Small business startup lending to grow your business
You are excited about a new idea that could change the world. There are many great ideas that aspiring entrepreneurs think of on the daily. Some pursue those ideas and others let the ideas pass them by. When you have a great idea, it is worth pursuing.
“The people that are crazy enough to think they can change the world are the ones who do.” (Steve Jobs)
In most cases, you need to fund that idea so it can grow. Small business startup lending can be a good option to bring your idea to life.
Small business startup lending
Now that you have a great idea, how will you make it reality? Small business startup lending is an option that you may not have considered. “A recent study by invoice factoring company BlueVine found that 75 percent of American small business owners rely on personal finances as their primary source of business funding, and 83 percent overall have put their own money into their companies.” (Nicole Taylor, Business News Daily) When you look at those results, it makes you wonder why so many business owners don’t take advantage of business funding. For existing businesses, they may generate enough money to support their business (or they can apply for business working capital loans). That is not usually the case with startups.
In many cases, startup business owners also have a full time job. They can use their income from their job to support their business. But, business owners are limited to what they can afford to give to their business. This can result in under funding the business. Though an owner can fund their business, small business startup lending can remove the added stress that could impact personal finances.
“Small business lending has turned a corner. Traditional lenders have realized how important small businesses are to the nation’s economy and are committing to lend more and more to these types of companies…Small businesses have more options than they ever did before when it comes to seeking loans and working capital. Small business lending approval rates rose from 18.8 percent in March to 19.4 percent in May, which is a record high since the economic downturn.” (Madie Hodges, Kabbage)
Before applying for small business startup lending
Before applying for business funding, a business owner should ensure their credit score is sufficient. For startups, this is the primary deciding factor for business funding. If you have a poor credit score, you must identify and correct it quickly to get funding. You can get free credit checks and reports. Once you identify your credit score and review your report, you will have a better understanding of your chances to get small business funding. If your credit score is below 650, you should consider credit repair to bring your score higher. You can do credit repair on your own, but you may find it easier to let the professionals handle it. Once your credit score is 650 or higher, you are putting yourself in a better position to apply for business funding. Of course, the higher your credit score, the better off you will be.
Where to get small business startup lending
Once, you have your credit score at an acceptable level, you can setup a free consultation here. Then an expert can review your situation and help you find the best solution to meet your business needs. In my opinion, it is always better to have business funding and not need it than to need funding and not have it. If you qualify (650+ credit score), it is better to get business funding now and build your business credit.
You know small business startup lending is available and an option for startup businesses. This is an option to fund your ideas, start your business, and grow your business. Make sure your credit score is good and leverage business funding for your business.