Business Loans for Engineering Services

Business loans for today’s engineering services realities. When it comes to business loans, one size does not fit all. Learn about your options.

When borrowing money for a specific investment—whether you’re starting a new project or making a large purchase—a Business Loan Michigan solution is the right type of loan for you. A term loan means you borrow a one-time lump sum of cash and pay it back over a fixed period of time, or a “term.” Our short-term loans range in term length, giving you flexibility around repayment.

How to Decide Which Small Business Loan is Right For Your Engineering Services Business?

We can help you determine what you need. We can walk you through the process of submitting the documentation and answer any questions you might have. Your personal funding manager will give you instructions on how to pay for your loan after that.

Secured Vs. Unsecured Business Loans

Unsecured loans are backed by something other than the actual loan. Understanding the pros and cons of each loan type can help you decide. Unsecured loans have some advantages over secured loans. There is no need to put up anything as security for a loan. You don’t need to make any payments for at least six months in most cases. Unsecured loans are easier to obtain than secured loans.

Unsecured loans also have drawbacks. They have higher rates than secured loans. There could be restrictions on how you use the money. If you don’t pay back the first loan, you may not be able to get another. You may have to wait a long time before you receive any money. If you don’t pay your loan back, the lender can take legal action and seize your property.

How to Apply For a Business Loan?

Most lenders will ask for a personal guarantee for a professional loan, increasing your risk. Traditional lenders typically require extensive credit and financial documentation, and their approval processes are lengthy. Even if you are approved, it can take days to get the business loan you need, and your opportunity could be gone by then.

At Business Loans Michigan, we want to help you cut through the red tape to get the working capital you need to fund your business. Our loans for professional service providers are available through a fast, simple application that’s fully automated. Provide basic data, and we’ll review your business performance to give you the funding you need – up to $250,000 – to help you hire and train employees, purchase equipment, and invest in marketing initiatives.

Benefits of an Online Lending Marketplace like Business Loans Michigan

After being funded, borrowers can receive financing in as little as 72 hours. The online application takes only a few minutes, and borrowers are informed if they are pre-approved after submitting their information. If approved, they receive an email containing the name and address of their lender, the amount they have been approved for, and the terms of their approval.