To run a business, you need money, that’s a given. Sometimes you have the funds but many times you’ll need a loan.
This post covers many issues related to business loans. Have a look at each section to gain a broad knowledge of the business loan process.
Each section contains hand-picked resources that go into depth and offer tips you can use regarding applying for a business loan.
A Collection of Web Pages About Small Business Loans
Identifying A Business For Your Business
There are many types of business loans on the market. This section covers tips and resources to help you identify a loan that’s right for your business.
Have a look at the articles I have selected below to identify the loan you need.
Web Pages I have Selected Related To Identifying A Business Loan That Works For You
Find Out if You Qualify For A Business Loan
Documentation and Information Needed When Applying For A Loan
When applying for a business loan you don’t just walking to the bank and say, “hey I need a business loan,” It doesn’t work that way. You need documentation that the bank will use to determine if you qualify for a business loan.
Banks are in the business of lending money, but they’re not in the business of losing money.
Documentation you have will allow them to assess if your business is a high or low risk and if you can afford to pay the loan back. Have a look at the articles below that outline the documentation you need to apply for a business loan.
Web Pages I have Selected Related To Loan Documentation
What Is An SBA Loan?
SBA loans are government-backed loans. The government guarantees these loans and makes it easier for businesses to qualify because the government benefits when small businesses succeed because jobs are created and money flows in the economy.
It benefits the government to lend out money to boost small businesses.
Web Pages I have Selected Related To SBA Loans
Small Business Loans Rates Comparison
In this section of the post, you’ll be able to access resources that offer business loan rate comparisons.
As a new business owner, you may pray that you get approved for any loan but as an established business owner you may have options to choose and pick which loan you suits your business.
When you’re in this situation you want to choose the best rate and loan terms. When you’re borrowing a large sum of money, a percent or two in the interest rate makes a difference.
Web Pages I have Selected Related To Small Business Loans Rates
Small Business Loans Alternatives
As a new business owner, you may not get approved for a business loan. There are alternative ways of getting funding. The resources below outline the options available for funding your business.
A few bank loan alternative that comes to mind is borrowing from friends or family, using credit cards, mortgaging your house, selling assets you have and you’re not attached to, etc.
Please note all the above alternatives I have mentioned have pros and cons to them, you may lose friends or family, you may lose your house, you may end up with a huge list of credit card loans with high interest you can’t pay back, etc. Although these are alternatives they’re not the best way to get funding for your business.
Web Pages I have Selected Related To Small Business Loans Alternatives
Microloans are tiny loans and popular in less developed countries. As the name suggests they are micro, they can go anywhere from a few hundred dollars to a few thousand dollars.
As far as I know, microloans are not popular in North America because a few hundred dollars won’t get your business started and operational.
Have a look at the articles I have selected for more information on microloans.
Web Pages I have Selected Related To Microloans
The government gives business grants. The purpose of a grant from the government’s point of view is, to boost certain industries. Offering grants is a great incentive to get people interested in starting or upgrading a business. If your business falls into that eligible grant categories you can apply for a business grant.
Have a look at the pages I’ve selected below that specialize in information about business grants. If you’re starting a business, it’s important to look at these grant options you may need to tweak your business to qualify for a grant but it’s worth looking into.