If you run your own business, obtaining loans to keep your operations up and running may be on your mind. Unfortunately, small business financing can sometimes be a hassle to research, apply for and secure. The good news is that today, there are some straightforward loan options that you can easily apply for even if you don’t have perfect credit or haven’t been in business for that long. If you need a loan but are having a hard time getting approved for conventional loans, there are a few other loan types that you should consider.

1. Lines of Credit

If you don’t want to take out a set loan amount but still want the availability of funds when you need them, consider getting a business line of credit. Once you’re approved, you can use your credit when you need it, and you’ll only have to take out what you need. This flexible arrangement can potentially save you money in the long run, as you’ll only pay interest on whatever you use, instead of a pre-set amount.

2. SBA Loans

SBA loans are loans that are backed by the Small Business Administration. The SBA guarantee can make lenders more likely to work with you, as it involves less risk for them. However, even though these loans often offer good rates, be aware that they can take a while to secure, since the process requires bank and SBA approval.

3. Invoice Factoring

Sometimes your customers may take a while paying their invoices, but you still need the cash flow to keep things running smoothly. If you’re in this situation, you may want to consider invoice factoring. This is an arrangement where you sell your outstanding invoices to a factor in return for a quick advance on the amount. This can sometimes be up to 80% or even 90% of the invoice value!

4. Business Cash Advance

Finally, another option similar in some ways to invoice factoring is the business cash advance. This financing arrangement is not technically a loan, since you sell part of your future accounts receivable to a company that then provides you with a cash advance straight to your bank account. If you need immediate cash flow, this could be a good choice.

Your company may require loans to fund payroll, expand marketing efforts, repair equipment or simply cover regular bills. Regardless of the reason, small business financing doesn’t have to be a headache to secure. If you’re looking for a loan, consider one of these funding types. They could be the right choice for your business!