Why a Small Business Loan? (Your “Game-Changer” Power-Up)
Just like upgrading your gear in an RPG, a small business loan can help you:
✅ Expand your “map” (open a new location or upgrade equipment)
✅ Recruit “NPCs” (hire employees to grow your team)
✅ Unlock new “quests” (launch marketing campaigns or develop products)
But unlike in-game purchases, loans require strategy, not just swiping your credit card.
🎮 Level 1: Know Your Loan Types (Choose Your Class)
Not all loans are the same—pick the one that fits your playstyle.
| Loan Type | Best For | Avg. Interest Rate | Repayment Term | XP Needed (Requirements) |
|---|---|---|---|---|
| SBA Loan | Long-term growth | 5-10% | 5-25 years | 680+ credit score, 2+ years in biz |
| Term Loan | Fast cash for upgrades | 7-30% | 1-5 years | 650+ credit score, steady revenue |
| Business Line of Credit | Flexible spending (like mana) | 10-25% | Revolving | 600+ credit score, 6+ months in biz |
| Equipment Financing | Buying gear (consoles, PCs, etc.) | 8-30% | 1-10 years | 580+ credit score, collateral required |
| Microloan | New startups & side hustles | 8-13% | <6 years | 500+ credit score, basic business plan |
💰 Level 2: Grind for Approval (Your “Quest Checklist”)
Before applying, make sure you’ve leveled up these stats:
✔ Credit Score (650+ preferred) – Like your in-game rank, higher = better rewards.
✔ Business Revenue ($50K+ annually ideal) – Shows lenders you can repay.
✔ Time in Business (6mo-2+ years) – The longer you’ve been grinding, the better.
✔ Collateral (For some loans) – Like putting up rare loot as a deposit.
⚔️ Level 3: The Boss Fight (Application Process)
Step 1: Pick Your Lender (Choose Your Faction)
-
Banks (Traditional Guilds) – Low rates but slow and strict.
-
Online Lenders (Fast-Track Raiders) – Quick cash, higher rates.
-
Credit Unions (Friendly NPCs) – Member-focused, good for local biz.
Step 2: Gather Your Loot (Documents Needed)
📜 Personal & Business Tax Returns (Last 2 years)
📜 Bank Statements (3-6 months)
📜 Business Plan (Your “quest log” for success)
Step 3: Submit & Wait (Loading Screen…)
⏳ Approval Time:
-
Banks: 2-6 weeks
-
Online Lenders: 1-7 days
🏆 Victory Screen: What to Do After Approval
🎯 Use Funds Wisely – Don’t blow it all on “cosmetic upgrades” (focus on growth).
⏳ Repay On Time – Avoid the “game over” of bad credit.
🔄 Refinance Later – Swap high-rate loans for better terms when your credit improves.