Securing Property with Start Up

Starting a new business is an exciting yet nerve racking experience. There are many costs associated with startup businesses. For some, their personal savings just can’t meet all the new businesses financial needs. Startup loans make it possible for new business owners to get the money they need to secure property, meet startup operations costs, hire new employees, purchase equipment and meet nearly all their businesses start up costs.

What are Startup Loans?

Startup loans are specifically designed to help new businesses meet their startup financial needs. However, new businesses have yet to establish a credit history so your personal financial history will be looked to before loan approval. Lenders want to see a clear report with low debt to income, having large assets to use as collateral will make it more like to be approved for a startup loan. Interest rates for startup loans vary, often being determined by your personal credit rating and the length of the loan.

SBA Startup Loans

If you have had trouble securing a startup loan through a traditional lender, the Small Business Administration (SBA) could help. While the SBA does not offer the loan themselves, they do offer a government backing to help secure a startup loan. SBA loans offer new small businesses an opportunity to get financing that they may not have when going to a lender on their own. Interest rates and loan terms are comparable to other startup loans, making it an affordable financing option for most new business owners. Contact the SBA to see if you meet their lending requirements and to locate a lender that participates in this type of loan.

How to Get a Startup Loan

  1. Put together a strong business plan showing the lender what your business is, how it will operate, projected startup costs and operating costs, projected earnings and how you plan to repay the startup loan.
  2. Submit an application along with your business plan and personal financial records.
  3. Turn to the SBA for financial backing in the loan process.
  4. Review the terms and conditions to the startup loan, make negotiations on terms and interest rate if possible.
  5. Sign the contract and start building your new business.
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