National Unsecured - Start a Business Loan

 

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Loan to Start a Business

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Starting your business means that you need funds for your new venture. and no one knows this better than National Unsecured as we started our own business over 8 years ago. We believe that having a great loan program is vital for a successful business. Apply for your loan online and get fast results on your qualification! Once accepted funds are deposited into your account in a very fast time period.

Loans to Start a Business

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So you want to start a business somewhere in the United States? But your problem is, you do not have enough capital of your own to fund the start-up of your small business. One option you could resort to is to borrow money by taking out a loan.

Requirements for getting a loan

If you want to apply for a loan from a bank, you will need to supply information about the following:

- Capacity to repay the loan
- Your updated credit history
- Proof of equity and manageable liabilities
- Proof of satisfactory collateral
- Proof of your experience in the industry you will be entering
Major types of business loans in the US

Business loans will fall into either the short-term loan category, or the long-term loan category.

A short-term loan will usually carry a maximum maturity period of one year. On the other hand, a long-term loan has a maturity lasting more than 12 months but maxing out at around seven years.

Organizations to approach for loans

The US Small Business Administration (SBA) is one US government agency which is serving small businesses by preventing them from defaulting on loans given by other organizations, namely commercial lenders. The SBA itself does not usually provide loans, though it does have business loan programs serving businesses which are considered high risk clients by commercial lenders. The reason the SBA does not offer business loans (except in such cases) is because the US government is not meant to compete with commercial lenders in the business loan market. If you opt for an SBA business loan, you will still need to apply at a commercial lender first.

If you are a regular type of business, then a financial institution such as a bank is your best option. Banks do a thriving business offering business loans since they are usually the first type of lender people think of when they want to take out a loan. A bank has stringent requirements that you should meet, such as providing information on the following:

- Type of business
- The balance sheet of the business
- Income statement
- Cash flow projections
- Statement of personal assets and liabilities of each owner of the business

Loans from commercial lenders

1. Operating Line This kind of loan may also be known as overdraft protection, line of credit, or working capital loan. If you opt for this type of loan, you will need to provide proof of accounts receivable.
2. Term loan usually, people resort to getting a term loan when they need to pay for expensive assets (such as heavy equipment or computers) in the long term.
3. Lease leasing has nearly the same requirements as a term loan. The difference is that the leased items are usually owned by the lender, or by a 3rd party. The asset of the leased item is evaluated based on the kind of item and its possible resale value.
4. Corporate Visa Expense cards basically, this means you finance your business with your Visa card. If the business has little assets or is a start-up company, you need to provide proof of hard security (cash) to use your Visa card as a financing option.
5. Mortgage a mortgage is actually another variety of term loan which uses your real estate property as security. Business mortgages have more complex lending requirements than personal mortgages.


The world of business loan lenders is based on trust between the lender and the borrower. Cooperate closely with your lender and you may soon be able to get the right business loan for your needs.

 

 

 

 

 

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