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| Image courtesy of Stuart Miles / freedigitalphotos.net |
There are dozens of reasons you might be considering looking
at a small business loan. If the only
reason keeping you stalled is that your credit is less than stellar then you’ll
want to consider some of the following pieces of advice.
Consider Secured
You might take this route at first but if you’re worried
about your credit keeping you from a small business loan then you don’t want to
rule out getting a secured loan. For
these loans you may place your inventory and even your equipment up as
collateral. Secured loans are easier to
come by because if you go into default there is collateral.
Unsecured Business Loans
Getting an unsecured business loan can be similar to a cash
advance. These can be based on future credit card sales and often are and
because of this they may only be available to certain types of businesses. Some records may need to be provided and then
you’ll be ready to use the cash to further your business.
Interest Rates
When looking for either secured or un-secured business loans
even when you have bad credit you should still shop for the best interest
rates. Loans where you don’t get a good
rate can make it that much easier to get your business of on the right foot.
Try A Credit Card
If you’re having trouble with getting a loan with
traditional banking you might like to look into getting a credit card and using
that as a way to build the credit back up. These are often much easier to get than a
standard loan through the average bank and they are powerful tools for the
business world. Once you have the credit
card, make small purchases on it and then pay it off so that you are able to
build up a good credit standing.
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