Owning a business is a dream for many people, but it often can’t be reached without help from a business loan. A business loan can fund the cost of materials, rent, marketing, salaries and other expenses. Business loans can also help existing businesses purchase new equipment or expand. Our partners at ConsumerAffairs researched the best business loans in Denver to help you start or grow your business.
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Business loans in Denver can be used by a small business, larger business or start-up. There are various types of business loans, and the right one for your company will be based on your current business needs. Some of the most common types of business loans include:
Borrowers receive a specified amount upfront for business costs. The loan is repaid on a determined schedule with interest.
This works similar to a credit card, where borrowers can access any amount of money from a predetermined limit and only pay interest on that amount.
Borrowers use their company’s accounts receivables or unpaid invoices to secure the loan.
These funds are used to purchase equipment, and the equipment is used as collateral for the loan.
The application process and what determines if a borrower qualifies varies on the lender and type of loan. Some things that determine whether you are approved include:
The type and amount of industry experience the borrower has
The credit strength of the borrower
Whether the borrower has alternative income
The strength of the company’s business plan
Personal and business bank statements
The type of loan will also affect your repayment terms. In most cases, borrowers will make monthly installments to repay the loan plus interest. There could be other fees associated with a business loan, including origination fee, underwriting fees, closing costs and interest.
Seek Business Capital conducts the underwriting process quickly, and borrowers can expect an estimate within two hours. The company has a quick online application and offers unsecured loans. Customers in Denver say they appreciated the prompt, professional service, but some borrowers raise concerns about undisclosed fees.
Imperial Advance provides no-obligation loan offers and financial consulting to help you decide which loan is best for you. Borrowers can expect funds deposited in their bank account in 24 hours. Customers in Denver report a smooth process that is guided by knowledgeable agents.
National Business Capital offers a simple application which connects potential borrowers with more than 75 lenders that bid for the loan. The company provides options for small business loans, accounts receivable financing, business lines of credit and more. Reviews from Denver customers comment on the National Business Capital’s quick application process and friendly agents.
Colorado Enterprise Fund
Colorado Enterprise Fund is a nonprofit lender with a mission to help Colorado small business owners receive affordable loans and lines of credit. The nonprofit also offers free business advising while the loan is active. Customers in Denver say they love the helpful, efficient staff.
Centennial Lending works with credit union partners to provide flexible and competitive business loan terms. The company does everything in-house, including underwriting, processing, closing and servicing. Denver residents appreciate the lender’s prompt service and say the employees are easy to work with.
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