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Getting Yourself a Small Business

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Published: 16Mar2010
Word count: 533
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Working as an employee can be fulfilling but if your job means having to do the same mundane tasks each day with a low compensation, there's no doubt that sooner or later, you'll be seeking better grounds. For instance, you may plan to start up your own business and be your own boss instead. But starting a business is really not that easy, especially when it comes to the issue of financing.

In fact, the lack of sufficient funding can be a big hindrance. Starting up a business involves a lot of expenses and if you don't have the money to spend, then there's no chance to be your own boss. The good news is, there is help available. In fact, there are more than one ways to get the financing assistance you need.

Business Financing Assistance Options

Business loans. Traditional business loans are provided by banks and lending companies. A loan can either be secured- which means you'll need to submit collateral to your lender; or unsecured- which does not require any form of security at all. Understandably, unsecured loans have higher interest rates and fees than that of secured loans.

Different lending companies offer varying rates and fees so it's very important to do research before applying for a business loan. To speed up the process and to avoid getting rejected, it's also recommended to prepare in advance the required paper work to be submit (business plan, permit, licenses, balance sheets, etc.)

The business owner's personal credit history can also make a big difference in the approval of your business loan application. Obviously, a high credit score would make you an ideal candidate for lenders while a low score could mean rejection of your loan application. Those with poor credit history can also apply for sub-prime loans instead, although these loans often require collateral to be submitted.

Business Credit Cards. Another way to fund a business is by getting a business credit card. Applying for a business credit card is fast and easy, especially if the business owner enjoys an excellent credit score. There is a wide range of business credit cards available in the market with low rates and great rewards that require good to excellent credit.

On the other hand, those with poor credit history can also apply for bad credit business credit cards. These credit cards usually require a certain amount of cash to be deposited in the card holder's account as security for his debts. Thus, the value of your security deposit would also determine your credit limit.

Equipment leasing. Leasing business equipment is an option both for old and new businesses. Leasing involves faster and easier processing than traditional business loans. A lease application can get approved in one day, and a business can expect to receive the machineries he need within a week or two, at the most. Leasing or renting equipment frees up a large portion of cash which can be used for other operating expenses.

Leasing does not require a down payment and a business owner can choose a repayment term that is most suitable to the company (ex. monthly, quarterly or yearly payment).

Irish Taylor is a business loan consultant with Startup Business Loans and has been providing consumers and business owners with startup business financing since 1992. For years she has helped people with credit and loan problems especially pertaining to start up business loans, SBA loans and start up business financing.

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