When looking for small business loans in Oregon, you’re going to have a couple of choices that you need to make. For example, what type of loan will you need for your small business: a line of credit, SBA loan, merchant cash advance, among others? Also, what do you intend to use the loan proceeds for? And something else to think about in terms of getting small business loans in Oregon, what kind of lender do you want to work with? In this article, we’ll look at a few of the different Oregon business lenders that are out there.
Getting Small Business Loans Oregon
First off, before delving into the types of lenders that you could work with, let’s take a look at the criteria that lenders use in deciding whether or not to approve your business loan application. Whether you are based in Portland, Salem, or Medford, you’re likely to have to submit very similar documentation for your loan. And how the lender will evaluate your loan will be based upon the following factors (among others):
- Your credit score and credit history. It is crucial in determining your creditworthiness for the lender to examine your past credit history. In doing so, they will also look at your credit score. Therefore, it is crucial to make sure that you do all you can do to improve your credit score now.
- The amount of collateral you have to put down. Now keep in mind that not all small business loans in Oregon require collateral. However, if other aspects of your loan application are somewhat weaker, being able to put down a decent amount of collateral could help your approval odds.
- The number of debts you currently have. A lender will certainly look at your current list of liabilities. They will consider the amount of money you have coming in and decide whether or not you can comfortably handle another debt on top of this. If you can pay off some of your current debts, you will be better positioned to get approved for a small business loan.
- Your number of years in business. This is especially true of traditional Oregon banks. They are more hesitant to work with newer companies, companies that have been in business for less than two years. Younger firms don’t necessarily have any track record of which to speak. The longer you’ve been in business, the more comprehensive your track record is, and your chances of being approved are better.
Types of Business Lenders in Oregon
Conventional Banks. When small companies consider going for a business loan, they generally first think of traditional banks. And while certainly, you can apply to a conventional Oregon bank, it’s important to note that they prefer to work with larger, more established clients. In working with a bank, there will be far longer wait times than working with some other lenders. You could be waiting weeks or even months for the money to hit your account.
Oregon Credit Unions. Credit unions are another option for getting small business loans in Oregon. However, because credit unions are smaller entities, they don’t necessarily have the same resources as other lenders. This makes their lending more prohibitive. And again, as with banks, the wait times will be a bit longer with credit unions.
Alternative or Online Lenders. In Oregon, you can work with an alternative lender from any location. The process is super simple! Fill out an online application online and then submit the required financial documentation. Most small businesses will get a decision within hours, and most will receive funding within 1 to 2 days. Unlike larger banks, online lenders tend to take a big-picture lending approach. They aren’t fixated on one score or one number. They look at the overall profile of your company and its potential.
First Union Lending is Here to Help
We work with businesses throughout the state of Oregon in all industries. From salons to restaurants to medical practices, we have helped numerous Oregon-based clients get the cash they need exactly when they need it. We offer short-term loans, SBA loans, and equipment financing, among other funding types. We still have solutions even for those with less than stellar credit scores. Call today.