There are many different types of business loans available for the small business owner, more now than at any other time in recent history. The creative minds in the world of banking and finance have come up with multiple financing solutions to keep you in business or help you expand your business. You're not the only one that understands that your business will do well if it's just given the funding it needs to make it over a few humps. Contrary to popular belief, most banks actually do want to lend you money.
A standard loan secured with physical assets as collateral was once the only choice a small business owner had when they needed working capital financing. Unfortunately, many ventures don't have much in the way of physical assets when they're struggling, so they were left with the options of filing bankruptcy or closing the doors, sometimes both. In many of these instances, money is stilled owed to the business in trouble. If that's your situation, you can take out a loan using those unpaid invoices. It's called an accounts receivable loan or a factor loan.
If you've been taking credit cards for a while and have a merchant account with some fairly consistent deposit numbers, you can take out a loan using that as collateral. This type of financing is known as a merchant account advance. There are many lenders out there that will give you a loan on future credit card sales and take out payments directly from your merchant account as payments to you come in. The only collateral you need is a record of previous credit card sales. The lender determines the amount you're eligible for based on the previous several months volume.
Business credit cards also classify as business loans, as do lines of credit from the bank. These are ideal solutions for retail businesses because they can be used to purchase additional inventory to turn into working capital. You can even take out a loan on existing inventory, using that as your security. Put together a business plan and present it to a local lender or go online to a site that will shop your request around. You should be able to find the money you need somewhere. It's just a matter of knowing which loan type you should try for.