For many entrepreneurs, a small business loan is the best way to finance a new business or grow an existing organization. However, obtaining a business loan can be difficult for startups and small companies because the risk to financial institutions is greater than lending to larger businesses.
If you’ve begun to explore commercial lending options, you may have noticed some banks offer “secured” loans with more attractive interest rates and payment terms.
To help you determine if you’re eligible for a secured business loan — and whether it’s the right choice for your financial situation — here’s what you need to know.
