Business Loans Michigan
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Business Loans for Michigan
The state of Michigan is the epicenter of the U.S automobile industry. Some of the companies that manufacturer their cars in Michigan are household names, such as Ford, General Motors, and Chevrolet. These behemoths have a consistent need to purchase raw materials, parts, machinery, and equipment. This causes a waterfall of needs that have to be serviced by somebody. The result of this is a boom of small businesses in Michigan that supply the major auto companies with the needed good and services. With more business, comes more people, more jobs, more homes, and at the end of the day, a much greater population. The birth of one industry snowballs into the need for many others.
Michigan is loaded with small business owners that provide all different types of services. Like any economy, industries in Michigan include contractors, manufacturing, wholesale and distribution, retail, professional services, and the list goes on and on. To help support the growing economy SMB Compass provides small business loans in Michigan. We have loan programs that start at $25,000 and others that can be as large as $100 million. There are a variety of business loans programs in Michigan to choose from. Schedule a call with a Lending Advisor today to learn more about the business loan options in Michigan.
Small Business Loans Michigan
Business Line of Credit Michigan
Having a line of credit is critical for every business, big or small. A Line of credit provides flexible, standby capital, that can be used for both opportunities and slow periods. During the winter in Michigan, weather has an effect on many businesses. Cold temperatures and snow make it unappealing for people to be outside which hurts retail businesses. The weather makes it difficult for developers to build which in turn slows work for specialty contractors. By looking into business line of credit programs in Michigan you can make sure to have capital available when it’s needed. Plan ahead, don’t wait too long and have opportunities pass you by!
SBA Loans Michigan
Asset Based Lending in Michigan
Michigan is known as a manufacturing hub which means they’re lots of manufacturers that buy lots of equipment. Plant machinery and equipment are core components of an asset-based loan. In addition, B2B business sell on terms and often hold inventory. Selling on terms creates invoices and inventory is additional collateral for an asset-based loan. With inventory, accounts receivable, and equipment, there are many flexible and creative asset-based loans for Michigan companies.
Factoring for Michigan Businesses
Accounts receivable financing and invoice factoring are the best forms of financing for B2B companies. Invoice factoring for Michigan businesses allows for companies that sell on terms to monetize invoices as soon as they are created. Accelerating cashflow is a very powerful thing for any business. Cash on hand means you are able to take advantage of opportunities, never thing about payroll, missing discounts, or carrying yourself through slow seasons. Speak with one of our Lending Advisors to learn more about our programs for Michigan invoice factoring.
Business Term Loan Michigan
Equipment Financing Michigan
Purchase Order Financing Michigan
The Michigan economy is heavily centered around B2B industries. This results in large corporations placing orders with smaller manufacturers. In order to fulfill these purchase orders, cash must be available for raw materials, labor, etc. Purchase order financing programs in Michigan provide capital needed to fulfill these large orders. Growing companies rely on purchase order financing and other forms of trade finance to fuel their growth. Speak with a PO funding expert today to learn more about our programs.
Inventory Financing Michigan
Whether you’re in an industry that’s B2B, B2C, or B2G, you likely have to hold inventory. Inventory is an asset and with the right inventory financing program you can leverage the inventory for cash. Inventory financing for Michigan companies provide low cost, flexible solutions that will enable you to have more operating capital available. By using your inventory you can hire more people, fulfill larger orders, and pay suppliers early to take advantage of supplier discounts.
Here are the many ways to use a small business loan in Michigan
Acquire a business
Refinance existing loans and credit card debt
Purchase or refinance commercial real estate
Buy or lease machinery and equipment
Purchase inventory and raw materials
Marketing and advertising campaigns
Upgrade technology and business software
Renovate existing office space
Day to day operating expenses
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