Starting a business is a dream of many people, but few have the drive and determination to make that dream a reality. Start-up business loans are an absolute necessity, but often people don’t know how to find or take advantage of the many options available.
Where Not To Look
While banks are a no-brainer when it comes to financing, many people don’t understand that they can get business-specific loans from one. Instead, they try to put a second mortgage on their houses or open a home equity line of credit. This is not only unnecessary, but it can put your home at risk of foreclosure if the business fails and you can’t pay back the money you owe.
It’s Not Hollywood
Hollywood movies have a knack for making things look much easier or much harder than they really are. In movies, many times new business owners go out and try to find individual investors to finance their businesses, but that rarely happens in real life. A high-concept Silicon Valley startup might try to find investors, but a small downtown bakery is better off with a loan.
Right in Front of You
Banks and other lending institutions have a variety of business loan programs available to you that don’t require you to mortgage your house.
- Commercial Loans – These are standard loans made expressly for starting a business. They can be term loans that provide financing for all aspects of your new business.
- SBA-Backed Loans – Many banks also have access to loans through the Small Business Administration (SBA). These loans are backed by the organization and can be used for equipment, inventory, building rental, and more. There are even short-term microloans to help with small improvements.
To start your business without risking the roof over your head, call us today at 888-788-6456 or fill out our online form to start the funding process.