Finding a loan without collateral is never easy. Unsecured loans are hard to come by in the best of circumstances. Throw in some iffy credit history and it can seem almost impossible. It is not impossible to get one, however.
If you are in the start-up phase of owning a small business, give yourself some credit because it's unlikely anyone else will. Small businesses have an extremely difficult time getting credit from the one place they really want it: lending institutions.
More than anything else, running a business means managing your cash flow, regardless of how well your business is doing. And getting a cash boost every now and then is something every business could use.
"What is your D&B D-U-N-S ® Number?" is one of the first identifying questions we ask as we help a business owner start this process. Oftentimes, business owners are not only unsure what the D-U-N-S Number is, but they're also unaware of the many ways they may be able to leverage it.
It is not unusual for start-up companies to encounter difficulties in managing cash flow. If you are worried about being caught short of funds, a business line of credit may be the perfect option for you. Here's why.
Many entrepreneurs are convinced that banks are not worth the effort for startups, especially early-stage ones that still don't have a revenue stream, or collateral to back up their financing needs. A question I get all the time is, "Can I ever expect any backing from my bank for a great opportunity?"
Depending on what kind of business you have, you might not be able to turn to a bank for money. For those for whom a traditional bank is not a viable source of capital, a merchant cash advance can be the answer.
In this harsh economic climate, many businesses suffer financially. Money is always the objective to have a financially-sound business. There are different ways to secure funds for your business.
When figuring out small business financing for your small business, consider how much money you truly need. If it is not that much, consider the possibility of a microloan.
While the federal government is not in the business of making loans to small businesses or startups directly, that doesn't mean it doesn't have a hand in helping small business thrive.