A start up loan, also known as a starter loan, refers to funding for new businesses with little to no history or work capital.
Learn more: https://www.lendgenius.com/business-loans/start-up/
So, you’re pursuing your dreams and starting a business—good for you!
But did you know that even first-time business owners can qualify for a small business loan to help with startup costs?
In the absence of revenue history, the most important factors lenders will look at is your personal credit score and collateral pledged.
In some cases, collateral is built into the loan, like with equipment financing.
Other times, you may be asked to pledge real estate, vehicles, or inventory to secure the loan and obtain a competitive interest rate.
Startup funding is also available in the form of business credit cards, credit line builders, SBA loans, non-profit microloans, personal loans for business use, and more.
If the idea of pledging collateral makes you uncomfortable, you can still get the startup funding you need via business credit cards and credit line builders.
And let’s not forget about the Small Business Administration…
Reserved for small business owners that have had credit problems in the past, loans through the SBA are typically small, under $20,000, but they also have relatively low interest rates.
Additionally, there are nonprofit lenders who exist to spur economic growth– not profit from your debt.
If you or your business is aligned with the nonprofit mission, you could qualify for a microloan with a low APR, plus added benefits like free training and consulting programs.
One final option that most business owners don’t know about:
Personal loans can be made available for business purposes too, and they are way easier to qualify for compared to business loans.
Don’t you look smart?
We’ve created a free platform that allows you to pre-qualify for funding with one simple form, and compare multiple business loans side-by-side.
Now That’s Genius.
Learn more about LendGenius and how we can help your business. – https://www.lendgenius.com/
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