Applying for a business loan can be intimidating and stressful. A lender should understand your business and not treat you like a number. Our partners at ConsumerAffairs researched the best business loans in Green Bay to help grow your company.
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Whether you are an entrepreneur launching a startup in Green Bay or a seasoned business owner expanding your company, a business loan will help you take the next step.
There are many different types of business loans in Green Bay. Some are available for multiple purposes and have little or no restrictions on how you use the funds. Others are dedicated to specific purchases, such as real estate or equipment. Some common loan types are:
Term loans: These loans provide upfront capital that is paid back over a predetermined period of time. The interest and the repayment plan are based on the business’s credit history, financial condition, and monthly revenue.
Business lines of credit: These work like a credit card, providing a maximum amount of funding the business can use and accruing interest on money used. While there are significant penalties for missed payments, the approval process is often simple.
Equipment loans: These loans sometimes require a down payment and are used to purchase equipment. The purchased equipment serves as collateral for the loan.
Invoice financing: Invoice financing provides funding that is secured by unpaid invoices. These loans are often ideal for companies with outstanding invoices that need quick capital.
Merchant cash advance: This will give the borrower a lump sum of cash in exchange for an agreed-upon percentage of future credit and debit card sales.
U.S. Small Business Administration (SBA) loans: This is a government-backed loan available from third-party lenders. SBA loans tend to be long-term loans and carry a lower annual percentage rate.
Depending on the kind of loan you choose, you may have the option to take out a short-term or long-term loan. Short-term loans usually have less rigorous application requirements, but they typically have higher interest rates. Long-term loans are generally used by established companies with a history of positive revenue. The table below lists common standards for the two types of loans.
Short-term vs. long-term business loans
Time in business
9 months or more
2 years or more
Annual business revenue
$50,000 or more
$100,000 or more, plus profitability
550 or above
700 or above
Up to $250,000, usually less than $25,000
From $250,000 to more than $1 million
Annual percentage rate
8.5% or higher
5% or higher
Length of term
When comparing loans in Green Bay, consider the fees that come with each loan. Lenders may charge origination fees, underwriting fees, closing costs and prepayment penalties that vary per company. Lenders communicate fees as a percentage of the loan, generally less than five percent, and the total amount is usually deducted from the loan amount received.
You don’t want temporary financial restraints to limit your business in Green Bay. Find a loan that works for your company so your business can grow and stay competitive.
Seek Business Capital offers funding estimates within two hours and has a funding approval rate of 92 percent for qualified applicants. Loans range from $5,000 to $500,000 and do not require collateral. Some Green Bay customers are pleased they received more funding than anticipated, but others say they wish the company was more transparent about fees.
Imperial Advance works with an extensive network of lenders to provide no-obligation loan offers for businesses. The company has loan specialists to help you choose the best loan for your company, and it makes funds available in as few as 24 hours after approval. Customers appreciate the fast and easy processes and low interest rates.
National Business Capital offers 12 different business finance options. The company was founded in 2007 and has helped over 10,000 clients with more than $1 billion in funding. National Business Capital prides itself on a quick and transparent process. Green Bay business owners say they appreciate the helpful service provided by the company.
Huntington National Bank
Huntington National Bank was founded in 1866 and has been ranked the No. 1 SBA lender in the region from 2008 to 2017 by the U.S. Small Business Administration. The company offers business loans and lines of credit and has educational resources for small businesses. Customers from Green Bay appreciate the personal attention they receive.
Fox Communities Credit Union
Fox Communities Credit Union was founded in 1937 and has helped more than 4,000 local businesses. The company’s business team has more 100 years of combined experience. In addition to helping businesses, they also support a variety of charities in the Green Bay area. Local customers note how personable and friendly the company’s staff is.
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