Are there other types of loans available for small businesses other than SBA loans? I am going to try to get an SBA loan, but I was just curious as to what other types of loans people have used to get their businesses off the ground.
Check with your local banks. There are SBA loans (several different types), regular bank loans, as well as lines of credit and business credit cards. The best option is usually an SBA loan since the banks are more willing to utilize the SBA system to protect their assets. Depending on the type of loan, around 80% of an SBA loan is guaranteed by the federal government.
Also, different states may have business products. I know that NYS offers a "linked deposit" program to help businesses.
One further tip, find out what local banks are small business friendly. In my region, Citizens Bank has been doing a major push for small businesses. While talking to a few local business owners, I found that most got loans from Citizens Bank.
