Depending on your needs and the type of business you want to start, there are basically two main types of small business loans: overdrafts and term loans. Lets look at what they are and how one is different from the other An overdraft is a type of loan that allows you to withdraw money from your bank account even if you have little or no money in it. So, if your bank approves an overdraft of $50,000 for your business, it means you will have access to this money even if your account balance is zero. Overdrafts are usually short term and last for about six months to one year before they are renewed. As a result, they should only be used as working capital for business activities that are short term in nature such as paying staff salaries or purchasing goods to be supplied to a customer. One of the benefits of a bank overdraft is its flexibility. You only pay interest on the amount of the overdraft you use; if you dont use it, no interest is paid (except for some bank charges that may apply).
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Need a Small Business Loan? 6 Tips to Make the Process Go Smoothly
1. Keep your documents in order.
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