There are several sources you can go to for a loan to start your own business. These are:
- Finance companies - There are hundreds of them that are willing to provide you a loan. Aside from loans, they also offer retail financing and other credit programs.
- Banks - They offering loans that have a 6 to 9 percent interest rate and can lend you $50,000 or more. They also offer both short-term and long-term loans.
- U.S. Small Business Administration (SBA) - This is an independent agency under the Executive Branch of the Federal Government. It is tasked to provide financial assistance to small entrepreneurs across the country.
- Venture capitalists - They are willing to invest in your business in exchange for some equity and stock ownership once your business develops. But this is only advisable for businesses which need a starting capital of $250,000 to $1,500,000. If your business needs less than $250,000 capital, venture capitalists are not a viable option.
- Credit cards- If you own one, you can borrow money from it. Just be sure you can afford to make payments on time to avoid delinquent charges and even bigger bills.
keywords: Home Based Business | Home Business | Small Business | Entrepreneur | Loan | Business About the Author:
Aidon "Hughie" Bilbao answers frequently asked home based business questions at PrettyGreatAnswers.com.
--- Grab the Feed for related Questions and Answers. If you'd like to use our questions and answers on your website for content, we've created a simple free tool you can use to create a custom RSS Feed! ---
More
|
Where can I get a business loan?