Guide to LLC Loans and How They Work

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
How LLC loans work Pros and cons of LLC loans Best loans for LLCs How to qualify for an LLC loan
What Are LLC Loans?
Bank term loans SBA loans Business lines of credit Invoice financing Merchant cash advances
How LLC Loans Work
Documents Needed for LLC Loans
Financial Information
LLC bank and credit card statements Tax returns for you (showing your pass-through income) and your LLC Profit-and-loss statement Balance sheet showing what your LLC currently owns and owes Cash flow statement Accounts receivable and payable Detailed projections of your future revenues, expenses, and profits Paperwork for other debts and loans
Business Information
Employer identification number (EIN) Business registration Business license Business permits Contracts with vendors Proof of collateral Business plan
Pros and Cons of LLC Loans
Pros
Cons
Types of LLC Loans
Bank Loans
SBA Loans
Online Loans
Business Lines of Credit
Invoice Financing
Merchant Cash Advance
What If You Are Having Trouble Securing an LLC Loan?
Collateral
Cash Invoices Real estate Equipment Inventory Vehicles Treasury bonds Stocks CDs Corporate bonds
Personal Guarantees
Comparing Business LLC Loans With Lantern
Frequently Asked Questions
About the Author
Lauren Ward is a personal finance expert with nearly a decade of experience writing online content. Her work has appeared on websites such as MSN, Time, and Bankrate. Lauren writes on a variety of personal finance topics for SoFi, including credit and banking.
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