I love watching Shark Tank more than I should.
And I’d never go on it myself in order to raise money for my business. The terms are usually terrible.
Instead of having Kevin O’Leary eviscerate my plan on national TV, I’d rather go the more traditional route and get a business loan. In an era of TV fundraising, startups, and VC funding, small business loans don’t get the attention that they deserve.
There’s multiple options for getting a business loan, I’d explore these first before considering other types of capital.
Different Types of Business Loans
Multiple types of business loans are available for small businesses:
- Accounts Receivable: If you have proof of upcoming invoice payments, but you need some money now, you may be able to use these accounts receivable to obtain a loan.