Check Out These Startup Loans for New Entrepreneurs
If you are a new entrepreneur, get your business off the ground with startup loans. But will lenders approve new companies or brands?
Consider these viable startup loans for new entrepreneurs:
Term loans from banks or conventional lenders are perhaps the most common type of loan that new entrepreneurs apply for. These are designed with affixed amounts over an agreed-upon term with interest added accordingly. Some entrepreneurs may lack the credit history or rating for these loans, however.
The Small Business Administration- or SBA- also loans money to small businesses and brands. Their terms may be more favorable, with lower interest rates and less-rigid eligibility requirements than conventional term loans.
A business line of credit is another resource for new companies and entrepreneurs. This provides a revolving line of credit that you can use as needed, for what you wish. This is a great asset when an unexpected expense or crisis arises.
If you need equipment for your business, equipment financing is a convenient resource that is available to lenders with a decent credit score. It is common for these to include three-to-five-year repayment terms.
While they are usually attached to higher interest rates, credit cards are another resource available to entrepreneurs for startup costs. These often do not require the stricter eligibility guidelines of a loan. Pay your balance each month to build and grow your credit score.
Personal loans may be an option for some, but they won’t be tax deductible like your business loans usually are. Also, you will be held personally liable for whatever you borrow.
Need startup money? Talk to the lenders at Skogen Capital Lending about alternative funding options for your new company, business, or brand. Call or visit today.