Microlenders or peer-to-peer lending platforms offer loans to individual borrowers and small businesses. Online platforms offer business loans through a network of microfinance partners. The interest rates are based on the economic environment, loan term and amount, and other factors. Lending platforms offer loans with different interest rates, fees, and closing costs. You can calculate the monthly payments based on the loan amount and term of repayment. 
Some peer-to-peer lending platforms also offer women’s small business loans. Microloans are offered through different programs to help non-for-profits and small businesses to expand. Unlike traditional banks, customers benefit from quick approval. Business customers are offered loans such as equipment financing and franchise and start-up loans. Applicants with good credit are offered attractive deals and packages and flexible terms. In addition to unsecured and secured loans, there are government grant programs to consider. Companies in the field of retail commerce, technology, and healthcare usually qualify for grants offered under government programs. Finally, another option is to ask your friends, relatives, or family for a small loan. Studies show that 50 percent of start-up businesses get a loan from friends or relatives. Financial institutions offer different types of financing, including start-up, commercial, construction, and other loans.
Related: Loans for People with Bad Credit in Canada
Borrowers also apply for business acquisition loans and use supplier financing. In addition to government programs and grants, there are other types of loans such as supplier and vendor financing. A standard bank loan is another option, but the application process may take several weeks, and applicants with poor credit are often turned down. They also consider the borrower’s payment history, revenues, ownership structure, experience, and other factors. Banks usually require that applicants with compromised credit offer collateral such as accounts receivable, business inventory, real property, and others. Depending on the lender and loan amount, applicants are asked to submit documents such as personal and business financial statements, funding application, and franchise agreements. Enclose financial estimates and verification of non-business income. Provide your cash flow statements and mortgage notes, if applicable. You may want to enclose a business plan and include components such as company description, description of your management and organization structure, executive summary, etc.