Startup Junkies

America's Startup Booster Rocket Since 2004

Business Loans for Startups

A successful startup could be your stepping stone to financial security. What begins as a small business could blossom into a successful enterprise. However, most startups encounter one major hurdle: a lack of capital. When capital is not readily available most small businesses seek loans to help them get off the ground. Before you apply for a business loan know the following:

If you have a better option — home equity loans, a credit card loan, 401(k) loan, a rich relative loan — think twice before borrowing without collateral. But if you have no other way to go — or are hell-bent on it — take these tips.

Do your homework. Go to bankrate.com’s current personal loan rate survey and find the best interest rates in your area or call up a handful of local banks and compare prices.  Ask if the interest lending rate is fixed or variable and what the rate cap is. Also inquire about annual fees.

Loans for Startups

Loans for Startups

Credit Union Loans

If you belong to a credit union, forget tips 1 and 2 and just go there. Interest rates on unsecured loans can run about as much as one or two percentage points lower than major banks.

Community Bank Loans

If you do business with a community bank, take advantage of the human factor. Being a familiar face can earn you some slack if your credit background is smudged. Small banks might offer lower interest, too.

Bank Loans

Be honest about why you want the loan. Your bank may be able to offer you a loan option you hadn’t thought of, or perhaps that Jet-Ski you’re eyeing can be used as collateral, thereby securing your loan and trimming interest.

Applying for a Loan

Don’t fill out applications at several banks and have all of them checking into your credit history simultaneously. This can make you look desperate and lower your credit score.

Save some money for emergencies so you don’t have to do this again. In the long run, it’s cheaper.

How to get a startup loan.

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4 Responses to Startup Loans

  • Hi,

    My name is Merelyne Lewis if anyone can assist me with start up funding for my business. If there is anyone out there who can assist me I have a summary of my business and my business is registered I am desperately looking for help to start my business.

    I know that my business will be successful and profitable I just need funding to make this come happen. If there is any one who can assist me please contact me on the following email address

    merelyne32@gmail.com

    Kind regards
    Merelyne Lewis

  • Hi,
    If theres anyone who can help me, I am a LLC business owner, running into hurdles in getting my business funded. My company specializes in computer repairs and upgrades, and hoping to add sales of computer systems to that list in the near future. If anyone can help me, please contact me at jennmac20123@yahoo.com. Thank you.
    Jennifer Schneider
    Databyte PC Solutions, LLC

  • We are start up e-commerce/retail. I and my team have come up with a business plan which intends to utilize e-commerce and the brick and mortar strategy in revolutionizing the retail industry. The company; KenExpress will be start-up retailer exclusively. Our direct contacts with manufacturers and foreign authorised distributors give us an edge in accessing variety offerings and setting price standards.

  • My name is Travis Harris i own Handyworks a Handyman business.I have 3 inventions i need to get going before someone steals them or invents them.I need an investor to help with patent search,patent and lawyer fees. I need this so bad i am offering 10 x money back and royalties i said who ever helps me now will not be sorry.My inventions are solid approved by 2 major marketing corps. But they want $ for a piece of the pie i say you and i get the whole pie.This is a one time deal i am only asking for 15,000 in return 10 x $ plus royalties for ever.Only need one investor so first come first serve. please email me at th25113@hotmail.com look forward to hearing from you soon. thank you for your time.

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