what types of loans are available?
We offer two types of Be My Own Boss loans: • Operating loans Operating loans, or lines of credit, provide funds to cover day-to-day expenses and inventory purchases. As funds are advanced, the available loan is reduced. Your loan is replenished when you make payments. The loan has a pre-set limit and you pay interest only on the amount outstanding, usually on a daily basis. Your monthly cash-flow projection is the best way to determine the operating loan amount to request. • Term loans Term loans provide long-term financing to cover some or all of the cost of capital equipment, expansion or building renovations. Loan principal and interest are repaid monthly.
