Startup Business Loans

Business loans often make the difference between a wildly successful enterprise and one that stagnates or fails. They provide much-needed capital for expansion and investment.

Let's get started.

Startup Business Loans

Business loans often make the difference between a wildly successful enterprise and one that stagnates or fails. They provide much-needed capital for expansion and investment.

But getting funding for your startup is a challenge. Traditional lenders view startups as risky. Despite your amazing product idea, they may not give you a chance without years of consistent revenues, healthy cash flows, and strong credit. 

This shouldn’t stop you from getting the financing you need, though. Business Capital Consultants helps startups like yours knock down these obstacles and get funding that helps them reach their goals. With that in mind, let’s dive deeper into startup business financing.

Things to Keep in Mind When Looking For Startup Business Loans

Have a Business Plan

Putting together a thorough business plan can help you obtain financing. Lenders can better analyze your potential success if they have specific numbers to work with.

Improve Your Personal Credit Score

Without a track record to go off of, lenders will look to your personal credit score to make lending decisions.

Financing may be available if you have bad credit, too — but it’ll be much harder to find, and the interest rates won’t be great. It may be best to work on your personal credit while you seek out business financing.

Provide a Personal Guarantee

Since lenders see you as risky, many will ask for a personal guarantee. Under a personal guarantee, you agree to pay back the lender using your personal assets should you be unable to do so with your business.

Startup Business Financing Options

Business Credit Cards

Business credit cards are one of the most accessible sources of startup financing. They work exactly like a personal credit card — you swipe the card, then pay off your purchases monthly. Plus, they make it easy to keep personal and business expenses separate.

Many business credit cards also pay you cashback points for purchases. As long as you pay your balance every month, you’ll be saving money on business purchases.

Personal Loan

Have excellent credit? Personal loans might be a good option for you. You can get approved online and receive your funds within 1-2 days. 

With that said, personal loan interest can be steep. And remember that you’re personally liable for paying it back.

Invoice Financing

If you have plenty of outstanding accounts receivable, you can leverage those to obtain invoice financing. You can expect to receive 80-90% of the total amount of invoices you use as collateral.

Once you borrow the money, you’ll pay the principal plus interest in fixed installments.

Merchant Cash Advance

A merchant cash advance is a forward-looking version of invoice financing. An advance provider lends you money now. In exchange, you pay them a portion of all your credit sales for a fixed period. 

You’ll pay back more than you borrowed, thanks to the “factor rate”. It’s the same thing as paying back the principal plus simple interest.

Supplier Credit

Arrange a supplier credit agreement with one of your vendors if you’re confident you can make sales. Under one of these agreements, you can purchase supplies and pay them back later — 30-45 days is common. By doing this, you can improve cash flows.

Business Capital Consultants can help you explore your options and find financing that suits your startup. We’ll even assist you in preparing for the loan and dealing with the lender. We believe that being a startup shouldn’t stop you from achieving your dreams, and we’re dedicated to helping you get there.

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