Financing Your Startup

Get your business off the ground by applying for a startup loan. If you do not qualify for a traditional business loan, this may be the best option for you. When trying to get a loan for a startup, lenders take into account the type of business, your credit score, profitability, and more. Acquired funds can be used toward equipment, office space, inventory and other things to help your startup grow and expand. 

Secured startup loans require collateral, such as personal assets or business assets, to secure the loan. Unsecured startup loans, on the other hand, do not require collateral but may have fixed or variable interest rates with different lending requirements. Repayment terms can range from a few months to several years. To qualify for a startup loan, you will typically need to provide a business plan that outlines your goals, strategies, and financial projections. Lenders will also consider your credit history, income, and personal assets when making a lending decision.

When applying for a startup loan, it is always a good idea to determine what you need and how much you can afford. Repayment options are contingent on the term, interest rates, assets that can be used as collateral, and other factors. It's important to carefully consider the costs and risks associated with borrowing before making a decision, and to work with a trusted advisor to ensure that the loan is a good fit for your business's needs and financial situation.  Contact us today to see what you would need to qualify.