There is no question about it: at some point, your growing Business will require some capital. If you are like many business owners, your initial step is to look at the types of small business loans available.

From low-interest SBA loans to quick, same-day funding, there are many choices on the table. Also, the growth of fintech lending has increased that pool. Nonetheless, most entrepreneurs looking for funding have one concern: they do not know which works best for them.

Here are the ten types of small business loans you can consider:

1. SBA

These can be used for different purposes. If you have a big expense at hand, this funding can help you cover that cost. You can use SBA, too, if your business is growing and you like capital to help overcome the increasing pains.

2. Grants

These are not easy to land, particularly for startups. However, this funding won’t have to be repaid if you’re successful.

3. Business Line of Credit

This is an all-purpose, flexible financing you can draw from as you need. They do not work like most other types of small business loans. You can use this for everyday expenses such as payroll, operating costs, and seasonal cash flow shortages, among others.

4. Equipment

Equipment financing may be the ideal solution if your business needs new equipment to change outdated pieces or provide new services or products. You can pay for the equipment monthly rather than buying it outright.

5. Crowdfunding

Crowdfunding sites enable anyone with a vision to raise money for their venture or project. You’ll find three types of crowdfunding that may make available for small business investment, debt, or rewards.

6. Microloans

A microloan is often defined as a loan of $50,000 or less. As these are smaller loans, they are suitable for smaller enterprises, startups, or sole proprietors with lower capital requirements than other businesses.

7. Commercial Real Estate

Refinancing or buying real estate is a massive step for businesses on the rise. For business owners seeing a building or lot to call home, a commercial real estate loan might be the ideal type of small business loan. This can be used to widen an existing building.

8. Invoice Factoring

This is a tool utilized by private companies. It enables a company to sell its accounts receivables to an outside business at a big discounted rate. That allows the business to receive funds right away for cash flow and operations.

9. Invoice Financing

This is used to resolve cash flow issues caused by unpaid invoices. You can sell your unpaid invoices or use them as collateral in return for cash up-front.

10. Merchant Cash Advance

Most corporate loans lock you into a daily, weekly, or monthly agreement. With a merchant cash advance, you could take another approach. That financing option enables you to prevent set payments and pay back the interest instead of daily credit and debit card sales.

There is no such thing as a one-size-fits-all small business loan. For entrepreneurs with more important things to keep in mind, applying for the various types of SMB loans could be time-consuming. We hope this guide helps you. We wish you the best of luck!