Secure a Reliable Funding Source for Your Business
Most business owners recognize the need for access to a reliable and uninterrupted flow of capital. A steady source of funding allows owners to respond to the ever-changing realities of running a business, even as they fulfill ongoing financial obligations.
Renasant Bank understands that businesses at every stage need access to reliable funding. Whether you are starting, maintaining, or expanding your business, you need dependable access to capital. Renasant Bank offers a variety of loan options, each of which is specifically tailored to business owners’ individualized needs, and we have capable lending and relationship officers ready to assist you in choosing exactly the right loan for your business.
What Type of Commercial Loan is Right for Me?
Commercial loans come in all types and sizes. Different loan types offer different advantages and are tailored to meet specific financial needs. Some loans are intended to support major investments, others to ensure quick access to capital, and others to ensure profitable day-to-day operations. Commercial loans are available for upgrading or expanding your facility, purchasing new equipment, moving your business to a new location, and paying employees, among other uses. All of our loan offerings include a partnership with a Renasant Commercial Relationship Manager, who can walk you through the process of selecting and getting approved for a loan. Our capable loan experts can guide you toward the loan option best suited to your business’s current circumstances. With the right loan and the right guidance, you are free to dream big about how to make your business the best it can be.
Renasant Bank’s traditional business loans allow owners to borrow a specified sum for a predetermined length of time. Your business then makes payments over the length of the loan period. These loans make the total amount of capital available to owners up front. So, rather than worrying about lack of funding, owners are free to focus on running their business. If you have in mind a specific investment that will take your business to the next level of success, then working with a Commercial Relationship Manager may be a good fit.
Should I Choose a Business Line of Credit?
Renasant Bank’s business lines of credit allow business owners to spend their capital how and when they need it. Just as with a credit card account, a business line of credit allows you to invest in your business as needed and to pay down the balance over time. With this option, your business is approved for a credit limit, and you utilize the available funds as needed. A business line of credit offers maximum flexibility: your business can pay for surprise expenses as they arise, and you won’t need to put off paying your ongoing expenses. This is a good fit for business owners who need to fund short-term projects or unforeseen expenses and to manage cash flow directly.
Particularly for new businesses, it can be challenging to secure a loan. The Small Business Association (SBA) offers several loans, in combination with bank-side loans that support new businesses and those who have found it difficult to secure more traditional funding. The terms of SBA loans are typically less demanding than those of more traditional loans: they require lower down payments than more traditional lending products, and the interest rates may be lower. The application process for these loans can be rigorous, however, Renasant Bank’s Business Banking Relationship Managers have experience with the SBA lending process and can be allies to business owners as they navigate the loan requirements. Our Relationship Managers can also offer insight into which SBA loan is most advantageous to your business.
The Types of SBA Loans?
Renasant Bank Relationship Managers can walk you through the process of applying for one of two types of SBA loans: an SBA 504 loan or an SBA 7(a) loan. If your business requires financing for expensive assets, such as real estate or heavy machinery, then an SBA 504 loan may meet your needs. 504 loans have a fixed rate, and they are designated for specific expenses. These loans are designed so that business owners and executives can pay back the loan amount over an extended period of time. If your business needs to make a major investment to achieve the next level of success, then a 504 loan may be a good fit.
SBA 7(a) loans offer more flexibility for the borrower. These loans can be used to cover a wide range of expenses. SBA 7(a) loans are variable-rate loans, and they are designed to require repayment in a relatively short period of time. SBA 7(a) loans provide short-term funding for most small business owners’ financial needs. For example, owners of seasonal businesses often use these loans to keep their businesses afloat during the off-season. SBA 7(a) loans are well-suited to businesses that need dependable cash flow with a quick turnaround.
As a business owner, you are in charge of deciding which investments will make your business most successful. Perhaps your business is just starting out, and you need funding for a new facility or a real estate investment, or maybe you are an established business looking to expand your facility or move to a new location. Perhaps you find yourself in need of reliable cash flow to increase your inventory or pay your employees. Renasant Bank offers a variety of lending options to meet these needs. We finance loans that can cover your expenses, and we have the expertise to help you find the perfect loan for your business’s needs.
Visit our business lending site today to learn about Renasant Bank’s many available loan options. Our Commercial Relationship Managers are ready to help you secure a reliable source of funding for your unique business needs.
Talk with a Renasant small business expert today about the possibility of securing an SBA loan for your next adventure.