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In today’s troubled economy, it is not going to be terribly easy coming across a $50,000 unsecured line of credit for new business with no strings attached. However, you will find that it is often not a terribly easy to do, as the large lenders don’t usually give away such sums easily. There are a wide variety of places to look, though, and if you know where the correct avenues are you will not have any difficulties finding the financing that you need to run your business.
The first thing that you are going to want to do is know where to limit your search. The ideal thing to cut out would be the big banks. Large banking corporations such as Wachovia and Bank of America are typically not very helpful for small businesses that are starting out, as they will tend to impose as much security on the loans as possible in order to issue them safely. The interest rates will often be very high as well. You will often find that smaller banks and credit unions are more helpful for starting up your business financing; not only are their lenders more flexible and more likely to listen to your unique sales pitch, but they are also likely to give you a lower interest rate due to the fact that they have much lower overhead.
You may also want to consider getting SBA Microloans. Now, on the surface it may not seem like you are going to get a $50,000 unsecured line of credit for new business as the loan amounts are small (maximum of $35,000, with the average loan amount being around $13,000), you can take advantage of the lending flexibility of this organization by applying for multiple loans. As long as you apply within a two-week period, all loans that are applied for will only affect your credit score as a single credit pull.
There are always a number of options to get the financing you need, it is simply a matter of finding the right ones.
