Building a business is hard, but maintaining it is even harder. We’re pretty sure every business owner understands this. Money is a crucial element in business; thus, planning for a well-organized expense plan should be prioritized. With not enough financial backing, the business may not even see the light of day. So, in that case, you need to look for money. But where? We have banks, lending companies, and even private sectors that can offer you money for your business. Looking for a good lender is one thing, but choosing the right financing for your business is also necessary. Scan through the list below to know what options you can choose from that suit your needs the best. 9 Types of Commercial Development Loans To Help Your Business Business Line of Credit This is similar to your credit card. You are given unlimited access to funds that don't go over your line of credit. This means you can have as much money to use as long as it doesn’t reach the maximum amount you applied for. Of course, you’ll have to pay them in full plus the interest. Term Loan This is a business loan that is flexible and has consistent payment methods. You get to choose where you can spend the amount you borrowed as long as you pay them back in full plus the interest at the end of the term. Commercial Real Estate Loan Commercial Real Estate Loan specializes in real estate, so most people who apply for this loan are those that are into buying properties as an investment. However, subtypes of this loan also exist. Some lenders even work with you to make up a loan that suits your needs the most. Commercial Auto Loan This type of loan covers funds for average vehicles, including cars, pick-up trucks, and vans. If you need anything bigger than these, apply for equipment financing instead. Bridge Loans Bridge loans are very useful in commercial real estate. Bridging loans for commercial uses act as a gap for when you want to secure new financing but haven’t paid off the current one. Short-term bridging loans have higher interest rates than long-term ones since you have to pay them in a short time span. Commercial Construction Loans Commercial Construction Loans are like real estate mortgages but designed for construction purposes. As the name suggests, this loan covers everything used for building or refurbishing commercial buildings. SBA Loan SBA or Small Business Administration is an organization that offers a variety of loan programs for small business owners. There are currently three SBA programs available: SBA 7(a) loans, SBA504 loans, and Microloans, with each having its own set of terms and requirements. Equipment Financing Some businesses might need heavy equipment for mass-producing products or in doing their services. Unfortunately, this heavy equipment comes at a great price. So instead of purchasing this equipment with your own cash, you can opt for equipment financing instead. You apply for a loan and pay the debt in full, plus interest after the time specified in your term. If failed to do so, the lender confiscates your equipment as payment. Inventory Financing This loan offers funds for when you need money to purchase items to be sold later. The inventory then acts as collateral when debt isn’t paid in full. Takeaway Financing your own business might be a difficult task. Looking for money to help you with that can be tiring, especially if you’re clueless about what to apply for. The commercial business loans above can cover you for that. By looking through these options, you will know what to apply for your business. However, if you want our advice, try bridging loans. Using bridging loans for commercial uses is very common these days. Reach out to our team of loan experts to know more about bridging loans and how they work. Further Reading \t 5 Reasons to Get a Loan for Your Business \t Bridge Loans: A Loan in Need is a Loan Indeed \t How Does the SBA Help Startups?