What can a Start Up Loan be used

Have you been dreaming of owning your own business? Do you have a business plan in place, just looking for the capital to cover startup costs? Are you prepared to put a personal guarantee to a lender? If you answered yes to these questions a startup loan may be what you need to begin creating the business of your dreams.

What is a Startup Business Loan?

A startup business loan is designed to help new businesses cover the costs at the start of operations. This type of business loan can be difficult to obtain as the business itself does not have a credit history, requiring the owner’s personal guarantee and credit history to secure the loan. Startup loans often have high interest rates and short repayment terms because there is a great risk in new businesses for the lender.

Who Offers Startup Business Loans?

Most financial institutions offer startup business loans. Both small banks and large financial institutions could offer you the funds needed to cover business start up costs. The Small Business Administration works with many of these lenders, making it possible for risky businesses to get the money they need.

SBA Startup Loans

The SBA themselves do not offer loan to new businesses. They offer a government guarantee that the loan will be repaid regardless to the success of the business. The lending process for SBA startup loans can be time consuming, often holding higher interest rates. However this is a great option for inspiring business owners that otherwise would not be funded for startups.

Get The Startup Money You Need Today

If you are ready to turn your business ownership dream into a reality a startup loan can help. Lenders are looking for people, like yourself, with a solid business plan, clean personal credit history and the motivation to create a successful business. Don’t wait any longer, speak to a local lender or the Small Business Administration today to start building your own business.

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