How To Get A Business Loan
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If you are reading this post on how to get a business loan, then you are probably considering going into business for the very first time. But even if you are an established enterprise and are just looking for a cash injection to expand, you will still find some useful tips here.

First Time Entrepreneurs

Is it possible to get finance for a start up business or one that is still in the planning stages?

Honest answer is it’s tougher for sure, but far from impossible. There are a number of options open to start ups to raise capital and launch their businesses.

• Low doc finance

• Venture capital

• Crowdfunding (think Kickstarter)

• Borrow from friends/family

• Savings

• Credit card

• Personal loan

While I wouldn’t really advise the last 2 options (especially a credit card) as ways to finance a business, I thought they were still worth including if you had an idea that you were really sure was going to pay dividends.

Getting Investors On Board With Your Idea

This can be tough if you don’t already have a track record with your business, but not impossible. If you’ve been struggling with how to get a business loan, then this could be something to consider. Once again something like Kickstarter might help you attract interest in your business or product idea. Or you could approach the Federal Government and seek out a start up grant.

There are also websites now that specialise in teaming up angel investors with entrepreneurs. The sites just take a fee from the investment amount for making the match. It’s a bit like online dating for business.

If you have a product idea, investors generally require you to at least have a product made or a prototype of an invention before they will consider throwing money in your direction.

Low Doc Loans

What is a low doc loan and is it right for you?

If you are seeking finance for your very first business – especially if it is not fully operational just yet or you are self-employed and struggling to prove your financial standing – then a low doc loan is probably one of your very best options at this stage of business development.

With a low doc loan you are not expected to provide all the financial statements that other types of loan applications require. With some lenders there will not even be a credit check into your credit history, which makes this type of loan even more appealing for entrepreneurs. On the downside the interest rates for this type of loan are higher because there is a greater risk for the lenders.

Seek Help From Financial Experts

You are not alone and adrift in the sea of business finance. There are many financial experts out there willing to help, people who have the know how, the experience and, most importantly, the right contacts to get you the finance you need to make your business a thriving reality.

The best advice I can give you on how to get a business loan is to seek out a finance broker who not only understands your situation, but specialises in arranging finance for people just like you. They’re out there, you just need to go out and find them.


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