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Commercial Loans
There are three types
of commercial loans, as classified by term. Short-term loans have maturities
of up to one year and may include funds for working capital, A/R, and
lines of credit. Long-term loans have maturities greater than one year
and generally less than seven. They are usually secured for equipment
and/or working capital. Real estate and equipment loans, then, have terms
of up to 25 years. They are often used for major business expenses, such
as real estate and facilities, construction, durable equipment, furniture
and fixtures, vehicles, etc.
Often times, sole proprietors will apply for a home equity loan. A home
equity loan is a loan for any legal purpose which uses the equity in a
member's home as the collateral. It is often called a "second mortgage."
The property must be owner-occupied.
Many business owners find this option to be more feasible than trying
to attain a commercial business loan.
There are numerous banking institutions in the San Luis Valley that offer
both business and home-equity loans. Click here
for a complete list.
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