What is a business loan calculator?
A business loan calculator is just what it sounds like. It’s a quick way to discover the payments you would need to make on a small business loan. Most of the small business loan calculators below require you to enter the loan amount you want, the interest rate and the term, and they return your monthly payment.
Where can I find a free business loan calculator?
You can find free small or commercial business loan calculators on a number of different websites, from personal finance sites to payroll to financial institutions, like:
Why should I use a small business loan calculator?
You may be looking to get a small business loan for a number of reasons. Maybe you want to start up a new business. Or maybe you’re looking to grow, but need additional personnel or equipment to do it. Maybe your business has come on tough times, and you need a bridge loan to see you through.
Whatever the reason, using a small business loan calculator can help you weigh your options. First and foremost, you need to know if it’s something you can afford. Most business owners seeking alone have a good idea of the amount of money they need. But what will payments on that loan be? Use a calculator to estimate payments for different loan amounts and interest rates. Think it through, so that when you sit down in front of that business banker or investor, you can be clear and confident about your ability to make the loan payments, and how it will take you to pay the loan back.
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