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When starting a business with no credit, get business start up loan/line of credit sounds like a great way to go about getting the gears in motion. But oftentimes this is a challenging task, especially in today’s economy. Knowing where to go and how to get what you want is the key to financing a successful business.
If you go about googling something such as “no credit get business start up loan line of credit,†you will undoubtedly be assaulted with a number of aggressive solicitations that often sound too good to be true. While some are sound lenders, very often the most aggressive advertisements lead to lenders that are not-so-savory, and might end up gouging you with rake hikes hidden in the fine print.
Your best bet for a good start up loan is going to probably be an SBA loan. Government loans are excellent, reliable methods of financing your businesses from scratch, and there are many programs available so your chances of approval are quite good. If you find difficulty in qualifying for an SBA loan, you may want to try applying to your local small bank chapter or credit union, as these institutions tend to be very flexible with entrepreneurs starting out and will be able to provide a loan at a very reasonable interest rate.
With your target in sight, now it’s time to write a proposal. It is not easy to, with no credit, get business start up loan/line of credit unless you can demonstrate exceptional business ability. You will need a very well-written proposal, that outlines all the details of your business’s functions, a thorough disclosure of your assets, and a strong market analysis.
With your targets in place and your weapons loaded, it is time to take action. Get the financing that your business deserves, and get in the driver’s seat!
