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.
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.
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.
You can have the business of your dreams, a secured start up loan can help.
Chris Fuller went to the University of South Florida and has worked in the financial sector for over 20 years. He has extensive experience in all aspects of personal and small business lending, from personal loans, equipment finance to cash flow based solutions for small mom and pop businesses, and large corporations.