Guaranteed Small Business Loan
Guaranteed small business loan is specially design for small and mid-sized businesses in their first few years of operation. And for those wish to start up their own business also entitle to apply. For peoples with bad credit but need a fund to their business, they need to do some things to stand a chance to get this loan.
1) Evaluate your financial needs - clearly define how much you really need to establish your business. Lender might deny your financing due to the poor credit. Be realistic, consult with lender to figure out how much you can borrow with.
2) If the amount asking for is less than $35,000 you are qualify for various SBA (Small Business Administration) loan programs. SBA has list of lenders participated in their programs, consult with SBA to seek for the lender who can fit for your situation. You can directly apply to the said lender.
3) If possible, you may put your asset as collateral to lender. If lender can reduce their risk by securing the asset in the event you can't repay the loan, they will interest to take a chance on your business.
4) If you are looking for a small amount of money to ease your cash flow, you may consider a business cash advance program. For this option, you need to do some research such checking online, compare their rates and etc.
5) Generally SBA will requires borrower have start up capital in their business before lending any loans to them. If you do not have any capital to begin a new business, you must think out of getting the capital from other "investor". The "investor" can be your parent, friends or relatives.
For more information about business loan, please check out Business Loan Guide instead of Guaranteed Small Business Loan
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