How to get Small Business Funding for Startups
Are you looking for small business funding for a startup or a business loan? Small business funding is supposed to help your business with working capital, purchase of equipment, machinery, supplies, inventory, furniture, and the purchase or construction of real estate.
Most start up business owners can also consider getting start up business funding through business credit cards, grants, venture capital, angel investors, and crowd funding. The biggest challenge a startup or small business owner usually encounters is getting necessary funding to support their initial stages of business growth.
A small business startup loan can help you though, your chances of getting a loan approval is quite slim. There are pros and cons to small business loans and if you have bad credit or no collateral, your chances of getting a small business loan from traditional lenders or through the SBA loan program diminish even further.
How do you apply for startup business loans?
A good place to start is to have a good credit score and not a bad credit which shows the credit worthiness of your business. How is your small business cash flow? How long have you been in business? Is your business plan recently updated? How much can you budget for monthly repayments if you get a loan approval?
Are you prepared to offer collateral or a personal loan guarantee? You need to know all this before you even consider approaching any lender for a loan. What type of startup funding are you looking for? What is the lender looking for?
You will need to identify which type of startup funding you would go for and the lender you prefer. Due diligence is a necessity which can save you time and resources.
Get Small Business Funding for Your Startup
Now you can get up to 100% small business funding for your startup. Ready, willing, and ready to fund viable startup and small businesses worldwide.
USA based: US$100,000 minimum (No maximum)
International: US$1 million minimum (No maximum)
Why are banks the most likely source of financing for small business?
Small business owners borrow loans from banks using collateral such as home equity and or business assets. Banks usually prefer to make loans to small businesses that have been in operation for a few years and have enough stability and assets to serve as collateral for the loan. The amount of loan given to a small business usually depends on how much is in the business inventory and in accounts receivable. The government prevents banks from taking depositors savings and investing in risky business ventures. This makes startup businesses less likely to get loans from banks due to no collateral and or owners with bad credit. If you are looking for a startup business loan with bad credit or no collateral, you should not go to a bank and ask for funding since banks don’t finance business startups.
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