VIEWS: 47 PAGES: 1 CATEGORY: Financing POSTED ON: 4/20/2009
Do you dream of opening your own company? Many people are hesitant to venture in a small business because of insufficient budget.
Turn Your Dreams into Reality with Startup Business Loans Do you dream of opening your own company? Many people are hesitant to venture in a small business because of insufficient budget. Without a start up capital, those brilliant business ideas may not brought to life. In this article, let’s discuss talk about the viable business start-up options that can help turn your business dreams into a reality. Where to Get Start-Up Business Loans Many successful business owners today have started up with a business loan that they acquired from a bank or a commercial lending company. These loans usually have a repayment term that can last from a year to 3 years. Start-up business loans are divided in two categories- secured and unsecured business loans. If you are a homeowner, you may consider applying for a secured business loan from a local bank or a commercial lender. Secured loans have longer repayment terms and lower rates because of the collateral submitted. If you don’t have a property to use as collateral, you may apply for an unsecured business loan. Although these loans are not tied up with any form of security, lenders make up for the risks by requiring higher rates and more fees. Most unsecured loans are also limited to smaller amounts of financing. Start up Business Loans and Your Credit Whether you choose to get a secured business loan or an unsecured loan, having good credit history should work to your advantage. Aside from quick approval, you can better negotiate with a prospective lender and request for better rates. Check your credit report first before submitting your loan application to ensure your chances. If you have a low credit score, why not work on raising your score first before pushing through with your business plan? Although bad credit loans are available in the market, these often have higher rates and fees. By working on your credit history, you can be sure that you’ll get the best deals from lenders. Finally, regardless of what type of loan you’re acquiring, be sure to do research. Study the terms and conditions of your lender. Don’t settle for unfair terms just because you have a history of bad credit. Continue working on improving your credit score even after obtaining the business loan you need. See Resources Start up loan Loans for new business
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