Get Funds For Your Business Startups
Money, dinero, argent, soldi, whatever you call it, a startup needs it desperately. But it’s not always the easiest thing to get a hold of.
So what do you do if you have a fantastic idea but no funds to back it up? If you have no real credit history and limited other resources (family, friends, venture capitalists, etc.) you may still qualify for a Small Business Association (SBA) loan program. They also have programs specifically for women and minorities as well.
The SBA doesn’t actually make loans though, it guarantees a portion of the loan (anywhere from 50-85%) to qualified individuals made by banks. Fixed and variable interest rates are available and based on the lowest prime rate plus up to 2.75%. They do expect that loans will be fully secured, however, they will not decline a loan because of insufficient collateral. They will expect that you pledge the assets you do have and personally guarantee the loan.
Before you go searching for loans, do your homework, and see if there is an SBA program that is viable for you. Then make sure you have everything you need before you start applying.
Your business plan should include what resources you will need to accomplish your goal, your contribution, how much you expect to need, allocation of loan funds in the business, and how you will be able to pay back the loan. They also might need financial statements, tax returns, projected opening day balance sheets, and twelve-monthly projections of income, expenses, and cash flow for startups.
A valuable resource for this process is SCORE, Counselors to America’s Small Businesses which provides free business counseling to U.S. citizens and legal aliens. Many of the counselors are knowledgeable of the loan process and can get you started.
Required Funds For Your Business :
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