Business Loan or Line of Credit Calculator
Even the most prosperous business might find itself in need of a business loan or line of credit.
If you’re trying to decide which is best for your budget, a comparison could help you make the best choice. You can enter the amount you need to borrow, as well as prospective terms including interest rate and repayment schedule.
By entering the interest rate, loan term, closing costs and payoff schedule, you can quickly see compare and contrast a loan and line of credit. You may need a lower monthly payment or you may prefer to pay less in interest during the life of the loan. Does your startup need a flexible payment schedule? Or can you budget for a fixed amount each month?
Frequently Asked Questions
The loan amount you qualify for depends on factors including credit history, ability to pay the loan back, and the financial soundness of the reason you want the loan. A local business banker can help you with your specific needs.
How much of a business loan do I qualify for?
Do I qualify for a small business loan?Getting a small business loan is easy if you’re prepared. To apply, you may be asked to provide credit history for your business; personal and business financial statements, including debt-to-income ratio; a detailed plan for how you’ll spend the funds; and cash flow projections.
What credit score is needed for an SBA loan?An SBA loan offers more flexibility than a typical business loan. Since SouthState is an SBA Preferred Lender serving businesses in Georgia, North Carolina, South Carolina and Virginia, it’s recommended to find a local banker to assist you with your specific SBA loan.
Learn more about available business loans and business lines of credit from SouthState.