Becoming a new business owner can be an exciting adventure, but getting your feet off of the ground can seem like quite the mountain to climb in the beginning. You have a million-dollar business idea without the dough to back it, so now what do you do? Take it from us, the first step is researching types of business loans in Baton Rouge and a reliable lender to borrow from. This is often much easier said than done, but it doesn’t have to be. Your friends at Essential Federal Credit Union are here to walk you through the process of making your business dream into reality!
What To Know When Looking For Business Loans in Baton Rouge
Understanding the various types of business loans during your research process is an important piece of the puzzle, especially when you’re just starting out. After all, you wouldn’t want to purchase a car without knowing how to drive it, right? So, let’s start out with a myriad of loan types many come across in their research.
- Term Loans: Expanding upon what you already have is an important part of scaling your business. This is often in the form of a new location or perhaps acquiring additional equipment to expand a well-performing service line.
- Guaranteed Loans: Small businesses are the backbone of the local Baton Rouge economy, but often do not meet all the criteria to procure a traditional loan. Despite this, guaranteed loans are a great option for businesses in need of financial assistance without any other options at their disposal. Talk to one of our representatives to see if you’re qualified.
- SBA Loans: Another potential avenue for the small business owner with limited options. These loans are guaranteed within a certain range by the Small Business Administration.
- Lines of Credit: Sometimes businesses have needs in their inventory or other short term issues. To combat this, they require a revolving credit line to facilitate anything that pops up. Opening a business line of credit is the perfect solution for a business owner that wants to prepare for anything.
- Commercial Owner Real Estate Loans: Being your own boss sounds great, but not owning your building takes control out of your hands. A commercial owner-occupied real estate loan is a great solution in assuring independence for your business.
Now that you have the 411 on some different loans, reach out to our credit union and get the ball rolling on an application. Let’s work on bringing your business from good to great!
Who Can I Trust For My Loan?
There is no disputing that the right business loan can change the trajectory of your business’s future, but you are probably asking yourself, “Who can I trust when applying for my loan?” Now, we can’t speak on behalf of other financial institutions, but we know our team at Essential Federal Credit Union. What makes us different is how we treat you as a neighbor and not just a customer. Your needs are our priority and providing support makes a good neighbor and a vibrant community.
Choose Essential For Your Business Loans In Baton Rouge
Essential FCU of Baton Rouge is here to help make your business dreams a reality. Our Baton Rouge branch on Siegen is available to answer any questions you have about the various business loans we provide. If you would rather call us first please feel free to drop us a line at 1.888.369.2207! We look forward to offering our services when you’re in a bind.