Unlock Your Businesss Potential Get an Arkansas Business Loan

Do you run one of the 244, 000+ small businesses in Arkansas? Could you do with an infusion of capital to grow your business, maybe by purchasing real estate, investing in advertising, or acquiring another company?

Consider applying for a small business loan. If you qualify, you can get low-interest financing that can help you expand your business faster than you could on your own.

So why consider small business loans? Often, the benefit can outweigh the cost of financing. You can use a loan for business expansion, whether that’s to move into larger office space, buy equipment that makes you more productive, or hire employees to lighten your load and serve more people.

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For many businesses over the past couple of years, the COVID-19 pandemic has had a large impact on revenues. A business loan can also help you survive what’s left of this tragic global situation.

Before we look at where you can find business loans in Arkansas, let’s first explore different types of loans, since each has a unique purpose.

Existing businesses with good credit history may qualify for term loans offered by banks and credit unions. Generally, these have low interest rates.

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Another option for working capital loans if you have good credit is an SBA loan. There are several loan programs available from the federal government with low interest, including the 7(a) and 504 programs. Get more info at SBA.gov.

Taking out a line of credit is helpful if you want access to cash, just not all at once. You can borrow some now, pay it back, and then borrow more later.

If you’re looking for capital to purchase commercial real estate, there are long-term loans with low interest rates available to qualifying Arkansas businesses.

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Fundbox offers term loans and lines of credit up to $150, 000 to small businesses. To qualify, you need to have a U.S.-based business at least 6 months old with $100, 000 or more in annual revenues and a FICO credit score of 600+.

Another option to consider for business financing in Arkansas is LiftFund, which offers small business loans up to $250, 000 and startup loans up to $50, 000. The lender also offers SBA 7(a) Community Advantage loans. LiftFund has a special emphasis on helping women and minority-owned businesses.

If you’re looking for a short-term loan of $5, 000 to $500, 000, consider Kapitus. The lender offers revenue-based financing, equipment loans, business loans, and factoring. To qualify, you will need annual revenues of $120, 000 or more, be in business for at least a year, and have credit scores of 500 or greater.

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If you live in Central Arkansas and have a branch of the Arkansas Federal Credit Union nearby, check them out for business financing. Credit unions usually have lower interest rates on loans, and AFCU offers lines of credit, term loans, equipment loans, and business credit cards.

With so many lenders and types of loans, it can be hard to know where to begin. Start by considering how much you want to borrow and how you’ll use the money. Also, how quickly will you be able to make the loan pay for itself through a boost in revenue?

If you’re looking for fast cash that you can repay quickly, a short-term loan (which typically has to be repaid within just a few months) might work. If you need to borrow millions of dollars, maybe to buy commercial property, you can get a real estate loan.

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Small business loans aren’t your only option for small business owners to get financing in Arkansas. Nonprofit organizations and local governments also offer grants that don’t have to be repaid.

If you’re a woman who owns a business, look at the Amber Grant, which gives away $10, 000 a month, and an annual grant of $25, 000. And of course, there’s the Grant, which gives away up to $10, 000 each quarter to small businesses.

Need help with a loan application in Little Rock? Is your business in Fayetteville or elsewhere in Northwest Arkansas and you want to connect with other business owners? There are plenty of business resources available that offer technical assistance, mentoring, workshops, and networking opportunities.

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The Arkansas Economic Development Commission is a valuable resource for minority- and women-owned businesses, as well as those in manufacturing and science and technology. And the Arkansas Small Business and Technology Development Center can provide assistance creating a business plan, advising on purchasing a company, or guidance to grow your business.

No matter where your business is located in Arkansas, know that you’re not alone. There are organizations and resources, not to mention plenty of financing solutions, ready to help you thrive.

Susan Guillory is an intuitive business coach and content magic maker. She’s written several business books and has been published on sites including Forbes, AllBusiness, and SoFi. She writes about business and personal credit, financial strategies, loans, and credit cards.

Arkansas Small Business Loans

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Reviews are not provided or commissioned by the credit card, financing and service companies that appear in this site. Reviews have not been reviewed, approved or otherwise endorsed by the credit card, financing and service companies and it is not their responsibility to ensure all posts and/or questions are answered.The Natural State is a natural place to think about launching your small business, and fortunately, there are many business loan options in Arkansas to help you achieve your entrepreneurial dreams.

Arkansas boasts the lowest cost of living out of any state in the United States, and, although its business taxes exceed those of its neighbors, the state also sports a very favorable “cost of doing business” ranking. A business loan in Arkansas can help grow your company whether you’re in an urban center like Little Rock or located out in Arkansas’ beautiful countryside. Because of these factors, small business financing offered in Arkansas tends to go further in the Natural State than in other, costlier regions.

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SBA loans are named after the Small Business Administration, the federal agency that partially guarantees SBA loans. Because they are backed and insured by the federal government, SBA loans can offer lower interest rates—especially the flagship SBA 7(a) loan program. The downside: the time required to secure SBA loan funds can be longer than with private loans.

Unlike your normal business loan, a line of credit revolves—this means you have access to credit as you need it and pay only for the credit you use, rather than the large, up-front disbursement that comes with a traditional loan.

When you think of a “small business loan, ” you most likely think of term loans, in which a large sum of money is disbursed up front to an approved applicant. The applicant then repays this loan, plus interest, over years, sometimes several decades.

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Most businesses need equipment of some kind. Equipment financing lets you obtain the machinery you need to run your business and then pay for it in installments.

Arkansas Federal Credit Union specializes in small business loans, which can be helpful in the first few years of a company’s life.

See which credit cards you qualify for before choosing the one that best suits your business needs and offers the cash rewards you’re looking for.

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Thanks to such a low cost of living, owning a business in Arkansas means that each dollar from