Planning to raise finances for your business by applying for a loan? Then, here’s a small guide about the 5 kinds of loans provided by elite financial firms like Accord Financial that you will largely benefit from.
- Business loans for Small Businesses
This is one of the best Accord Financial business loans type for small and mid-sized businesses looking for opportunities.
Now, whether or not you qualify for this loan depends upon the following factors.
- Whether or not your business is established in North America.
- Whether or not your annual sale is equal to or more than $100,000.
- Whether or not you have been existing for at least 2 years.
If the answers are yes and you have a clean credit profile, you qualify for the small business loan financing at Accord. A few key highlights about this loan type are listed below.
- It’s lent for a period of minimum 3 months and maximum 18 months.
- The sum ranges between $5000 to $75,000.
- It has a weekly repayment system with minimal interest.
- Once the first loan is completed by 50%, you can apply for the second loan.
- The loan can be paid in full after 3 months at any point of time.
- Asset Based Lending
Asset based lending is also known as ABL. This is a type of loan that’s released on the basis of the value of your assets that include the following.
- Accounts receivable
Once the estimate is done and other parameters – the experience and efficiency of your management team – are inspected, Accord financial decides the sum that can be released. It ranges between $1 million to $20 million.
A few categories of loans that come under ABL and are very important include the following types.
- Lender Finance – It’s released for alternate/Fintech lenders.
- Retail Inventory Finance – It’s released for retailers, e-shop owners, and marketers.
- Debtor in Possession Financing – It’s released for businesses who continue to work while restructuring their assets under the bankruptcy program.
- Purchase Order Financing – This is done for businesses who are interested in letting Accord purchase their orders to be shipped to the customers as a token of guarantee.
- Equipment Financing
Equipment financing will come in handy if your area of business includes:
It can be of the following types.
- Heavy Equipment Financing
- Construction Equipment Financing
- Commercial Equipment Financing
- Industrial Equipment Financing
- Medical Equipment Financing
- Agricultural Equipment Financing
All in all, Accord Financial offers loans of all kinds so that every deserving business can afford to thrive and exist in the market.