Having the right amount of capital is critical to keeping your manufacturing business up and running. But whether it’s time to expand your business or unexpected costs occur, like broken-down machinery, you’ll likely need to explore some type of financing at some point.
The good news is, your local bank has a variety of lending options available for manufacturers no matter their needs. Here are just a few business loan options for your manufacturing business that you may want to consider:
- If you want to expand your manufacturing business or perhaps purchase a second facility, a real estate loan can help you purchase or build additional space for your facility.
- Term loans are loans for a specific amount that has a specified repayment schedule at a fixed or floating interest rate. These loans can be used for many things your manufacturing business needs.
- Whether you need to replace old or broken machinery or expand your fleet of trucks or other vehicles, equipment & vehicle financing is a term loan that is perfect for those needs.
- A revolving line of credit is ideal for accessing cash as your manufacturing business needs it, such as covering slow or seasonal cash flow periods.
- Overdraft protection links to an existing business checking account and can help cover the costs in case of an unexpected overdraft, giving you peace of mind as you manage your business.
- Compared to a conventional loan, SBA Loans are a good option for business owners to take advantage of lower down payments and favorable terms while removing some of the barriers of traditional financing options.
Let’s work together to find the right loan for your manufacturing or other business. Not only do we offer a variety of loans at competitive rates, but we’ll work with you one-on-one to build a customized solution based on your individual business needs. And if you qualify, we can process your loan request quickly.
Give us a call at 866.650.0720 to get started or visit one of our branch locations today.