Wells Fargo Small Business Loans And Lines Comparison Chart
Introduction
Starting a small business can be a daunting task. One of the biggest challenges is securing financing to get your business off the ground. Wells Fargo is one of the largest lenders in the United States and offers a range of small business loans and lines of credit. In this article, we will compare the different options available to help you make an informed decision.
Wells Fargo Small Business Loans
If you are looking for a lump sum of cash to finance your business, then a small business loan may be the right choice for you. Wells Fargo offers several types of loans, including:
- Business Term Loans
- Business Line of Credit
- Equipment Express Loan
- FastFlex Small Business Loan
- SBA Loans
Each loan has its own set of requirements and terms. It is important to review each option carefully to determine which loan is the best fit for your business needs.
Wells Fargo Small Business Lines of Credit
If you need ongoing access to cash for your business, then a line of credit may be a better option. Wells Fargo offers several types of lines of credit, including:
- BusinessLine Line of Credit
- Secured BusinessLine Line of Credit
- SBA Line of Credit
Each line of credit has its own set of terms and requirements. It is important to review each option carefully to determine which line of credit is the best fit for your business needs.
Comparison Chart
To help you compare the different options available, we have created a comparison chart:
| Loan/Line of Credit | Loan Amount | Interest Rate | Loan Term | Collateral Required |
|---|---|---|---|---|
| Business Term Loans | $10,000 - $100,000 | 4.25% - 13.99% | 1 - 5 years | Yes |
| Business Line of Credit | $5,000 - $100,000 | 5.50% - 22.99% | 1 - 2 years | Yes |
| Equipment Express Loan | $10,000 - $100,000 | 4.25% - 13.99% | 1 - 5 years | Yes |
| FastFlex Small Business Loan | $10,000 - $35,000 | 13.99% - 29.99% | 1 - 5 years | No |
| SBA Loans | Up to $5 million | Depends on the loan program | 5 - 25 years | Yes |
| BusinessLine Line of Credit | $5,000 - $100,000 | 5.50% - 22.99% | 1 - 2 years | Yes |
| Secured BusinessLine Line of Credit | $25,000 - $500,000 | Prime + 1.75% | 1 - 5 years | Yes |
| SBA Line of Credit | Up to $5 million | Depends on the loan program | Up to 10 years | Yes |
Conclusion
Securing financing for your small business can be a difficult task. Wells Fargo offers a range of small business loans and lines of credit to help you get your business off the ground or to provide ongoing access to cash. It is important to review each option carefully and determine which loan or line of credit is the best fit for your business needs.