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Business Loan Glossary Michigan

The following contains a glossary with terms and information you should know about a business loan . Read on if you are interested in obtaining a business loan in Michigan and want to get started.

Local Companies

Annacore Business Capital
866-767-9723
P.O. Box 701015
Plymouth, MI
Empire Merchant Funding
269-352-5191
8175 Creekside Drive
Kalamazoo, MI
AdReturns MG, LLC
(888) 342-2602
5355 Northland Drive, #117
Grand Rapids, MI
Citizens Bank
(248) 324-8680
49125 Grand River Ave
Novi, MI
Countrywide Home Loans
(269) 964-5003
7175 Tower Rd
Battle Creek, MI
Kastco Credit Union
(269) 381-2790
3631 Covington Rd
Kalamazoo, MI
Cash Money Brothers
(586) 979-0355
37883 Mound Rd
Sterling Heights, MI
Exchange State Bank
(810) 648-4076
415 W Sanilac Rd
Sandusky, MI
Instant Cash Advance
(734) 246-1111
15311 Dix Toledo Rd
Southgate, MI
Cash Giant
(586) 756-4200
7635 E 8 Mile Rd
Warren, MI

The following information was sourced from businesstown.com.

Accounts Receivable Financing - A loan gained by borrowing against receivables. Loans are paid down as receivables are collected.

Annual Fee - The amount charged by the lender each year to cover the administrative costs of the loan.

Business Credit Card - An amount of money, which a business can borrow against at times it needs capital. Using a card accesses the money.

Commercial Real Estate Loans - Similar to residential mortgages, but collateral is business property. Interest rates are usually fixed, the length of the loan can range from 5 - 20 years and payments due monthly.

Commercial Term Loans - Loans made to businesses that can be either secured and unsecured. Usually made to mid-size and large businesses.

Credit Rating - A predictor of the ability to pay back a loan. The credit rating is a result of credit scoring.

Credit Report - Financial history supplied by a credit information company like Dun and Bradstreet, Equifax, Experian or TransUnion. Contains credit information on a business or an individual, including payment history of bank cards, store cards, mortgages, student loans, and trade payments.

Credit Scoring - The evaluation system used by lending institutions to determine relative credit riskiness of a business or consumer. When evaluating businesses, it generally considers factors such as credit payment history, new credit sought by owner of business, and financial strength and longevity of business.

CreditFYI - A web site for checking business credit reports.

Debt Financing - A loan with pre-agreed terms, including payback schedule and interest.

Dun & Bradstreet - Leading provider of business credit information.

Equifax - One of three leading providers of personal credit information.

Equipment Leases - Leases allowing companies to purchase new equipment.

Experian - One of three leading providers of personal and business credit information.

Fixed Interest Rate - An interest rate that is the same throughout the life of a loan.

Interest Rate - The amount charged by a lender for the money borrowed. It can be fixed or variable.

Inventory Financing - Money borrowed on the basis of finished inventory. The loan is paid as inventory is sold.

Line of Credit - An amount of money, which a business can borrow against at times it needs capital. Often accessed by check, ATM, or business card.

LiveCapital.com - A web site for small business loan offers from a variety of lenders instantly.

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Featured Local Company

Annacore Business Capital

866-767-9723
P.O. Box 701015
Plymouth, MI
www.annacorebusinesscapital.com
Read more about Business Loan Glossary

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