Advice on Getting a Small Business Loan for Entrepreneurs

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As a resource used by many entrepreneurs and small business owners, Top Global News would today like to share some helpful information on getting a loan for your small business or other entrepreneurial endeavors.

To start off, we’d really like to suggest this great article from Nerd Wallet titled, How to Get a Small Business Loan in 5 Steps. Below are the 5 steps suggested by the article:

  1. Pinpoint why you need the money. Ask yourself how this loan will help your business.
  2. Find the right loan. Choose a type of business loan based on your needs.
  3. Find the best lender for you. Compare options based on the cost and terms of each loan.
  4. See if you have what it takes to qualify. Gather information including your credit score and annual revenue.
  5. Get your documents ready and apply. Know what documents lenders will need from you ahead of time.

Another great resource we found is this article from Fundera titled How to Get the Best First Time Small Business Loan. If you are planning on getting your first loan as an entrepreneur or small business owner, that article is well worth a read.

However, one thing that hinders many entrepreneurs and small business owners from obtaining loans is bad credit. Often this issue has little to do with the character of the person with bad credit and everything to do with poor decision making or circumstances beyond your control. It is a shame to be penalized this way and not be able to launch your new endeavor because of poor credit. The team at Top Global News wants to let you know that if you are in this situation, there are alternatives to standard loans. For instance, there are bad credit loans tampa and other cities in Florida and around the country that specifically help out people with bad credit. You can apply for a loan online and handle the whole process without ever having to visit the loan company in person.

Remember the old adage, there are more ways than one to skin a rabbit. There is what is known as a hard money loan. Hard money loans are not approved based on a borrower’s credit or financial worthiness, but rather on the value of a property being financed. Also known as hard equity loans, these mortgages are commonly used as temporary loans for clients who are flipping homes or until a borrower can improve his or her credit and refinance. Like subprime loans, hard money loans have higher interest rates than conventional loans, but they can provide the financing you need at the right time for the right home.

Do your homework before you decide you can’t qualify for a loan to get your small business or another entrepreneurial endeavour off the ground. You may be surprised at the people willing to help you if your drive is strong enough.

 

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