Post a new topic
    6 Replies Latest reply on Jul 17, 2013 8:00 AM by phanio

    Way of financing for Small Business Loans

    joya Adventurer

      How a women get a loan for own business?

        • Re: Way of financing for Small Business Loans
          Ranger

          Hi joya,

          Welcome to the community !  I'm certain that the other members will be along shortly with advice, suggestions and their practical experiences to help you out .

           

          Thanks for posting!

           

          Joleen

          • Re: Way of financing for Small Business Loans
            Guide

            Hi Joya,

             

            Could you please provide a little more information about yourself, your situation and company so that we may guide you better. What kind of company do you have? Is it a start up company or is it already established? Do you have a business plan? Have you tried to acquire a business loan yet? If so, what steps did you take so far. This information would be most helpful to us when offering guidance.

             

            Melinda

            • Re: Way of financing for Small Business Loans
              Kyle Penland Adventurer

              There are several routes of financing...Depends on your credit, but you can go the unsecured route...If your credit is 700 plus, you can go to one or more banks and take out a 25k unsecured loan...You will pay a large interest rate around 15-19% but that is an option...All depending on how much you need and what you are going to do with it...If you own the business, you could do a asset based loan, or even a loan against future credit card sales...But in doing that you are selling tomorrow to buy today...lots of options but beware of which one you choose.

              • Re: Way of financing for Small Business Loans
                AngelBiz Tracker

                Also, check out some non-conventional sources of financing such as crowdsourcing as well as friends and families. Crowdsourcing sites such as Prosper can help get loans with lower interest rates. It is particularly useful when banks are not willing to lend you due to size or credit.

                • Re: Way of financing for Small Business Loans
                  phanio Pioneer

                  No real loans just for women but there are many ways to finance a new start up business. Most new business owners look to bootstrapping to get their business off the ground - this includes using personal resources - like savings or personal credit cards or using personal assets to secure a personal loan that is used to start the business. The idea is to use personal or bootstrapping methods until your business is strong enough to qualify for a bank loan.

                   

                  Your could also look into micro credit loans where SBA backed micro lenders can provide up to $35,000 for new businesses although the average amount of a first micro loan is usually around $13,000.

                   

                  Or, if you continue to struggle getting outside capital - think of way to reduce your start up expenses and get your business earning some revenue - then as it grows, you can grow in other areas as well.