Requirements for a Start-up Loan
Please note, the information submitted by you will be shared with participating lenders to fulfill your request to be matched with a participating lender(s). Participating lenders may perform credit checks with credit reporting bureaus, obtain financial reports through alternative providers and may also contact parties with whom you have business relationships to verify that you meet their lending criteria. Participating lenders may require you to pay a fee to cover the costs of any such inquiry. Participating lenders may not offer all loan products and loan products may not be available in all states. The states serviced by this website may change from time to time, without notice.
The operator does not guarantee you will be connected with participating lenders, receive conditional loan offers or enter into a loan agreement. The operator does not endorse, recommend or guarantee the price, loan amount, product, availability, rates or fees of participating lenders. We do not control and are not responsible for the actions of any lender. We do not have access to the full terms of your loan. For details, questions or concerns regarding your loan please contact your lender directly.
Start- up businesses can get funding from loans offered by banks or lending institutions and applying for a loan could be a lengthy process because of the documentary requirements. Most lending institutions require a collateral and a proven business experience for your loan to be granted. Here are some guidelines in applying for a start-up loan:
• Make sure you have an organized and strategic business plan. Target dates for sales, production, and other business goals should be plotted and clearly stated.
• Supply necessary documentation to prove your broad business knowledge and experiences, trustworthiness, and good character.
• Offer a collateral. This reduces the risk and serves as a safety net for the lending institution in case the business cannot repay the loan. Examples of collateral are residential or commercial properties as well as equipment.
• Make sure you have a good record of credit history. Keep your bank statements and credit card statements as proof that you have a good credit-debt ratio. If you have a bad credit score, rectify it first before applying for any kind of loan.
• Have a repayment plan ready. This shows your commitment in repaying the loan.
• Be willing to invest your hard-earned savings into your potential business venture. When the bank or lending institution sees that you are willing to invest your money in your business, this shows confidence and reliability in your character.
In start-up businesses, money is not the only capital that you thrive in. It also includes great business skills in how you market your product or service. Make sure that you do your research and carefully implement your business goals in the most resourceful way to reduce the need for loans and other possible expenses.
Passionate entrepreneurs usually start small, but they dream big. There’s always that aspiration for something more and the desire to expand. Determination and creativity are honed along the way as they meet their business goals so if you are thinking of starting up your own business, you should have a clear vision of what you want and how you want to reach it in your business.