Whether you’re launching an entrepreneurial endeavor or dealing with a short-term financial bind, a business loan can provide enough capital to accomplish your objectives. There are several factors to consider when choosing the right lender. ConsumerAffairs researched the best business loans in Nashville to help you make a selection.
Nashville’s entrepreneurial, healthcare and start-up scene is booming. With resources such as the Nashville Entrepreneur Center, Wond’ry and WeWork, Nashville entrepreneurs have a wealth of assistance for their ventures at their fingertips. As such, entrepreneurs also look to business loans for capital to launch their new company or organization.
There are multiple types of business loans available in Music City. Some of the most common are:
Term loans: Business owners receive a lump sum upfront and repay the loan with interest over an agreed upon period of time.
Business lines of credit: A business owner can access funds up to a specific credit limit and pay interest only on the money taken out.
Equipment loans: This loan is ideal if your business requires special equipment. The loan terms are associated with the lifespan of the equipment, and the purchased equipment serves as collateral.
Merchant cash advances: Similar to a term loan, merchant cash advances allow business owners to receive cash upfront. However, payments are made by either withholding a percentage of credit/debit card sales each day or fixed daily/weekly bank account withdrawals.
When applying for some loans in Nashville, it’s possible your bank will set up a meeting to discuss the loan before approving it. To make sure you’re prepared for your meeting, bring:
Accurate, up-to-date financial statements
A business plan or explanation for the loan need and goals
A list of assets which can serve as collateral (equipment, inventory, cash deposits, etc.)
Proof of business license
After speaking with you and reviewing these documents, the lender will decide if you are a qualified candidate for a loan in the amount you are requesting.
Before agreeing to a business loan, make sure you clearly understand the repayment terms and that you have them in writing. Common repayment terms include fixed payments with interest over a specific period of time. However, this schedule may vary depending on the type of business loan you secure.
If you have bad credit, lenders in Nashville may require additional collateral to reduce their risk, or they may offer a business loan with higher interest rates.
Seek Business Capital
Seek Business Capital provides business owners with access to capital in as little as two hours. The lender looks beyond personal credit scores when making funding decisions and approves 92 percent of all applications. Online reviews from Nashville customers are positive and compliment the company’s quick approval process.
Imperial Advance offers 24-hour business financing and financial consulting for interested entrepreneurs in Nashville. The lender provides merchant cash advances, revenue-based financing and business term loans with no-obligation financing. Online customer reviews mention a fast application process and helpful representatives and loan officers.
National Business Capital
National Business Capital has provided more than $1 billion in funding to entrepreneurs. After submitting a loan application, the service filters through more than 75 specialized lenders to match business owners with the right lending solution. Customer reviews from Nashville appreciate the company’s efficient approval process and its financial advisors’ quick communication.
Pathway Lending pairs entrepreneurs with a dedicated lender to find the right financing solution. In addition to loans, the company offers multiple online business resources to help business owners grow their business. Nashville customers say the company is dedicated to and supportive of Nashville business owners.
Lendio has a free, no-obligation application and offers Nashville business owners access to more than 75 different lenders. In addition, entrepreneurs can receive funding in just 24 hours. Nashville customer reviews recommend Lendio for its knowledgeable and communicative funding managers and easy-to-understand loan options.