Start up Loans with Good Credit

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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.

What is a Startup Loan?

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.

Who Can Get a Startup Loan?

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.

Who Offers Startup Loans?

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.

How to Get a Startup Loan
  1. Visit local business bankers and your local SBA office to find a startup loan that will work best for you.
  2. Submit an application containing all of your new business’s information, your business plan and your personal credit history.
  3. Review the terms and conditions to the startup loan
  4. Make negotiations so that your new business gets the best repayment terms and interest rate available.
  5. Sign the contract and start building your new business.

 

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