How hard is it to get a small business loan
How to Get a Small Business Loan
A business loan is crucial for most people, and their start up ventures, because if you can’t acquire one, you’re going to find that you’re not going to be able to start up your own business. I know with the down economy today, it’s going to be hard to find a loan that best suits you, but no matter how bad the economy is, there are always ways to find the loan that works for you.
Head to the SBA – The SBA (small business administration) is the best place to start when it comes down to getting a loan. A government funded program, this administration is designed to help small business owners get on the right path, since a majority of them are what employs America. Check out the SBA website. and meet with a local official that can help you out.
Your local bank – The next time you walk into your bank to cash a check, or do business, ask to speak with a business representative to get some loan information. He/she will set you down, ask a few questions, and see if you
qualify. I would recommend that you check out at least three to five banks to see if you can get the best rate, since all of them are going to vary in rates.
Peer to peer lending - Another new form of lending online is peer to peer lending. This is a win-win for everyone. Someone like you would ask for a loan, and the public will give you money to fund it. In return, you’re going to pay interest, and the people that helped you fund it, will get interest in return on their money. Check out sites like LendingClub for more information.
Small business credit cards - The last step that I would take if you’re finding it hard to get a loan is by applying for a small business credit card. These cards will have a higher interest rate, but some will have a low introductory rate. If you only need the loan for 6 months to a year, this may be your best bet, and approval chances are quite high compared to the others as well. Check out our main site at FINDbizcards.com to see the current cards on the market.Source: www.findbizcards.com
Category: Personal Finance