Executive Chronicles, California | Startup business loans are very much available today since many banks and other specialized lenders offer them to new and small businesses. If you are an aspiring businessman with bright ideas and plans but you can’t seem to turn them into reality because you lack funds, then startup business loans might be the answer.
But first, even before applying for startup business loans, you must consider a lot of factors as this is a big decision to make. You should know first the exact amount of the loan you are to borrow. Include factors such as your capacity to pay so that it won’t be difficult when it comes to repayments. In addition, take into consideration the number of years you’ve been working in the business because some lenders require at least one to two years of operation. As a startup, this requirement may be tough to comply with, but when the need isn’t urgent yet, it would be best to consider this factor for a smooth loan processing.
In the US, the Small Business Administration offers various loan programs for different kinds of businesses, including startups. SBA loans could be applied for through SBA partners such as banks and lending institutions. Common SBA loan types which are applicable to startups are the microloan program, the community advantage program, and the 7(a) loan program.
Being the most common and most flexible type of SBA loan, this could be used for different purposes when borrowed. As a startup, this could be used for equipment or inventory purchase, for construction or renovation, and for sustaining the working capital. With a collateral, a good credit score, a well-prepared business plan, and your complete documents to show, you may be able to secure a 7(a) loan, though it may be a bit difficult to do so, in some cases. Especially if you’re a business owner who’s had a couple of related experiences in the business field, the chances of getting a loan approved is good.
Among the many startup business loans available, the 7(a) loan program is one of which provides the lowest interest rates and flexible repayment terms, which may mean lower monthly payments.
Centerstone SBA Lending, Inc. is one of the fourteen licensed Small Business Lending Companies approved b the US Small Business Administration to offer SBA loans. Centerstone SBA Lending has various financing solutions to answer your business funding needs. It is basically a non-bank SBA 7(a) lender which caters to small business and startups with regards to financial solutions. When you need financing to be able to sustain your passion-fueled venture or a brainchild, Centerstone SBA surely has the answer.
If you’re interested in Centerstone SBA Lending and their startup business loans, visit http://www.teamcenterstone.com.