Secured Start Up Loans

By: Chris Fuller0 comments

Starting a new business is an exciting yet stressful process. Building a business plan and the idea of a successful business is a great start. But to get this business up and moving there is often a huge need for financing. Yes you can put every penny of your personal savings into your new business, but do you have to? Secured startup loans can help you get the money needed to start your new business without depleting your personal savings.

Get The Money You Need and Keep Your Savings

Secured startup loans offer a way to start a new business without tapping into your personal savings. However it does require you to place your personal assets as security on the startup loan. Commonly new business owners will use a home, vehicles, boats and other large assets as collateral on startup loans. This offers the lender security the the loan will be repaid. Failure to repay the loan will result in the possession of the property placed as collateral which will then be sold to cover the cost of the loan.

Is a Secured Startup Loan Right for You?

If you are ready to start a new business and want to keep money in your pocket this may be the best financing option for you. Secured startup loans often have lower interest rates, allowing for affordable monthly payments. As long as you repay the loan as agreed there will be no long term affects to your personal property. If you have large assets and are ready to turn your dream business into a reality then a secured startup loan may be right for you.

How to Get a Secured Startup Loan

  1. Submit an application to a business lender
  2. Provide the lender with a business plan, list of personal assets, your personal credit history and report as well as any other requested documentation.
  3. Review the terms to the startup loan.
  4. Make negotiations if possible to ensure your new business is getting the best terms and interest rate available.
  5. Sign the contact and set up a repayment schedule

You can have the business of your dreams, a secured start up loan can help.

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