Specialized Financing For Your Manufacturing Business
There is no one-size-fits-all solution at Steer Financial. With your small business in mind, we'll find the best financing options to address your needs.
Easy application and approval process.
Funding specialist support from start to finish.
Tailored financing options for your business.
Get funded within 24 hours from loan approval.
MANUFACTURING SMALL BUSINESS LOANS OVERVIEW
What Is a Manufacturing Small Business Loan?
The manufacturing industry plays a crucial role in producing essential goods and products for consumers. Whether it's creating machinery, producing electronics, or making furniture, manufacturing businesses require a steady flow of capital to cover expenses. However, many manufacturing businesses are small, independent ventures with limited financial resources, making it challenging to fund necessary upgrades and maintenance. These businesses require a steady flow of capital to purchase new machinery, raw materials, and cover expenses for maintenance and repair.
Without access to the necessary funding, small manufacturers may struggle to keep up with the competition, meet demand, or expand their operations. Small business loans can provide quick and easy access to the financing needed to keep the manufacturing business running smoothly. Small business loans can provide a solution for manufacturing businesses in need of funding.
Manufacturing Small Business Loan Topics:
These loans can help manufacturers purchase equipment, hire staff, and cover day-to-day expenses such as rent, utilities, and payroll. With a steady flow of capital, small manufacturing businesses can remain competitive, meet customer demands, and grow their operations.
At Steer Financial, we understand the challenges that small manufacturing businesses face. We work with over 45 top lenders to match your business with the best funding solutions available. Our partnered lenders consider your credit score, time in business, revenue, and collateral when reviewing loan applications. At Steer Financial, we can help you navigate the loan application process and find the best financing options for your business.
THE STEER PROMISE
Helping Small Businesses Grow Across The U.S.
At Steer Financial, we understand that no two businesses are alike. We offer financing solutions as unique as the business owners we help. Together, we can help steer your business to its full potential. Step one is determining which type of financing is ideal for your business. We work hard to deliver honest, reliable, and transparent customer service so you can feel confidence choosing us to help you meet your business capital needs.
Serving All 50 States
By leveraging our network of 45+ partner lenders, we can offer tailored solutions to businesses across the U.S. regardless of their size or industry.
Secure + Safe Data
We strive to keep all of your information secure and private. We assign a funding specialist to guide you along the entire process.
10+ Years of Experience
Our expertise has enabled us to understand small businesses and offer the highest level of service to you and your business.
DIFFERENT TYPES OF LOANS
Types of Manufacturing Small Business Loans
There are several types of small business loans available for manufacturing businesses to help them manufacture their products and grow their customer base. Here are three common types of loans that manufacturing businesses can consider:
Manufacturing Small Business Loan Options:
Equipment financing loans can help manufacturing businesses purchase or upgrade equipment and machinery, which can be a significant expense. These loans are usually secured by the equipment itself and can have a longer repayment term.
Working Capital Loans
Working capital loans can provide a boost of cash flow for manufacturing businesses to cover day-to-day expenses such as payroll, rent, and inventory. These loans are typically unsecured and have a shorter repayment term.
Business Line of Credit
A business line of credit is a type of loan that provides manufacturing businesses with access to funds as needed, up to a predetermined limit. This type of loan allows businesses to draw funds as needed and only pay interest on the amount borrowed.
What Can Manufacturing Loans Be Used For?
Manufacturing loans are a type of financing that is specifically designed to support manufacturing businesses in their operations. These loans can be used for a variety of purposes that are essential to the manufacturing process. Here are three points to consider when thinking about what manufacturing loans can be used for:
Equipment and machinery
Manufacturing loans can be used to purchase new equipment and machinery, or to upgrade existing equipment. This can help businesses increase their productivity, efficiency, and output.
Inventory and supplies
Manufacturing loans can also be used to purchase raw materials, components, and other inventory items. This can help businesses manage their cash flow and ensure that they have the materials they need to meet customer demand.
Finally, manufacturing loans can be used to cover other operating expenses, such as rent, utilities, and salaries. This can help businesses maintain their operations and invest in growth opportunities.
How To Qualify for a Manufacturing Small Business Loan
At Steer Financial, we will work closely with formulating a plan for your business. We will assess your business with our partnered lenders to evaluate the strengths and assets your business has to decide on the loan's size and conditions. Strong financial statements and a high credit score might also increase your chances of being approved. To make sure a manufacturing small business loan is a realistic choice for your business, our funding specialist will walk you through the entire process from start to finish. Below is a quick overview of the minimum requirements in order to get an approval:
Time In Business
At least 6 months in business.
At least $15,000 per month in deposits.
Minimum of 600+ personal credit score.
1 year free from any open bankruptcies
HOW TO APPLY
Three Easy Steps to Secure a Manufacturing Small Business Loan
We have partnered with over 45+ lenders to ensure that we match your business with the best lender and the most competitive rates. We work quickly to provide an approval in as soon as a few hours.
By utilizing our streamlined fast funding approach, your business can access the necessary capital in as little as 24 hours from the moment you approve the terms, ensuring a timely and efficient process.