Welcome to the Community Tracy,
It is great that you are in the process of starting up a new business.
It would help me and others in the Community if you would share some additional info.
What kind of business??
Where are you located??
What is your background??
The more you share, the better we can help you and maybe reap some rewards
with more friendly banks.
Last question. Do you have a Business Plan??
The banks will want to read it.
Good luck, LUCKIEST
Banks place a heavy emphasis on factors such as current income and time in business, which makes it difficult for startup businesses to get business loans. It sounds like you have money in the bank and hopefully decent credit, both of which go a long way also. A business plan is also essential: this shows the bank not just your present income, but your plan for future income.
There are a number of ways you can get startup loans, many of which involve leveraging your existing wealth. Depending on your credit, your credit card can also be used to finance your business. APRs around 15% are actually fairly low compared to other startup loans, some of which range from 40-120% APR! As always, you don't want to take on debt you can't repay.
Best of luck!
Good answer Michael. Keep them coming.
I am currently in the process of starting up a new business. I really find it awful that banks don't lend money at all. I had at one point this year over 68K in my checking account doing nothing, collecting nothing cents on. Asked the bank for 25k of additional funding and could not get it. Makes no sense to to hold my money there and reap no rewards.