There is a large and diversified economy in buckeye State of Ohio. With a population of over 11 million people, it is the 7th most populous state in the country. The economy of Ohio is diverse and includes sectors such as manufacturing, agriculture, and healthcare.With so many people and so much business in Ohio, the Ohio's economy provides a stable and robust environment for businesses to grow and thrive. That's good news for Ohio businesses looking for working capital or small business funding.
Bank loans can be difficult to acquire for small businesses in Ohio because banks and credit unions are risk adverse to small business financing. Banks lack the product diversity when it comes to business financing.
At AdvancePoint Capital, we specialize in providing business loans in Ohio with our lenders network. We understand that time is of the essence for small business owners when it comes to growing a company, so we work quickly and efficiently with the business owner to get you the working capital loans and cash flow you need.
Securing A Small Business Loan in Ohio
Borrowers without a strong credit score may have difficulty securing a traditional bank loan, but there are other financing options in Ohio that is available for small businesses.
Our focus at AdvancePoint Capital is on providing fast and flexible funding to small businesses. We offer a variety of loan products that can be tailored to meet your specific needs and goals.
9 Best Loan Options for Ohio Small Businesses (May 2023)
Small Business Loans
The #1 request from small businesses is small business loans. Small businesses like the fixed terms, interest rates and payments that come with this business financing option.
Small Business Administration's SBA Loans
SBA loans are backed by the federal government Small Business Administration which sets the loan program guidelines and underwriting requirements for approved SBA lenders and then provides them with a loan program guarantee. Essentially it's SBA backed loans. Small businesses would love to acquire an SBA loan because they have attractive interest rates and loan terms like SBA Express. An SBA loan program will require significant paper work and a business plan for approval, but it's worth the effort.
Merchant Cash Advance
Merchant cash advances are not loans, but future sales receivable agreements. Small business owners can leverage there annual sales to receive an upfront sum of money that they would repay a set percentage of future credit card processing sales until paid back in full. Repayment is flexible because it is attached to future sales fluctuations.
Business Cash Advance
Business cash advance is a great alternative when traditional loans are not an option. An advance is based on the current revenue of the business and repaid by fixed percentage of future sales paid back via a daily or weekly ACH convenience payment. When you need cash fast for your Ohio business, this is a great solution.
Business Line of Credit
Credit lines are popular because they are revolving lines of credit that you only pay interest rate on outstanding balance, which saves money if you early pay. You may draw money off the line at any time up to a credit limit.
Equipment Financing
Equipment loans are used for large equipment purchases for business that rely on equipment for there services. Financing increases buying power at affordable payments.
Invoice Financing in Ohio
Invoice financing, also called invoice factoring, allows businesses that regularly invoice there clients the ability to advance funds off of the unpaid invoice as long as its within the terms of the invoice whether it be 15, 30, 45 or 60 days.
Short Term Small Business Loans
When traditional financing is not an option, short term loans can be an alternative. Short term are considered to be 6 to 18 months to repay. There requirements are lenient because of the shorter duration of repayment.
Long Term Business Loans
Long term loans are designed for businesses looking for a large and costly expansion and need to spread the terms over years for affordable payments.
U.S. Small Business Administration
How to Grow Your Business in Central and Southern Ohio
View the Central and Southern Ohio Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting.
How to Grow Your Business in Cleveland and Northern Ohio
View the Cleveland and Northern Ohio Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting.
Business Programs, Technical Assistance, and Grants in Ohio
Ohio Development Service Agency – Business Grants, Loans, and Tax Credits – The Ohio Development Services Agency has a variety of bonds, grants, loans, and tax credits that can assist Ohio companies as they grow and create jobs in Ohio's economy.
The Small Business Development Center (SBDC) is another resource available to small businesses in Ohio. The SBDC provides counseling, training, financial assistance, and research services to small businesses. Business financing may also be available through microloans, nonprofit grants, real estate loans, minority business loans or grants, or grants from Small Business Development Centers.
Small Business Administration in Ohio. It offers a website as well as local offices for hands-on support for many small businesses. The organization offers educational programs and other resources to help companies make financial decisions, qualify for licensing, obtain contracts from the government, support tax payments, direct you to SBA-approved lenders who can educate you about SBA-backed loans like the SBA Express, and much more.
Ohio Business Gateway -Grow a Business – Finance Assistance
Why AdvancePoint Capital?
- Experience – For over 10 years, Advancepoint has served the Ohio small business community.
- Trust – Excellent Google reviews A+ BBB rating and great feedback from satisfied customers in Ohio.
- Loan Specialists – Loan specialists who have the knowledge, experience, and training to find the best product for your situation.
- Free Quotes – Applying is free at no cost or commitment
- Products – Through Advancepoint's network of lenders, a variety of business funding products are available.
Apply for Ohio Business Loan Today!
Getting a financing solution or financial advice in Ohio can be troublesome. At AdvancePoint Capital, applying for a business loan is fast and easy with our simple application process. All you need to do is fill out our online form, and application page, and in just a few hours — you’re well on your way to getting yourself a business loan in Ohio.
Get Started Today
AdvancePoint Capital makes the loan application process a simple, straightforward experience.
