What are the different types of small business loans?
An example of an AI chatbot conversation about types of small business loans.
What are the different types of small business loans?
There are several types of small business loans, including term loans, SBA loans, lines of credit, and equipment financing.
Can you explain what an SBA loan is?
Sure! An SBA loan is a loan backed by the Small Business Administration, designed to help small businesses get funding with favorable terms.
What is the difference between a term loan and a line of credit?
A term loan provides a lump sum of money that you repay over a set period, while a line of credit allows you to borrow up to a limit as needed.
Which type of loan is best for starting a new business?
For starting a new business, an SBA loan or a business line of credit can be great options due to their flexible terms and lower interest rates.
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