Mercer County disaster recovery center remaining open until Friday

Feb. 11—princeton — While the deadline to apply for disaster assistance ended Friday, Feb. 7, the Mercer County FEMA Disaster Recovery Center in Princeton is extending its operations an additional week to aid people who have applied.
The recovery center will remain open through Friday, Feb. 14 to allow applicants more time to speak face-to-face with staff about their applications.
The Mercer County Disaster Recovery Center is located at the Lifeline Princeton Church of God, 250 Oakvale Road near Princeton. It will be open Monday to Thursday from 9 a.m. to 5 p.m. and Friday from 9 a.m. to 12 noon.
Disaster Recovery Centers such as the one in Princeton are accessible to all, including survivors with mobility issues, impaired vision, and those who are who are deaf or hard of hearing.
Another way for applicants to discuss their FEMA assistance is by phone at 800-621-3362. The toll-free telephone line operates from 7 a.m. to 11 p.m., seven days a week.
If you use a relay service, such as video relay service (VRS), captioned telephone service or others, applicants should give FEMA their number for that service.
Staff from the U.S. Small Business Administration (SBA) will also be available at the recovery center in Princeton for homeowners, renters and business owners to answer questions about their physical disaster loans, and for business owners to inquire about their Economic Injury Disaster Loans (EIDLs).
Applicants can also call the SBA's Customer Service Center at (800) 659-2955, or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, dial 7-1-1 to access telecommunications relay service.
For more information on West Virginia's disaster recovery, visit emd.wv.gov, West Virginia Emergency Management Division Facebook page, www.fema.gov/disaster/4851 and www.facebook.com/FEMA.
Contact Greg Jordan at
gjordan@bdtonline.com
Contact Greg Jordan at gjordan@bdtonline.com

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Types of startup business loans

Startup loans are designed for businesses that have not been in operation for long or have little to no credit history. Different types of business startup loans work best in different situations, so you'll want to consider all your options. Types of startup business loans include bank loans, online loans, SBA loans and business lines of credit. Startup business loans can help fill the financial gaps that may be holding an organization back from growth. These are designed for businesses that haven't been in operation long or have little-to-no credit history, which can make it harder to qualify for traditional business loans. You'll have to shop around to find lenders willing to work with startups. Many lenders require that your business have a certain amount of time in the industry, such as six months. Some lenders accept startups, helping you get the funding you need. Along with finding the right lender, you'll also want to consider different types of startup business loans and what they're designed for. For example, you might choose a business line of credit if you need revolving credit that you can reuse as you need funding. Or, you might choose an online business loan for its relaxed eligibility requirements and fast funding. To decide your next steps, get to know the most common types of debt financing for startups and the pros and cons to using each type. As the saying goes, to make money, you need money. Business startup funds help you get your small business idea off the ground, whether it's for buying inventory, hiring staff or getting a retail location lease. Startup funding can come from traditional lenders, such as banks, online lenders or from loans guaranteed by the Small Business Administration (SBA). Like conventional business loans, whether you'll be approved and how much you'll be approved for will depend on your revenue, business plan, credit score and other factors the lenders will use to judge how risky it would be to lend to you. If you're approved, you'll have to pay back the loan over the established term in regular intervals along with the interest that accumulates on the balance. While startup funds can be trickier to qualify for, since many lenders prefer lending to businesses with older, established businesses with steady annual revenue, there are several options available to get your business off the ground. SBA loans can be a good starting point for new businesses. Entrepreneurs can obtain up to $5 million in funds with capped interest rates with long repayment terms and generally accessible requirements. SBA loans are offered not directly from the SBA but through SBA lenders, which are banks, financial institutions and approved enterprises that offer loans that are backed through the SBA. There are a variety of loans to choose from, including: SBA loan type Purpose 7(a) loans Any eligible business purpose 504 loans Long-term financing for real estate and large equipment Microloans Any eligible, lower-amount business purpose Express loans Faster response times CAPLines Flexible funding, line-of-credit style Keep in mind that SBA loans take longer for approval – from 30 to 90 days – and do come with income and credit requirements as established by the SBA and the lender. While there are a variety of SBA loans to choose from, they all have the same baseline requirements. These requirements vary a bit from standard business loans. Your business must be qualified for-profit small business. Size requirements will be based on your industry, as defined by the SBA. Your business must operate in the U.S. or its territories. Non-national businesses cannot qualify. You must be in a qualified industry. The SBA doesn't lend to businesses in the lending industry, life insurance or gambling, to name a few. You must not be able to obtain a loan from other sources. The SBA defines these as non-federal, non-state, and non-local government sources. You must be creditworthy and be able to repay the loan. Credit score requirements will depend on the lender and SBA loan, but range from 615 to 660. You must have a minimum revenue and time in business. While this varies from lender to lender, typically you'll need at least two years in business and a minimum of $50,000 in annual revenue. All owners must meet citizenship requirements. The business must be 100 percent owned by citizens of the United States, U.S. Nationals, or Lawful Permanent Residents. SBA loans can be a good place to start for startups, as they have more accessible standards than traditional loans, and are an avenue for financing when you aren't able to get loans by conventional means. However, it will take more than simply coming up with a business idea and heading over to the nearest SBA lender in order to fund your startup. Since lenders will want to make sure you can pay back the loan, qualifying for an SBA loan as a brand-new business with no income means you'll have to take a few extra steps. Establish you have an outside income. This can come from another business, a job or otherwise. This way, the lender knows you have a way to repay the loan if your startup isn't profiting. Have a good personal credit history. Lenders will often have higher credit requirements for new businesses, so the better your credit score, the better chances you'll have for approval. Back up the loan with collateral. Lenders may have you sign a personal guarantee, which backs the loan with personal property such as real estate, that can be used to pay back the loan if you default. Have an equity injection ready. This is a form of down payment where the borrower puts in a percentage of the loan from their own funds. Have a solid business plan and projections. Demonstrating that you've done the research and that you have a winning business pitch can convince lenders your business is less risky to lend to. Startup business loans can take a variety of forms from SBA loans to business lines of credit. The right loan for you will depend on the features of each loan and whether it matches your funding goals. Bank loans are typically harder to qualify for than other types of loans. Traditional banks like Bank of America and Capital One may require two or more years in business and annual revenue between $100,000 and $250,000. Interest rates and terms are typically more favorable, so it's worth looking into. Some banks offer certain loan products that startup business owners may be eligible for. For example, Wells Fargo's Small Business Advantage line of credit is open to people who have been in business for less than two years. Builds business credit Low interest rates Higher loan amounts compared to online lenders Lengthy application process Slower funding than alternative lenders Lack of information on websites Online lenders offer alternative business loans that are faster to fund and have more relaxed eligibility requirements compared to banks. The application process is completed online, and most lenders have a streamlined underwriting process. Once an applicant is approved, loans can be funded in a matter of hours or days rather than weeks. Lending requirements are more flexible. A limited credit history, time in business and annual revenue likely won't prevent you from securing funding. There are even options for business owners with bad credit. Typically, these lenders like to see a minimum of six months in operation, credit scores in the 600 range and annual revenue of $100,000, sometimes less. The downside to online business loans is that they tend to come with higher interest rates, which can often soar well past 30 percent, depending on your credit score. Flexible lending requirements Fast funding in 24 to 48 hours Online application High interest rates Shorter repayment terms Lower funds compared to traditional banks Lenders with fast funding Many online lenders offer funding within one business day. Some lenders that have the best startup business loans include: Fora Financial Credibly Fundible Fundbox SBA loans are loans offered through approved lenders and guaranteed by the U.S. Small Business Administration. These loans are designed to help small business owners who can't secure funding through conventional loans. The SBA microloan program is ideal for small businesses in the startup phase as well as those with plans to expand. Loans up to $50,000 are administered through nonprofit, community-based organizations and can be used to cover various purchases, excluding real estate. Many SBA microlenders relax eligibility requirements, such as accepting a low or no credit score and accepting startups who haven't opened their doors. No application, processing, origination or brokerage fees Capped interest rates Long repayment terms Prepayment penalties Collateral or personal guarantee is typically required Slow application and funding process For fiscal year 2024, the SBA approved $9.9 billion in loans to new businesses or startups, making up 31.8 percent of SBA 7(a) funding. If you're in the market for an SBA loan, try applying with one of the top SBA lenders for a better chance of approval. In addition to the SBA microloan program, microloans are available through non-profit lenders, microlenders and peer-to-peer lenders. These small loans are great for startups because eligibility requirements are not strict since lenders recognize the need for accessible funding, especially for minorities and women. The available loan amounts, interest rates and repayment terms vary from lender to lender. For example, Accion Opportunity Fund offers microloans from $5,000 to $250,000 with interest rates from 8.49 percent to 24.99 percent, with customizable repayment plans. Each qualifying business must have a minimum of 12 months in operation, $50,000 in annual revenue and a 600 FICO score to qualify. Kiva, meanwhile, offers crowdfunded no-interest microloans. Startups and small businesses can borrow up to $15,000. Funding does take a few weeks, so this option may not work for companies that need funds to deal with emergency expenses. Term lengths are up to 36 months. Low interest rates Lenient eligibility requirements Customizable repayment plans Low borrowing limits Restrictions on how loan funds can be used Banks and online lenders offer secured or unsecured business lines of credit. This specific type of funding option is usually revolving, which means that borrowers can repeatedly draw from the line of credit up to a preapproved amount, called the credit limit. Business owners then repay the loan with interest only on the amount they borrowed. Like a business credit card, the available credit resets each time the borrowed amount is repaid, so business owners can continue to spend as needed. Typically, startups with little to no credit that have been in business for at least six months may be eligible for lines of credit from online lenders. Improves business cash flow Line of credit resets when the balance is paid Only repay what you spend High fees Low borrowing limits May require collateral Equipment financing is an option when you need certain equipment to operate your business, such as vehicles or machinery. The loan works like a term loan, offering you funding for the equipment that you repay within a specified amount of time. The loan is backed by the equipment as collateral, so if you default on the loan, the lender can seize the equipment. However, the collateral lowers risk for the lender, leading them to offer lower interest rates and more favorable terms. Most equipment loans can cover a range of options, from restaurant equipment to semi trucks. You may need a down payment such as 10 percent to 20 percent, although some equipment lenders offer 100 percent financing. If equipment financing doesn't seem like the right option for you, equipment leasing allows you to rent equipment for a specified period rather than purchase it. Lower interest rates Tax deductible Once the loan is repaid, the equipment is owned by the business Lender may require a down payment of at least 20% Collateral or personal guarantee may be required by the lender Equipment can be repossessed if payments aren't made Invoice financing uses the money owed to you by customers to secure the loan. Your lender advances you a portion of the amount owed, typically up to 90 percent. Once your customers pay you, you repay your lender the advanced amount, plus fees. A similar option is invoice factoring, which sells your invoices to an invoice factoring company. You receive a percentage of the total invoice amount up to 90 percent. Then, the factoring company works to collect the invoices from your customers. The remaining invoice amount, minus fees, will be sent to you once the loan is repaid. Since the amount you borrow is based on customer invoices, these types of loans are often more accessible than other types of loans. Lenders consider the creditworthiness of your customers more than they consider your credit history. But the downsides include shorter repayment periods and higher financing fees. Fast funding Open to startups Doesn't weigh business credit as heavily Higher rates and fees than other loans Short repayment terms, such as 30 to 90 days A community development financial institution (CDFI) is dedicated to providing funding to underserved communities through loans with accessible credit and income requirements. These institutions help develop communities in need by providing business funding and financial education to qualifying entrepreneurs. CDFIs lend primarily to qualifying business owners in minority and underserved communities with limited credit and access to conventional loans. There are a variety of CDFIs in the United States that serve Black, Hispanic, Indigenous, female-owned, LGBTQ and other demographics in need of business funding. Available for minorities and underserved communities Relaxed credit and income requirements Provide education and mentoring Limited range and availability Ownership and location requirements Limited loan products and sizes How you use your startup loan funds will depend on the type of loan you get. General SBA loans, term loans and lines of credit can be used to cover a wide variety of expenses. On the other hand, equipment loans can typically only be used to purchase the equipment your business has been approved for. What you might use your startup business loan for: Startup costs. Any expenses associated with getting up off the ground — including marketing, advertising and supplies — fall within the umbrella of startup costs. In many cases, term loans or lines of credit will be the best choice for any startup expenses you know your business will have the cash flow to repay. Day-to-day expenses. You can use lines of credit, merchant cash advances or invoice financing to cover day-to-day operations, such as marketing or making payroll. Just remember to make a plan to repay the loan and only use funding for this reason when necessary. Needing funds for day-to-day operations can signal weak revenue, and you may need to strategize to bring more money in. Equipment. Equipment loans tend to be the best choice for the machinery or technology your business needs to get off the ground. The equipment acts as collateral for the loan. Building credit. As long as the lender reports to the business credit bureaus, the loan will help you build business credit. It then helps to increase your chances for future financing and qualifying for lower rates. Inventory. You may need a business loan or line of credit to buy inventory to stock your business so that you're ready for sales. Almost any type of business loan can help in this situation. Real estate. If your business needs space to grow and you have the revenue to afford a commercial real estate loan, there are lenders that work with startups. You will need to demonstrate your ability to repay and your need for the space in your application. Debt consolidation. If you have taken on debt in the past, you might qualify for a loan that allows you to consolidate it and put any leftover funds toward your new startup. To get the most out of business debt consolidation, the monthly payments and total interest paid should ideally be lower than your previous loans. If a business loan is too big of a commitment for your startup, consider these alternatives. Business grants offer business owners free money to cover startup and operating costs. Unlike a loan, grants allow business owners to avoid taking on debt because they don't need to be repaid. Depending on the grant, you simply submit an application with details about your business and how the funds will be used. You can get as little as a couple of hundred dollars to thousands. Business grants For more information on business grants, check out the following resources: Where to find business grants Business grants for minorities Business grants for veterans Business grants for Black women Business grants for felons With business credit cards, business owners make short-term purchases up to a certain limit, pay their balance and spend again. Unlike business loans, credit cards have a grace period that lets you avoid paying interest if you pay your balance in full each month. This helps make business credit cards one of the most efficient ways to build business credit. Interest rates vary: If you have great credit, a business line of credit may offer better rates as low as 18 percent, though they can go as high as 30 percent. But if you're receiving loan offers with APRs of 40 percent or more, a business credit card may be a better option. A merchant cash advance gives business owners the option to borrow based on business credit card sales. Similar to a loan, the borrower receives the cash in a lump sum, but the money is repaid using a portion of the credit card sales. You can receive funding quickly, but this option requires an aggressive repayment schedule, requiring you to repay daily or weekly. Since merchant cash advances aren't loans, they are also not subject to usury laws, which restrict lenders from charging extreme interest rates. If you're not careful, a merchant cash advance could end up having triple-digit rates. This option works best if you don't qualify for other types of financing and need cash for an emergency. Crowdfunding is a unique way business owners can raise capital through online fundraising campaigns. Using a funding platform, such as SeedInvest or GoFundMe, business owners launch their campaigns by providing fundraising details and setting a fundraising goal and timeframe. Once the campaign has launched, the business owner receives donations from people who want to invest in their company. Most platforms feature sharing tools so business owners can share their fundraisers via social media, email and text, allowing them to reach a larger audience and increase donations. Once the fundraiser is complete, the money can be used to fund startup costs or a specific project. Depending on the type of crowdfunding campaign and platform, contributors receive rewards or equity in the company in exchange for their donations. Here's a brief look at four different types of crowdfunding: Rewards. Funds are donated with the expectation of some tangible benefit in return. Donation. Like a gift, people contribute funds with no expectation of anything in return. Debt. Like a traditional loan, this type of crowdfunding must be repaid over time with interest Equity. Funds are raised in exchange for partial ownership in the business. Special purpose credit programs are designed to make borrowing possible for business owners of economically disadvantaged groups. Lenders can create a special purpose credit program to provide more favorable lending requirements, such as a lower credit score, less time in business or a lower down payment. For example, in 2022, JPMorgan Chase made a $30 billion commitment as part of the launch of its special purpose credit programs to increase access to credit for small business owners in underserved communities. Its program enhanced the lender's loan application process, expanded the one-on-one coaching program and opened a new resource center where business owners have access to free advice. When you're just launching your small business and need funding, startup business loans can provide the perfect opportunity. These are simply business loans offered through lenders willing to work with startup businesses, and they're not available everywhere. You can get many types of startup business loans for different purposes. You might choose a bank loan if you want to establish your business with a lender that you can use for future funding. Or you may go with an equipment loan if you need to buy equipment for your business and want to secure the lowest rates. No matter which loan you go with, you'll need to do your research to compare different types of debt financing and lenders to find the right fit. What type of loan do I need to start a business? You can start a business with nearly any type of business loan, depending on what you plan to use the loan for. However, you will need a business loan with flexible eligibility requirements, such as accepting startups with six months or less in business. You can contact the lender to see if they will work with you, or look at the lender's eligibility criteria online. Can I take out a loan to start a business? Yes, you can take out a loan to start a business. You may have fewer options due to your limited time in business, business credit score and annual revenue. What credit score is needed for a startup business loan? The credit score needed for a startup business loan depends on the lender. Traditional banks may require credit scores of 670 and above. But online lenders are more accessible, and you can find some lenders willing to work with business owners with credit scores in the 500s. Sign in to access your portfolio

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Types of bad credit business loans

Bad credit business loans are high-risk loans for borrowers with personal credit scores under 669 Bad credit business loans can have high interest rates to offset the risk of lending to a high-risk borrower Types of bad credit business loans include term loans, lines of credit, SBA loans, microloans and more Bad credit business loans can provide your business with much-needed financing to grow your business, even with a fair or bad credit score. The right bad credit business loan can also help you build credit and improve your credit score. But you'll need to research your options since you're limited in the types of business loans available than to a strong-credit borrower. Bad credit business loans may also offer lower loan amounts than a standard loan, and interest rates may be higher due to your poor credit score. Learn how different types of bad credit business loans work and narrow down your options to choose the best one for your business. Compare the types of bad credit business loans to decide which one works best for your business. Term loans provide a lump sum of cash that is repaid with interest over a fixed term. They're often used to fund significant purchases or long-term investments in your business. Online lenders tend to be more willing to work with business owners with less-than-ideal credit. Some have minimum credit score requirements of just 500. However, these lenders may limit the repayment terms to short terms of two years or less, requiring you to pay back the loan quickly. Business loans can be secured or unsecured, but lenders may be more willing to approve a bad credit borrower for a secured loan. Secured loans require you to put up an asset as collateral to back the loan. Doing so can make a lender feel more confident in lending to a risky borrower because the lender can seize the collateral if you default on the loan. Providing collateral may also lead to lower interest rates and more favorable repayment terms. Unsecured business loans, on the other hand, do not require providing collateral to obtain the loan. However, because they are unsecured, you'll need a better credit score to get approval for this type of loan. Although you won't need collateral, your lender may request that you sign a personal guarantee, making you personally responsible for the loan if the business defaults. Bankrate insight Notable lenders offering high-risk business loans include: Fundible: Fast prequalification and loan amounts ranging from $5,000 to $10 million and terms of 12 to 120 months Credibly: Specializes in short-term loans ranging from $5,000 to $600,000 Backd: Provides business loans from $10,000 to $2 million with terms of 6 to 16 months A business line of credit offers access to revolving funds that can be drawn from as needed, repaid, and then used again. You only pay interest on the amount withdrawn. The repayment term often starts as soon as you withdraw funds and typically lasts from six to 24 months, though some lines of credit go longer. Lenders tend to have more lenient eligibility requirements for business lines of credit compared to other business loans. For example, Bank of America offers a cash-secured line of credit for startups with at least $50,000 in annual revenue. Other online lenders require a credit score of 600 and annual revenue between $30,000 and $100,000. Bankrate insight Some business loans for bad credit use factor rates instead of interest rates to assess charges. Factor rates are a decimal like 1.10 or 1.40 that gets multiplied by the entire loan amount upfront. They tend to convert to high interest rates, making borrowing more costly for bad credit borrowers. SBA loans are small business loans backed by the U.S. Small Business Administration. These loans can cover a variety of small business needs, including working capital, inventory or real estate. SBA loans are known for offering low interest rates and long repayment terms, making them worth the work to apply and lengthy timeline for approval. However, lenders often require strict criteria to be eligible, such as requiring fair credit or higher. SBA microloans offer the best chance of approval for bad credit borrowers. Approved microlenders often lower their eligibility requirements, accepting no credit or poor credit scores such as a 500 credit score. You can receive funding up to $50,000 with interest rates ranging from 8.00 percent to 13.00 percent. In rare cases, you can find SBA 7(a) loans that will accept bad credit borrowers. For example, Fundible representatives stated small business owners only need a credit score of 500 when applying for an SBA loan. Creditfy also accepts borrowers with a minimum 600 credit score for SBA loans. Bankrate insight Even though getting an SBA loan for bad credit is possible, you'll still have to show that you can repay the loan. Factors lenders will consider include your years in your industry, annual revenue, personal or business collateral and cash flow. Microloans are loans offered in small business loan amounts, such as $500 to $150,000. These loans are often provided and managed by local non-profit community development organizations and backed by the Small Business Administration (SBA). Some online lenders and banks also offer microloan programs designed for bad credit borrowers. The requirements to qualify for a microloan are often far more flexible than traditional loans. Many microloan lenders accept bad credit scores as low as 500, making them a good fit for businesses just starting and any that may need help to qualify for traditional financing. The repayment terms for these loans typically range from six months to as long as seven years. Equipment financing is a type of business loan designed specifically for purchasing equipment. The equipment acts as collateral, so you don't have to find additional assets to put up as security. And since the equipment helps back the loan, some lenders are more open to working with business owners with poor credit. Like term loans, these loans can be found at banks and online lenders and are typically repaid in fixed monthly installments. Repayment terms are generally anywhere from one to five years. Invoice financing involves using your unpaid invoices as collateral for a short-term cash advance. A lender will advance you up to 85 percent to 90 percent of the amount owed on an invoice. Once your client pays the invoice, you repay the lender the advanced money plus fees. Typically, the fees a lender charges are a percentage of the invoice amount. Invoice financing can be a more accessible business loan for business owners with bad credit since the lender considers the customers' creditworthiness instead of your business's. But the cost to borrow money this way can be steeper than other types of lending. With invoice factoring, you sell your invoices to an invoice factoring company. In exchange, the factoring company will advance you as much as 85 percent to 90 percent of the value of those invoices. The factoring company then collects the invoices from your clients. Once the invoice is paid, the lender sends you the remaining amount minus fees. A merchant cash advance (MCA) is a form of bad credit borrowing typically offered by online lenders. MCAs provide an advance against your business's future debit and credit card sales. To recoup the money, the lender will take a percentage of your daily or weekly debit and credit card sales, including its lending fees, until the cash advance has been repaid in full. It's possible to qualify for merchant cash advances with bad credit, such as a credit score of 500, or even lower. While MCAs are accessible, the fees associated with this type of borrowing are typically much higher than traditional loans. The steep fees, short repayment timelines and the fact that you're selling a portion of your future sales can create a cycle of debt that is hard to escape. Bankrate insight 'Merchant cash advances are one of the most expensive forms of business financing due to the high fees and short repayment period,' says Leslie Tayne, a debt resolution attorney and founder of Tayne Law Group. 'When expressed as an annual percentage rate, the cost of a merchant cash advance can reach 300% APR or more. But because MCAs are legally not considered loans — rather, they're an advance on future receivables — companies are able to get away with charging outrageous fees without being subject to state usury laws.' Business loans for high-risk borrowers may not be the best fit for you if you want to avoid high interest rates or don't have the money to pay back the loan. Here are a few other options to consider. Small business grants. Business grants typically do not need to be repaid, and you probably won't need to show your credit score to be eligible. But you'll have to participate in what is typically a highly competitive application process. You can narrow down the competition by looking for grants for your industry or minority group, such as women or veterans. Business credit cards. Some credit card companies provide secured and unsecured credit cards specifically for business owners with poor credit. Some companies may consider applicants with a personal credit score as low as 300. When used responsibly, opening a credit card can help build or rebuild your credit score and establish a relationship with a lender. Some credit cards for bad credit even offer benefits such as cash back and free employee cards. Personal loans. Many lenders, including banks, credit unions and online lenders, offer personal loans for bad credit borrowers, which may or may not require collateral. However, some personal loans may have usage restrictions, so it's important to verify a personal loan can be used for business purposes. Crowdfunding. Crowdfunding involves raising money by asking many individuals to make small donations or investments into your business. You can either take donations that you don't have to repay or give investors rewards such as the product you sell or equity in your business. Raising money this way does not require providing your credit score. Instead, money will come from people who have a specific interest in your business or project. Bad credit business loans help many business owners get access to the funding they need. They come in many forms with some like merchant cash advances offering high approval rates, while others secure the loan with collateral to improve your chances of approval. But you'll need to be mindful of the interest rates and fees that high-risk business loans charge. In some cases, fees can be exorbitant and leave you overpaying for funding. Do your due diligence and shop around for the best possible deal. Can I get a business loan with a 500 credit score?Yes, some online lenders offer loans for applicants with credit scores as low as 500, though your options are limited. These may have to be secured loans that are backed by a valuable asset, which is used as collateral. What types of business loans are best for bad credit?If you have bad credit, there are a few different types of business loans to consider. First, you can choose a term loan from an online lender that you'll repay over a fixed term, such as six to 24 months. Term loans for bad credit borrowers typically have short terms. Equipment financing is another option, as these loans are backed by the equipment being purchased. Invoice factoring and financing are also good options because lenders are more concerned with the creditworthiness of the businesses that owe you money. Is it risky to get a business loan?Getting a business loan can be risky since it relies on your ability to repay the loan, potentially over a long period of time. But you can reduce your risk by having stable revenue and only borrowing only as much as you need, which can keep your payments low. Sign in to access your portfolio

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What are current semi-truck financing interest rates?

Commercial truck loan rates can range from 6 percent to 35 percent or higher. You might find favorable loan terms like no down payment from specialized commercial truck lenders. Consider SBA loans for semi-truck financing, especially the 504 loans, which are designed for buying assets. A new or used semi truck can cost upwards of $100,000 or more and require a down payment of 10 to 20 percent. For many small businesses, the high cost of a new or used semi truck makes financing the most viable way to get a rig to start or grow your business. There are multiple types of semi truck financing to choose from. Each type has different fees and costs to consider. Finding the right loan and the most competitive commercial vehicle loan interest rate could save you thousands of dollars over the life of the loan. It helps to get an idea of the current semi truck financing rates for different loan types to help you choose the best option for your small business. The interest rates you land for a commercial truck loan vary depending on the type of business loan you use. Here are the current commercial truck loan interest rates across different typeAverage ratesTerm loansBank: 7.00%+Online lender: 9.00% to 75.00%Business lines of creditBank: 6.50% to 8.00%Online lender: 6.00% to 60.00%Equipment loansBank: 7.00%+Online lender: 5.00% to 34.00%SBA loansFixed rate: 13.00% to 16.00%Variable rate: 11.00% to 14.50%Bad credit business loans20.00% to 99.00%+ Interest rates from semi-truck financing have a wide range based on these factors: Credit score. Your credit history is vital for lenders setting interest rates. A good credit score of 670+ can lead to lower interest rates, like 6 percent or 7 percent. Bad credit scores can mean rates as high as 99 percent or more. Type of loan. The loan you choose influences the rates you'll pay. Business lines of credit and equipment loans offer some of the lowest rates, often landing between 6 percent and 35 percent. Down payment. Semi truck loan down payments are usually between 10 and 20 percent, but you might get a lower interest rate and better financing terms if you put down a larger deposit. Age of the semi truck. Older trucks are usually cheaper and can make coming up with the down payment easier, but you may have fewer lending options for a used truck than a new semi truck. CDL experience. Driving a semi truck requires a commercial driver's license (CDL). The longer you've had a CDL, the easier it may be to secure a commercial vehicle loan. Secured or unsecured loan. There is less risk for the lender if you secure your loan with an asset. That's why lenders offer lower rates for secured loans versus unsecured loans. Many semi truck loans are secured by the truck itself. Some loans include fees outside of the interest you pay, such as: Origination fees, costing 1 percent to 4 percent of the loan amount Fixed closing or documentation fees, such as $150 SBA guarantee fees from 0 percent to 3.75 percent of SBA-guaranteed loan portion Lenders often look at your personal FICO score when approving your business loan application. Some lenders will also consider your business credit score, which varies based on the credit bureau used (typically ranging from 0 to 100). Before you finance a semi truck, you'll want to look at several loan features to figure out if it's right for you. Those include: Interest or factor rate. Consider prequalifying for several commercial truck loans to find the lowest interest rate. If a lender charges a factor rate instead of interest, you could end up paying more than a conventional loan. You'd need to change the factor rate into an interest rate to compare and remember to add other loan fees into your final costs. Type of lender. Traditional banks tend to offer the best rates and repayment terms, but they also have the strictest eligibility. Online lenders can provide fast funding, while direct lenders specializing in semi-truck loans might accept poor credit or higher-mileage trucks. Eligible trucks. Semi-truck financing requirements may include age or mileage restrictions on the truck you can buy, such as 10 years old or 650,000 miles. Lenders want to make sure it's a roadworthy investment that will outlive the loan term. Repayment terms. Check the repayment terms offered by different lenders. Most lenders go up to five years for semi-truck financing. But some offer longer terms of seven years or more. Selecting a semi-truck lender depends on factors like how much you can put down, your credit score, your business's financial profile and your goals for the truck. Here are some steps to take to find the best semi truck lender. Lenders consider your business credit when determining whether to approve a loan and what rate to offer. If the loan requires a personal guarantee, your personal credit score may also be a factor. Check both credit scores to ensure your credit profile is accurate, allowing time to correct any errors and ensuring you know where you stand so you can focus on lenders who are more likely to approve your application. Lender requirements, loan terms and interest rates vary, so it's worth comparing several lenders and loan types to determine which offers the best financing for your needs. Pay attention to the details of each loan, including fees, loan amounts and interest rates. You can use Bankrate's business loan calculator to help you determine how much you can afford. Consider our lender picks for the best semi-truck loans to help you narrow down your choices. Some lenders offer a preapproval, which can help you determine how much you can qualify for and your interest rate and loan term. Preapproval can also help you assess your chances of qualifying before you fill out the loan application. You'll complete the loan application once you find the lender that meets your financing needs and budget. Gather your personal and business financial documents and complete the application to secure funding. Document requirements vary, but be prepared to provide recent bank statements, tax returns and profit and loss statements. You'll also need details about the semi truck, such as the year, make, model, VIN, purchase price and mileage. There are plenty of options to help you get semi-truck financing. Since interest rates play a significant role in the total borrowing costs, you want to keep the average rates of 6 percent to 35 percent in mind when shopping around for the right commercial truck loan. Ultimately, the rate you're offered will depend on factors like your credit, the type of loan and the lender you choose. What is a good interest rate for a semi-truck loan? Semi-truck loan interest rates go as low as 5 percent to 6 percent for the most creditworthy business owners. Anything less than 10 percent could be considered a good rate. Businesses should compare lenders to find the lowest rate available to them. How much is a down payment on a semi-truck loan? Many semi-truck loans require a down payment of 10 percent to 20 percent. Some direct lenders offer financing without a down payment if you don't have any capital on hand. What would the loan payments be on a $150,000 semi truck? If you finance a $150,000 semi truck for five years with a 6 percent APR, your payment would be about $2,900 per month. The same loan would cost you $3,337 monthly with a 12 percent interest rate. Loan repayments are calculated based on your interest rate and exact repayment term. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data