Term loans suit one-time, defined-purpose borrowing. Lines of credit suit recurring working-capital needs. SBA loans suit the cheapest long-term capital for businesses willing to wait. Equipment financing suits collateralizable equipment purchases. Each is a different tool for a different problem, and using the wrong one — most commonly using a high-rate revenue-based loan when an SBA loan would have worked — can cost a small business 10–20% of revenue annually.
Established businesses (2+ years) should start with Best Small Business Loans and apply through SBA-approved lenders when timing allows. New LLCs face a narrower lender pool — see Best Business Loans for New LLCs for realistic options.