SmartBiz Loans
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National Business Capital & Services
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Currency
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Western Security Bank
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First Interstate Bank
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First Federal Bank and Trust
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Beartooth Bank
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Just like there are many different types of businesses, there are many different types of business loans. The loan that makes the most sense for your business depends on how much money you need, the payment terms that work for you and what you plan to use the money for. Here is a breakdown of some of the most common business loans Billings entrepreneurs and business owners use to fund their businesses:
Once you've done the research and have decided which business loan is right for you, it's time to start the application process. This process varies throughout Billings, as different lenders have different requirements for approval. For example, some lenders have a strict requirement when it comes to lending to people with bad credit, while others are more flexible. Here's what you can generally expect when applying for a business loan in Billings:
The annual interest rate on an SBA loan is between 7% and 10%. You also must consider what you have to put up as collateral for your loan, if necessary. It is important to consider all of the costs and risks associated with taking out a business loan to make sure it’s a smart financial decision for your business.
How do you qualify for a small business loan?
A lender will examine a variety of aspects to determine if you qualify for a loan. It will look at your credit score, credit history, business plan and current financial situation. Apply with various lenders to get a loan with the most favorable terms.
How much can I borrow for a small business loan?
Billings business owners can borrow up to $5 million with an SBA standard 7(a) loan. The maximum loan amount depends on your qualifications and the lender.
What is a 7(a) loan?
A 7(a) loan is an SBA loan designed to offer financial assistance to small businesses. An SBA 7(a) loan has a maximum amount of $5 million and a maximum term of 25 years.
What business development resources exist in Billings?
Business development resources in Billings come from the Billings Chamber Of Commerce, the Montana Small Business Development Center and the Billings Chapter of SCORE.
SmartBiz Loans |
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SmartBiz Loans offers SBA and bank term loans online. You can see if you pre-qualify by filling out a short form on its website, which does not impact your credit score. With SmartBiz Loans, you can get an SBA loan for between $30,000 and $5 million and repayment terms ranging from six months to 25 years. |
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National Business Capital & Services |
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National Business Capital & Services connects Billings business owners with an expansive network of over 75 trusted vendors. You can fill out an application online and get approved in 24 hours. Small business loans offer flexible financing and payment terms from six months to 10 years. The company also offers equipment financing. Loans up to $5 million are available. |
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Currency |
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Currency offers financing for heavy machinery and special equipment. Business owners can apply online in less than three minutes and use the funds to buy equipment anywhere in the U.S. There are no prepayment penalties. Currency offers 72-month terms and loans up to $500,000. |
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Western Security Bank |
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Western Security Bank offers equipment loans, commercial real estate and construction loans, SBA loans and agricultural loans. The agricultural loans can be used for all types of farming and livestock operations, the acquisition of farmland and the purchase of machinery. To apply, you can meet with a staff member at one of the bank’s locations or apply online. Western Security Bank’s downtown location is at 2812 First Ave. North, Billings, MT 59101. |
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First Interstate Bank |
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First Interstate Bank helps Billings business owners with financing for commercial real estate. The company also offers SBA loans to help with equipment purchase or working capital. If you have an existing business, the SBA loan can be used to make major business improvements. For farmers and ranchers, the company offers agribusiness loans that can be used to purchase livestock, crops, machinery and farm equipment. Visit First Interstate Bank at 830 Shiloh Crossing Blvd., Billings, MT 59102. |
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First Federal Bank and Trust |
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First Federal Bank and Trust assists growing businesses in many ways. The company’s term loans can be used for commercial vehicle financing, computer equipment, or manufacturing production and equipment. The company offers business lines of credit to help with short-term capital needs and flexible payment plans and leasing for computers, construction equipment, medical equipment, office equipment and more. Short- and long-term SBA loans are available. Visit First Federal Bank and Trust at 1575 Shiloh Road, Ste. H, Billings, MT 59106. |
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Beartooth Bank |
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Beartooth Bank offers business loans for a variety of industries, including construction, commercial and agriculture. The company has specialty loans designed for livestock, equipment and operations for the farmers and ranchers of Montana, and can also help with the purchasing of rental properties or lines of credit for commercial business owners. Beartooth Bank is located at 4130 King Ave. West, Billings, MT 59106. |
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