Need a Business Loan?

Our flexible line of credit gives you the funding you need to move your business forward.

Select the amount you wish to borrow:

$18,000

Choose your repayment term

12 months
18 months
24 months

How frequently do you want to make payments?

Weekly
Monthly

Weekly payment amount*:

$360.00
Do I Qualify?
This won't affect your credit score!
*This business loan calculator assumes a monthly interest rate of 5%. Your interest rate may vary based on your application information.
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Apply for a credit limit up to $35,000

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Get next-business-day funding after approval

Money

Borrow any time through your online account


How to Get a Small Business Loan

The recovering economy has led many small business owners to get smarter about borrowing. It’s important you know how to get a small business loan that fits your needs. In many cases, that means considering alternative sources of credit, such as online business loans and peer-to-peer loans.

Headway Capital is a direct lender that offers hardworking small business owners a true line of credit with no hidden fees. You can access your line of credit whenever you want through your online account, and when you request money it’s delivered to your bank account by the next business day. This way you can borrow the amount you need (up to your credit limit), when you need it, and build your business at your own pace.

If you want to know more about how to get the best small business loan that is appropriate for your business needs, check out the overview below.

Get a Business Loan in 5 Steps

While the process of applying for a business loan will differ slightly for each company (and depend on the specific kind of loan being applied for), there are a few common steps every business owner should take on their path to receiving a small business loan.

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Step 1: Determine what the money is needed for. There are good and bad reasons for business loans. Good reasons include purchasing equipment or real estate, funding long-term software development or compensating for seasonal sales shortages. A bad reason might include acquiring non-essential or frivolous business assets.

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Step 2: Decide how much your company needs. Underestimating the amount of money you need can lead to a lack of working capital sooner than planned. Overestimating can make lenders question the business’s viability. With a flexible line of credit, this isn’t as much of a concern; however, having a detailed budget supported by financial projections can be beneficial for your business as well as the lender.

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Step 3: Know your numbers. Lenders may still look at personal credit scores as a way to judge the reliability of the principals who are borrowing the money. They’ll also look at factors such as debt-to-income ratio, time in business, industry risk and cash flow. It’s important to understand how each lender will use these scores to make their lending decision.

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Step 4: Choose a lender. Research which type of lender is best for your business’s needs.

Bank

Commercial banks: Although automobile loans and home mortgage financing are two of the most popular financing products offered by consumer-focused banks, many banks also offer personal loans and business loans.

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Region-specific lenders: Local community banks and other lenders have an interest in economic development in a certain geographic or industry area and may give preference to local businesses.

Alternative Lender

Micro business loan and alternative lenders: Crowdfunding and peer-to-peer sites have grown in popularity, in addition to direct lenders like Headway Capital.

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Step 5: Apply! While each lender may require different information on your application, you typically will want to have the following documents and figures handy:

  • A business plan that includes the business owners’ resumes**
  • Financial results and projections (profit & loss, balance sheet and cash flow statements)
  • Financial information including two years of tax returns

**Not necessarily required by Headway Capital.


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