business Administration (SBA). In many cases, they’re the best option for small business owners. Read on to learn why.