The best small business loans for Sterling Heights, MI

Take your business to new heights with the right financing

  • Apply in less than 60 seconds
  • Wide range of financing option for every need
  • Competitive rates and terms
  • Personalized service
  • Dedicated support team

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Industries we work with in Sterling Heights, MI

We're proud to work with small businesses across various industries in Sterling Heights, MI. 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

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See why thousands of businesses have made SMB Compass

the top-rated small business loan provider in Sterling Heights, MI

Garrett Cushing
Garrett Cushing
November 30, 2021.
Diligent and honest people to work with. SMB has been a great resource for my business, helped me through a variety of different financing over the years.
John Limato
John Limato
November 16, 2021.
I rarely write reviews but felt the need to thank the SMB team. Found them to be honest people that took the time to understand my business and walked me through the entire process.
Connor Johnson
Connor Johnson
November 4, 2021.
SMB helped me navigate through the growth period in my business. They were diligent and genuinely cared to make sure we got the percent line in place to meet our current needs. Very happy I was introduced to them and would highly recommend.
Michelle Cota
Michelle Cota
October 27, 2021.
I am so happy that SMB was able to help our company when we were in a jam. They were so attentive and so easy to work with. Helped step by step to get financed. Thank you Clay!
Veronica Akins
Veronica Akins
October 14, 2021.
SMB Compass was helpful and fast. They kept in contact and answered all my questions. The best part of our interactions was that the lender could have given me an extremely high interest rate loan when I thought that was my only option, but he instead told me of another option that fit our needs much better and saved us money! Thank you Clay
John Folco
John Folco
October 13, 2021.
True experts in the Commerical finance space. Great company to work with, look forward to a continued relationship.
Pat Mcandrews
Pat Mcandrews
October 8, 2021.
Great team of professionals to work with. Incredibly responsive and great problem solvers. Would recommend them to anybody.
Haroon S
Haroon S
September 22, 2021.
Clay was great to work with. Very responsive and great communication.
John Lutz
John Lutz
September 15, 2021.
Great people to work with. They were transparent and helpful from the first call to closing. I would recommend them to anyone in my network.
Matthew Seymour
Matthew Seymour
July 16, 2021.
Clay & Matt are experts in the industry and they are able to advise on a number of topics.

Learn more about our loan packages

The best small business loan in Sterling Heights, MI

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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 Sterling Heights, MI

How to get a small business loan in Sterling Heights, MI?

If you’re looking to get a small business loan in Sterling Heights, MI, here’s what you should do:

  1. 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.
  2. Check your credit score. Many lenders in Sterling Heights, MI, 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.
  3. Research lenders. Many different types of lenders offer small business loans in Sterling Heights, MI, including banks, credit unions, and online lenders. Research to find out which ones best fit your needs and qualifications.
  4. 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.
  5. 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.
  6. 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.
 

Sterling Heights, MI

Sterling Heights, MI

What questions do they ask when applying for a loan in Sterling Heights, MI?

The questions asked when applying for a loan in Sterling Heights, MI, may vary depending on the type of loan and the specific lender. However, some common questions that you may be asked when applying for a small business loan in Sterling Heights, MI, can include:

  1. What is the purpose of the loan, and how will you use the funds?
  2. How long has your business been operating, and what is your annual revenue?
  3. What is your personal credit score, and what is your business credit score?
  4. What collateral do you have to secure the loan?
  5. What is your business plan and your short-term and long-term goals?
  6. What are your current outstanding debts, and how do you plan to repay them?
  7. What is the legal structure of your business, and who are the owners?
  8. Do you have any industry experience, and what is your background in managing a business?

These questions are designed to help lenders assess your creditworthiness and determine whether you are a good candidate for a loan. It's important to be prepared to provide detailed and accurate information about your business and financial history when applying for a loan in Sterling Heights, MI.

What is the most common type of small business loan in Sterling Heights, MI?

The most common type of small business loan in Sterling Heights, MI, can vary depending on the business's specific needs. However, some common types of small business loans in Sterling Heights, MI, include:

  1. Term loans: This type of loan provides a lump sum of money repaid over a set period, typically with a fixed interest rate.
  2. Lines of credit: This loan provides access to a predetermined amount of funds that can be drawn upon as needed, with interest only paid on the amount borrowed.
  3. SBA loans: The Small Business Administration (SBA) offers a variety of loan programs, including 7(a) loans, CDC/504 loans, and microloans, to help small businesses start and grow.
  4. Equipment financing: This type of loan is used to purchase or lease equipment needed to run the business, with the equipment serving as collateral for the loan.
  5. Invoice financing: This type of loan allows businesses to receive cash advances based on outstanding invoices, with the lender collecting payment from the customer.

It's important to consider your business needs and financial situation when deciding on the best type of loan for your small business in Sterling Heights, MI. It's also a good idea to compare offers from multiple lenders to find your business's best terms and interest rates.

How do I approach someone for a business loan in Sterling Heights, MI?

Approaching someone for a business loan in Sterling Heights, MI, can be daunting, but with the right approach, you can increase your chances of success. Here are some tips to help you approach someone for a business loan:

  1. Do your research: Research potential lenders to find out what types of loans they offer, their lending requirements, and their interest rates and fees. Look for small business loan lenders with experience working with businesses like yours.
  2. Prepare your business plan: A well-crafted business plan can help convince potential lenders that your business is a good investment. Ensure your business plan includes detailed information about your business, target market, competition, and financial projections.
  3. Be professional: Dress professionally and prepare a professional loan proposal outlining your loan request, business plan, and financial history. Be prepared to answer questions and provide additional information about your business and loan request.
  4. Emphasize your strengths: Highlight the strengths of your business, including your experience, your track record of success, and your unique selling proposition. Make sure the lender understands why your business is a good investment.
  5. Be realistic: Be realistic about your loan request and your ability to repay the loan. Lenders will want to see a solid plan for repaying the loan, so make sure you clearly understand your financial situation and your ability to generate revenue.

Remember, approaching someone for a business loan is a business negotiation, and being prepared and professional is important. With the right approach, you can increase your chances of securing the financing you need to grow your business in Sterling Heights, MI.

What are the other good sources of loans for small entrepreneurs in Sterling Heights, MI?

There are several good sources of loans for small entrepreneurs in Sterling Heights, MI, including:

  1. Banks and credit unions: Traditional banks and credit unions offer a range of loan options for small businesses, including term loans, lines of credit, and SBA loans.
  2. Community development financial institutions (CDFIs): CDFIs are nonprofit organizations that provide financing to underserved communities, including small businesses that may have difficulty obtaining traditional bank loans.
  3. Online lenders: Online lenders offer a convenient and often faster way to apply for a small business loan. However, it's important to carefully review the terms and interest rates before applying.
  4. Friends and family: Friends and family members can be a good source of financing for small businesses, but it's important to approach these loans as a business transaction and have a clear repayment plan in place.

When looking for a loan, it's important to consider the interest rates, repayment terms, and fees associated with each option. It's also a good idea to shop around and compare offers from multiple lenders to find the best loan for your business needs in Sterling Heights, MI.

Small business loans available in every city in Michigan