Manufacturing Business Loans

Loans For Manufacturing Businesses

Receive personalized loan offers through PrimeRates’ quick and simple pre-application online process.

How PrimeRates Works

PrimeRates provides access to personalized business loan offers through our simple and quick pre-qualification application. Once you’re pre-qualified, you can select the best offer for you and finalize the business loan application with the lender.

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    Finalize your loan offer with the lender you selected to receive your funds.

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What Type of Business Do You Have?

Manufacturing Business Loans

Manufacturing businesses of all sizes can take advantage of manufacturing loans. Manufacturing loans can be used for just about anything business-related. Securing financing for your manufacturing business can provide endless opportunities and help you navigate around obstacles.

Whether you own a startup or small manufacturing business or large well-established manufacturing business, there are financing options designed for your business. You should qualify for multiple financing options, making it critical to do your due diligence and select the option that is best for you. For small business owners or startup entrepreneurs who are concerned about not being able to qualify for a loan, listen up. The government has created agencies and allocated funding to help small manufacturing businesses and startups qualify for financing and loans. Keep reading to learn everything you need to know about manufacturing loans, how they work, and where you can get them.

What are manufacturing business loans?

Whether you need to improve cash flow, cover payroll or overhead, finance equipment, open new locations, or innovate new technology, a manufacturing loan can help. Most manufacturing loans do not have restrictions on how the funds can be spent. Many lenders provide financing designed specifically for businesses in the manufacturing industry. A little later on we will cover where to get a manufacturing loan and find lenders that specialize in the manufacturing industry. Before applying for a manufacturing loan,  you should clearly outline your revenue streams and or potential revenue streams. You may be asked to provide a detailed business plan, bank statements, or other financial documents to be approved for a manufacturing loan. Being prepared with documents before applying for a loan can increase your chance of approval. You should be able to more accurately complete loan applications having this information together prior, especially if you are a small business or startup. In addition, most types of manufacturing loans require a personal guarantee so you should make sure your credit and finances are in good health. If you use a business loan most lenders require monthly repayment determined by a pre-set schedule. However, repayment terms and interest can vary and should be assessed on an individual basis. In some cases, lenders or the SBA may defer payments for small businesses or startups to allow them some time to get going. 

How do manufacturing business loans work?

Most manufacturing business loans issue funds as a lump sum once your loan has been approved. Once you receive the money, interest should start to accrue. Most manufacturing loans should have a fixed interest rate meaning your monthly payment should not change during the loan term. Some manufacturing loans may not require assets or collateral. However, most manufacturing business loans require a personal guarantee. If you are a fairly small business or startup, you may want to look into an SBA loan. 

What are the reasons for manufacturing business loans?

Manufacturing loans can be used for just about anything business-related. Some popular uses for manufacturing business loans include…

  • Purchasing materials
  • Improving cash flow
  • Financing equipment
  • Renovations
  • Expansions
  • Licenses
  • Pay business taxes
  • Upgrade computer systems and technology
  • Buy out a business partner
  • Open new locations or franchises
  • Expanding services
  • Marketing and advertising expenses
  • Pay off more expensive business loans
  • Signage

What are the best loans available for a manufacturing company?

Rather than focusing on the best manufacturing loan, you should focus on what is the best manufacturing loan for your business. Below we will discuss some of the top manufacturing loan options. You should pay careful attention and consider which options your business may qualify for. In addition, you should consider the size of your business, how much you need to borrow, how long you need to borrow the money, and how long you need to repay the money. These factors can help guide you to the best manufacturing financing option for your business. Once you have decided what type of manufacturing loan you would like you will need to decide where to get it. A little later on we will also discuss where to get manufacturing loans. Securing a manufacturing business loan online may be the most efficient way to get a business loan since you will never have to leave your home or office. Some may be tempted to submit multiple applications to multiple online lenders to see who has the most competitive loan offer. However, you should avoid submitting multiple applications for prequalification. The best way to compare loan offers and receive multiple personalized loan offers without affecting your credit score is PrimeRates. PrimeRates offers a secure online platform that can connect you to multiple reliable lenders. PrimeRates can help all credit types qualify for manufacturing business loans and SBA loans. Let’s take a look at different types of manufacturing loans…

#1. Manufacturing Business Loan

Manufacturing business loans are suitable for small and large businesses that need to borrow a lump sum of money. Most lenders offer manufacturing business loans up to $500,000 with repayment terms up to 25 years. Business loans are fairly easy to qualify for and offer competitive interest rates. You can receive a business loan through a bank, credit union, or online lender. All of these sources offer competitive interest rates but online lenders may offer some of the most competitive rates. In addition, online lenders may be easier to qualify for and faster to fund loans. Manufacturing business loans are one of the most affordable options with flexible repayment terms, making them a top choice for many business owners.

#2. SBA Manufacturing Loan

If you are a small business or startup you should consider an SBA loan. SBA loans are partially guaranteed by the government which can make these loans less risky for lenders. Since there is less risk, you may be more likely to qualify. The SBA also makes it easier for lenders to access capital. The SBA does not directly loan money to businesses. Instead, the SBA sets guidelines for agencies to help them approve better loans. Some SBA loans require some kind of collateral or money down and almost all SBA loans require a personal guarantee. Most business loans also require a personal guarantee. 

#3. Manufacturing Business Credit Card

Compared to other options, business credit cards may have higher interest rates and lower spending limits. However, they can be a good way to finance smaller day-to-day purchases and operations.  Many credit cards offer incentives for making purchases using their card. It may be a good idea to find a credit card with generous rewards and use it for regular spending. If you decide to do this, you should pay the balance off monthly in order to receive the rewards without paying high interest rates. In addition, using a business credit card for regular spending may help cash flow.

#4. Manufacturing Line of Credit

Lines of credit can be a good financing option for more established manufacturing businesses. If you have at least 6 months in business and $25,000+ annual revenue, you may qualify for a manufacturing line of credit.  Lines of credit allow access to a fixed amount of capital. Similar to a credit card, you should only be charged interest on the money you use. Lines of credit can be a smart way to finance inventory or equipment purchases and improve cash flow. Manufacturing lines of credit may be harder to qualify for than other options. In order to qualify with most lenders, you will need solid cash flow, collateral, and a good credit score. 

What are the pros and cons of manufacturing business loans?

At the core of every successful business are well-educated business decisions and choices. When it comes to borrowing money to expand your business, it’s critical to make smart decisions. In our personal lives, we may try to avoid borrowing money but in the business world, it may be a necessity in order to grow. In addition, the intent of a business loan is to make more money using the money you borrow. This can help justify the extra costs associated with loans. Let’s compare some pros and cons of manufacturing business loans…

Pros:

  • Accelerate growth
  • Improve cash flow
  • Advance technology

Cons;

  • Repayments can be challenging
  • Money may not solve all problems

Where to find manufacturing loans and financing?

If you are looking for the best manufacturing loans and financing you should visit PrimeRates. PrimeRates partners with online lenders that offer business loans and SBA business loans for manufacturing businesses. Most online lenders that partner with PrimeRates offer very competitive interest rates, fast funding times, easy application processes, and outstanding customer service. Most banks and credit unions also offer business loans and some may offer SBA loans but they may be harder to qualify for. 

How do you apply for a manufacturing loan?

Whether you are trying to qualify for a manufacturing loan with a bank, credit union, or online lender, you will need to start with an application. We strongly recommend using an online lender to save yourself time, money, and hassle. PrimeRates partners with multiple reliable lenders who specialize in manufacturing loans for small and large businesses. Their platform encourages lenders to issue some of the most competitive offers because they know they are up against competitors. If you visit PrimeRates and submit an application, your credit will not be affected. In addition, PrimeRates can reduce the risk of using an online lender. Here are 3 easy steps to apply for a manufacturing business loan…

#1. Submit application (takes less than 2 minutes)

#2. Select the best business loan offer

#2. Receive funds quickly (as soon as 24-hours)

Conclusion 

In conclusion, no matter how big or small your manufacturing business is, you will need working capital to operate. Manufacturing business loans can provide the capital your business needs to start, grow, or innovate changes. If you are looking for the best manufacturing loan offer, you should visit PrimeRates. Within seconds you can receive multiple manufacturing business loan offers without affecting your credit score. Even if you are just shopping or considering a business loan,  you should apply through Prime Rates. You have nothing to lose and everything to gain. So what are you waiting for?

Pre-qualify for manufacturing business loans…apply online today!

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