If you’ve been looking for a business loan, or any other type of financial assistance to help grow your company, it may seem like there are few options. But there are actually many different types of loans out there that can suit your needs. 

And not just one-size-fits-all solutions either – you have plenty of choices when it comes to what kind of loan will best suit your specific needs. Let us explore five such loans.

Private Business Loans

Private loans are available with lower interest rates than most bank loans. They come from private lenders, like friends or family members looking to invest in a small business or start-up. 

This type of loan is typically very risky though, so if you have a good relationship with the lender, it might be worth your time to ask for funding from them.

SBA Loans

SBA or small business loans are much more specific than a business loan from a private lender or bank. The Small Business Administration makes it their mission to help small businesses with poor credit get approved for a loan. 

This means you can still use your personal credit, so it’s worth looking into SBA loans even if you have a low credit score. You can apply online or at any bank – the SBA makes it easy to apply with just a few clicks.

Angel Investor Funding

Angel investors are enthusiastic business owners or business-savvy consumers who want to invest their own money into the next big idea. 

If you have a good business plan and can get an angel investor interested in helping out, it’s worth looking into this type of investment. 

These investors typically offer small amounts of money for a share of the company – they often expect to lose all of their investment, but they are willing to take the risk because they believe in your company.

Government Funding

Federal government funding will not typically make direct loans to companies – there are other government loan programs that are better suited for this purpose. 

But if you fit within one of these types of business loan programs it might be worth looking into government funding. 

The SBA offers many different types of loans to meet the needs of entrepreneurs, so if you qualify for any of these programs that are offered through the SBA then it might be worth your time to apply.

Peer Lending

Peer lending is a relatively new form of financing that has become popular over the last decade. This type of financing is usually offered by Internet-based companies that allow you to borrow or lend money without dealing with a bank or other traditional credit organization. 

With peer lending you can potentially find lenders who are looking for investments in your company, so it’s worth looking into if you have low personal credit scores but want to fill the gap with a business loan. 

By applying for a peer-to-peer loan you may be able to get the extra financing you need without having to pay high interest rates.