The best small business loans for Salem, OR
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Industries we work with in Salem, OR
We're proud to work with small businesses across various industries in Salem, OR. Whether you're in healthcare, construction, or technology, we're here to help you grow and succeed. Our financing solutions are customized to meet your needs, so you can focus on what you do best - running your business!
Here are some of the many industries we serve:
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Construction
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Medical Practices
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Beauty Salons
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Retail Stores
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Restaurants
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Hotels
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Manufacturing
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Staffing
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Automotive Businesses
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Landscaping
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Toy Businesses
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Transportation
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IT
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Professional Services
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Veterinary Practices
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Franchise Businesses
See why thousands of businesses have made SMB Compass
the top-rated small business loan provider in Salem, OR
Learn more about our loan packages
The best small business loan in Salem, OR
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SBA Loans
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Term Loan
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Invoice Financing
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Business Line of Credit
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Inventory Financing
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Bridge Loans
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Equipment Financing
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Asset Based Loans
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Purchase Order Financing
FAQs about small business loans in Salem, OR
If you’re looking to get a small business loan in Salem, OR, here’s what you should do:
- Know what you need. Before applying for a loan, get a clear idea of how much money your business needs and how you will use the funds. Doing so can help identify the best type of loan for your needs.
- Check your credit score. Many lenders in Salem, OR, will look at your credit score when reviewing your application, so knowing where you stand is important. If your score is less than ideal, consider improving it by making timely payments, keeping old accounts open, and limiting new credit applications.
- Research lenders. Many different types of lenders offer small business loans in Salem, OR, including banks, credit unions, and online lenders. Research to find out which ones best fit your needs and qualifications.
- Prepare your application. Once you’ve identified potential lenders, prepare your loan application carefully. This may include providing financial statements, tax returns, and other documentation demonstrating your ability to repay the loan.
- Apply for the loan. If you’ve found a lender you’re comfortable with, it’s time to start your application. The process varies from lender to lender, but essentially, you need to submit your loan application along with the required documents. You also need to prepare to answer any additional questions the lender may have.
- Wait for a decision. The lender will then review your application and decide whether to approve your loan or not. Funding speed depends on the lender and loan type. Banks usually take weeks or months, while online lenders can fund your business in a day.
Salem OR
There are several options for getting a business loan in Salem, OR. You can start by researching banks and credit unions that offer business loans. Additionally, there are online lenders and alternative financing options such as peer-to-peer lending platforms and crowdfunding sites. It's important to compare the terms and requirements of each lender to find the best fit for your business needs. Consider working with a financial advisor or business consultant to help you navigate the lending process and choose the best loan option for your specific situation.
The government loan program for small businesses in Salem, OR, is the Small Business Administration (SBA) loan program. The SBA offers several loan programs for small businesses needing bank-rate financing access.
Several types of small loans are available to businesses in Salem, OR. Some of the most common types of small loans include term loans, lines of credit, equipment loans, and merchant cash advances. The type of loan that is best for your business will depend on various factors, such as your credit score, revenue, and the purpose of the loan.