Commercial Loans in Brookhaven MS
A commercial lending loan is a loan that is available to a business rather than to a consumer or individual. It is an arrangement forged between a business and a financial institution such as a bank.
Commercial loans are usually short-term, ranging from 30 days to one year, but can be renewed to a longer-term ranging from 15 to 30 years to extend the life of the loan.
Many types of commercial loans require either equipment or property as collateral, also known as secured loans, while other types do not require collateral and are known as unsecured loans.
Traditional lenders also generally require borrowers of commercial loans to provide comprehensive financial statements to prove their capacity to pay. Insurance on the financed items is also one crucial requirement.
How Commercial Loans Work
When businesses find themselves short of working capital, acquiring a commercial loan is one commonly utilized option.
Many businesses are seasonal. There are times when income rolls in quite easily. There are times, however, when money is tight, and access to adequate working capital to accommodate the needs of your business is limited.
Commercial loans can be granted to business entities to help with short-term funding for a variety of purposes, namely, operational costs, purchase of new equipment and supplies for production, funding for payroll, to hire and train new staff, or launch marketing and advertising promotions.
How To Get A Commercial Loan
Small businesses enjoy many benefits from merchant cash advances. One crucial benefit involves payment schedule: you pay back your advance only when your business starts making sales.
If you have been struggling with little or bad credit but is enjoying strong sales, a merchant cash advance is your best bet.
While it is true that acquiring a commercial loan can give your business an infusion of working capital, approval from a traditional lender can take days and provides a one-time solution only.
If you are in search of the security of a working capital that is readily available, it might be time for you to look at a line of credit from Bank of Brookhaven.
We offer revolving credit lines for small businesses up to $250,000. We also provide flexible funds, transparent terms, simple processes, convenient access, and personalized service.
How much funds you need and when to utilize them is all up to you. You can get funds whenever you need them as long as they are available.
Bank of Brookhaven loans offer monthly payments without any prepayment penalties or origination fees. You are free to browse your payment scheme even before you take out a loan.
You can hook up your business information online to get an instant financial assessment so we can appraise your business promptly without you needing to pinpoint financial statements.
You can withdraw easily from your account by either logging on to your computer or through our mobile application. You have a credit line that you can access every time you need it, in whatever location you may be.
Our customers have the security of knowing that we are rated A+ by the Better Business Bureau for our continuing commitment to client privacy.
Our professional team of experts is here to help you every step of the way.
From applying for the loan up to handling your account so you can gain the most benefit from your capital, we will always be by your side.
A Better Way To Fund Your Business
At Bank of Brookhaven, we review the overall performance of your business through our online, automated approval process. We can help you avoid the time-consuming paperwork usually required by traditional lenders.
Our loans include unsecured and secured small business loans such as line of credit, working capital, professional, commercial lending, short-term business, inventory, and equipment loans.
Also included are factoring, SBA loans, merchant cash advances, and industry-specific loans such as retail, construction, restaurant, medical or dental, wholesale, trucking loan, auto repair, pawnshop, and beauty salon loans.
Minority loans such as loans for veterans and women are also available.
At Bank of Brookhaven, we firmly believe that access to business funding should not be complicated or time-consuming. We make managing small businesses simple.