October 31, 2015 by Walter Roberts

Financing A Small Business Loan Start Up – 559-349-8136

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Financing a small business start up can be a headache.

You may have an excellent idea, but the start up capital will determine whether your idea will be transformed into a business or will remain in the idea stage. Due to lack of information, many people are not aware that they can secure a loan for a business start up.

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How to take out a small business loan successfully.

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To them, loans are meant for well established business. This is not true. However, before going for that loan, adequate preparation will increase your chances of consideration.

*** Preparing For a Loan ***

1. Get a Physical Address
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Many lenders require a physical address for your business. This information is vital as it helps them get the exact location for your business. Before going for a loan, secure a physical address for your business. If you don’t have a physical business address, some lenders will allow you to use your home address. While some online lenders don’t require a physical address, securing an address will help you not to get tied to some undesired lenders. With an address the scope of the choice of the lender is magnified.

2. The Purpose of the Loan
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Before going for a loan, have a clear goal in mind about what you need the loan for. Many lenders out there will need to know what you need the loan for. Do you want the loan for financing and purchasing the equipment? Is it for operating capital or for business expansion? Lenders can catch you off guard. Before finalizing the deal, they may ask you in a ‘as a matter of fact’ way what you need the loan for. Avoid the trap have a clear goal in mind.

3. A Good Marketing Plan
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Your business is a start up. The lender does not know your credit worthiness. How will they know that once they lend you money you won’t default? A good answer is drafting a good marketing and expansion plan for your business. Before going for a loan, ensure that a business plan is handy. Once you have adequate preparation, it is time that you go for that loan. The following are the factors to consider before taking a loan.

*** Loan Repayment Plans ***

1. Terms of Repayment
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Before going for a loan as a way of financing a small business start up, consider the terms of payment. When we talk about the terms of payment, we are talking about whether the loan is secured or non secured. Secured loans are those that are tied to your property as a collateral. Failure to pay the loan means acquisition of your property by the lender. Unsecured loans on the other hand don’t require some form of collateral.

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Secret ingredients to starting a small business.

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Though supplying collateral may be a difficult for a start up business, you can use your personal property such as a house as security. Secured loans have advantage over unsecured ones. With them, you can loan large sums of money, they have lower rates of interest and have longer periods of repayment. If you don’t have some form of collateral and require small amounts of cash over a short period go for unsecured loan. An example of unsecured loan is a personal loan.

2. Interest Rates
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While this is a basic consideration, rigorous advertising done by some lenders can blind you. Interest rates should be taken into consideration. The lower the rates the better. Lower rates of interest means extended periods of loan repayment. Consider also the interest rate is charged monthly, after four months, semi annually or annually. Some lenders will advertise for low rates of interest, but calculated on monthly basis.

3. Loan Terms
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Loan term means the grace period that you are given to repay the loan. Some lenders have a fixed term of 5 years, 10 years up to 30 years. While this may be fixed, some will agree with the borrowers and adjust the term as per the borrower’s agreement. Before going for a loan, consider the grace period, or whether it is cast on a rock or adjustable.

4. Hidden Charges
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When the deal is too good think twice. The loan may have good terms but with hidden charges. These charges are usually hidden in terms and condition. Read the terms before signing those papers. Using a loan for financing a small business start up is a good choice. Payment is made voluntarily, and you don’t give the lender a share of the profits of your business.

*** Video Review Questions ***
0:44 – What physical item increases the success of securing a small business loan?
0:48 – What is the main thing your small business loan provider wants to know before you can secure the loan?
0:52 – What will help you gain the right customers more quickly than any other ingredient?

October 31, 2015 by Walter Roberts

Small Business Loans

Small business loans, what types are available, find out in this short video on small business loans
Here’s a special link for you to see how much financing you can qualify for right now, check it out… http://www.creditsuite.com/getfunding
July 24, 2015 by, Ty Crandall Credit Suite

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