Financing a small business is an art unto itself, one that requires knowing your industry inside and out. It also requires you to develop a high degree of financial literacy to make the most of things.

You could reach for standard business loans when you need working capital, but you will quickly find small businesses and startups are not the companies most banks have in mind. That's when you need loans that do have you in mind. Luckily, there are a lot of lenders out there who work on business loans for people like you.

From SBA loan providers to hard money lenders to asset financing specialists, there are providers building products that are meant to help the right businesses find financing that serves them better. The key is learning who can provide the right kind of financing for a company like yours.

Working Capital Loans

One of the most useful types of business loan, working capital loans, follow a traditional payment structure and usually feature amortizing payments. Some exceptions exist for specific forms of working capital loan like the hard money loan or the real estate bridge loan, but in general, you can find a startup loan for the cash you need to keep your business running smoothly if you have six months of income receipts and a healthy financial history.

• Secured Working Capital Loans use collateral to help keep the interest rate down while extending the payment terms. It is typically easy to get these loans at a lower total price than unsecured loans with comparable terms, and sometimes even cheaper than unsecured loans with substantially shorter terms. The downside is that if you get into financial trouble, your collateral can be repossessed by the lender. Many entrepreneurs who use this option look for a lender that will let them use it to finance a purchase, where the assets purchased can be the collateral.
• Unsecured Loans provide the working capital you're looking for in a business loan, but without the risk to any assets. They are used often for short-term maneuvers like inventory stock-up or renovations to your facilities. They are also a good option when you just need a cash injection because your incoming and outgoing receipts do not line up due to regular business cycle issues.

Business Credit Lines

Another option for many companies is a line of credit that allows for cash withdrawal. This is a step up from the standard business credit card account, allowing you to draw cash from it like a reserve savings when you need it. Then, you can pay down the balance as fast as possible when business is booming.

This model is used for both streamlining outgoing cash and covering you when seasonal demand requires you to do a lot of up-front work to reap a reward in a few weeks or months. Credit lines are typically one of the first items businesses line up when they seek financing, but they are rarely the only thing.

Same-day Business Loans

Same day business loans are a popular option for business owners or entrepreneurs who need funding quickly. According to https://www.quickloansdirect.com/business-loans/, an online application can take as little as five minutes and they only ask you to upload 3 months bank statements. Funding up to $1 million can happen in only 4-24 hours. This is a significantly different process than a standard business loan.

Build a Diverse Credit Portfolio

While you look into the types of loans you can use to raise capital and the various ways of obtaining credit beyond them, remember to look into ways you can make the most of your financing. This lets you develop a plan for any sticky financial situation, including those where you need to maximize your buy-in to get the most out of a business opportunity.

The key is having a diverse set of tools to work with, so you can always choose the most efficient one for the situation. Whether you're trying to get the money fast, minimize overhead, or maximize the amount you can qualify for, you need to know how each of your choices impacts those aspects of a loan or credit instrument. When you master that information, you'll have a new, deeper insight into how important resource management can be for your future success.

Don't wait. Start your research today, and discover how your industry best thrives with cash flow management tools and loans to power its next phase of growth.