Scaling Your Venture with Business Loan Options
You started a business with the hopes of growing your venture with hard work and determination. If your company is growing, you may be thinking about options to scale it even further with business financing. You may have your eye on a few different business loan options, but how do you know which option is the best fit for your needs? We’re breaking down the types of business loans WesBanco offers and our committed approach to help our business community thrive.
When to Apply for Business Financing
It’s a big decision anytime you’re looking to borrow money, but especially when it comes to your business. So, when is the right time to apply for a business loan? These five reasons can help you decide if your business is ready for an influx of capital:
- You’re Working on Building Credit: Just like an individual, businesses need to build up their credit to take on large-scale business financing. So, applying for a short-term loan or business credit card is an easy and efficient way to build credit for the future.
- You’re Hiring: Expanding your business may mean expanding your workforce. If you’re hiring fresh talent to prepare for new growth, a loan can cover initial expenses for new employees.
- Your Business is Expanding Physically: More people and more product mean more space. If you started small and are feeling cramped, it may be time to take out a business loan for a new storefront, warehouse or office space.
- You Need New Equipment: If you need equipment to perform a certain service or machinery to make a product, it may be a good time to consider a business loan. Equipment loans can help you cover the cost of the purchase with less immediate impact to your cash flow.
- You’ve Landed a Big Opportunity: If the opportunity of a lifetime came knocking and you need all of the above—it could be time to apply for a business loan. Just be sure the opportunity and investment outweigh your accrued debt.
Wherever you are on your business journey, WesBanco offers business loan options to cover these needs and more with a hands-on approach during the entire process.
Business Financing Options for Growing Companies
We are committed to helping our community businesses thrive and grow, that’s why we have many types of business loans tailored to your growth goals. Find out which one is best suited for your needs.
Business Term Loans
Business term loans are ideal for small, mid-sized and large businesses to grow. These types of business loans are available with flexible terms and rate structures along with a secured or unsecured option. Business term loans are designed to be used for a wider variety of expenses, so these types of loans are incredibly versatile and can help build credit, hire new talent or take on an opportunity for growing even more capital.
WesBanco’s business term loans are distributed in a lump sum, which you begin making payments of principal and interest on immediately. The minimum loan amount is $10,000, and automatic payments can be deducted from your WesBanco business checking account to make managing your loan easier.
Equipment and Vehicle Business Financing
One important aspect of growing your business is having the vehicles and equipment to get the job done. That’s why we offer specialty business loan options for vehicles and equipment to keep you moving in the right direction. These loans are designed to work across industries—construction, distribution, and services. That means if you need new or replacement construction equipment, manufacturing equipment, delivery vehicles, and even medical or commercial retail supplies, we can help.
WesBanco’s equipment and vehicle loan amounts range from $10,000-$100,000 with a fixed-rate term. We also offer vehicle and equipment loans for over $100,000 depending on your business needs. Purchased vehicles or equipment then become collateral for the loan, similar to a standard auto loan. After you’ve received the lump sum of the loan, you’ll start making payments right away.
Commercial Real Estate Loans
After building a customer base, investing in equipment and hiring new talent, your current space may be a bit cramped. Perhaps you need to expand based on manufacturing needs or you’re looking for land to develop. WesBanco’s Commercial Real Estate loans can help you make that purchase. Real Estate business loan options include flexible terms, fixed or adjustable rates and a minimum loan amount of $10,000.
Owning your own business property has many attractive qualities, including control over building management, tax breaks and current commercial mortgage rates. When you’re ready to apply for a business loan to finance commercial real estate, it’s important to consider the future, too. Choose a space or land that allows for even more growth for your company.
Additional Business Financing Options
For business owners, flexibility is important. That’s why WesBanco also offers a Business Line of Credit to fund expenditures daily. A business line of credit can provide access to short-term funding for seasonal businesses, an increase in production, or adding a new product or service to your portfolio. Our suite of business financing options also includes business credit cards that can help you save on interest and fund everyday necessities.
Ready to apply for a business loan? Choose a trusted lender who’s committed to your success and understands your unique needs as a business owner. At WesBanco, we’ve simplified the business loan process. Your personal lender will walk you through the entire process, talk to you about your needs and suggest a personalized plan that’s beneficial for the future growth and success of your business.
Learn More about WesBanco’s Business Loan & Credit Card Options
Content is for informational purposes only and is not intended to provide legal or financial advice. The views and opinions expressed do not necessarily represent the views and opinions of WesBanco.