Starting a new business is an exciting experience. There are many great things to look forward to and an empire to create. With a good credit rating you can get the funding your new business needs with the help of startup loans.
A startup loan is designed to help new businesses cover costs in the beginning stages of operations. These funds can be used to secure a property for the business to operate out of, purchasing equipment and supplies, hiring employees, and covering operational expenses for the beginning months of the new business.
Because your new business has yet to generate its own credit history the lender is going to look at your personal credit history. With a good credit score and clean credit history you should have no problem obtaining a startup loan.
Many traditional business bankers offer startup loans. However many lenders look at startup loans as risky business. You may need to turn to a lendering for a SBA (Small Business Administration) startup loan. The SBA offers a government guarantee the loan will be repaid, making it easier for new business owners to obtain financing.
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.