Small Business Loan Calculators
Securing a loan for your business is a big milestone for any entrepreneur. It means you can get the equipment your need, hire trained staff, advertise, and begin making sales. However, it also means you have to keep up on payments, figure interest rates, and balance your regular finances in business and your private life so that you’re not caught short when it comes time for you to pay an installment on your loan. Luckily, some financial institutions have made some online loan calculator tools so that you can figure out how much you need to pay each month, including interest and fees.
Bank of America Practice Loans
Bank of America’s loan calculator tool is designed to that small business owners can compare loan options. Within the tool, you can use their sliders to adjust how big of a loan you need, how much your average or projected sales are, and ultimately, how much you will need to earn in order to keep your business running while paying off the loan. The BoA calculator also shows your ROI, your tax savings, as well as your monthly gross profit. For small business owners who are still shopping around for loans and financing, this is a pretty handy tool to use.
Small Business Finance Loan Calculator
The Small Business Finance Loan Calculator helps you to get a good idea of what your monthly loan payment will be. Their web site (cdcloans.com) has a finance locator to assist you in figuring out which type of loan is right for your business, how big of a loan you can secure, as well as all the templates and documentation you need when researching funding for your business.
BusinessMart Small Business Loan Calculator
The financial experts over at BusinessMart.com are well-known for helping small business owners shop around for loans from various lenders through their powerful search engine. It only made sense to follow that up with a loan calculator that can break down finances on a yearly and monthly basis so you can see how much you need to pay, including interest, fees, and eny other terms that come with your loan.
Yahoo! Small Business Advisor & Loan Calculator
The Yahoo! Small Business Loan Calculator requires you to enter the loan amount, interest rate, and terms at the start of the process, but after it has worked its magic, you will get a detailed report that includes your monthly payment, the total amount you will be paying with interest, and the total time it will take you to repay the loan in full. The Yahoo! Small Business Loan Calculator is great for fixed rate loans, and is primarily used before business owners have secured any financing, so they can see what kind of financial strain a loan could put on the business itself.
Remember, there is no reason for you to stay up late trying to crunch numbers when there are a number of free (and reputable) tools available, that were developed by experts in the business finance industry in order to make loan calculations easy for business owners. If you are thinking about applying for a loan, check our the loan calculators mentioned above to see how a loan will impact your company’s finances.
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