Published By Faith Stewart at November 9th, 2018
Starting a business is a challenge. There are so many obstacles to overcome. Much like an athlete training for a race, you may face falls and injuries. There may be times you feel you can’t go on, and you may even have to stop for a brief period. You can’t stop forever though. You have to keep going, and to do that you need to use all your resources. In athletic training it may be medication, rest, fluids, and trainers. In starting a business, especially if you have stumbled over the hurdle of bad business credit, your best resource could be business startup loans, no credit check.
There are other resources that can help with different hurdles. However, when it comes to that looming credit obstacle, sometimes you just have to focus on getting past it rather than trying to move it. Once you are over it, you can work on making sure it doesn’t pop up again.
At times, this one seems like more of a climbing wall that a hurdle. This is especially true when trying to find business startup loans, no credit check required. You need a solution that can help you over just as well as a rope ladder. So you just have to know where to look.
You can always learn more here and get started toward building a strong company with business startup loans, no credit check!
Some athletes have the means to train in fancy gyms with certified trainers. Others have to make do with what they have. It isn’t the quality or expense of the equipment that gives
them the advantage. It is the willingness to put to the best use possible whatever it is they have at their disposal. The same is true with business startup loans, no credit check or otherwise.
Whether your loan is a traditional loan or an alternative option, it is how you use it that counts. Everyone wants the best terms and rates. The fact is, however, if you want to get a startup loan, no credit check, you have to give on something else.
Regardless of the type of business funding you get, whether it is:
You have to do your part. What is that you ask? Your part is to train hard and stay the course. Do not get distracted, and keep yourself healthy. In a business, this translates to knowing your limits when it comes to debt. Keep things in balance to be certain you can make consistent, on-time payments. Also, you need to use the funding wisely.
Just like an athlete, you need to set goals and then make a plan to reach those goals.
Just as an athlete sets goals, so must you as a business owner. An athlete’s goals may include lifting a certain amount of weight, running a certain number of miles, or beating a certain time.
In the beginning, your goal as a business owner may be to just find a place to set up shop and find the funds to get off your feet. Break that down a little more and it may look like this:
Later, your goal may be to break even, and then even later your goal may be to hit a certain percentage of revenue growth. You need money to meet all your business goals. Often financing, including business startup loans, no credit check or traditional, are the only way to get that money.
Learn more here and get started with building a strong company with business startup loans, no credit check!
Once you get funding, it is time to put those funds to work. You have to find a careful balance between spending money to make money and overspending to a point you cannot pay back a loan. Find the sweet spot with inventory and location so that you can begin producing revenue as soon as possible. That revenue is what will allow you to pay back your loan with consistent, on-time payments.
Once you have some financing you can work on building credit. Making on-time payments is the big thing, but it won’t matter if you have not established your business as a separate entity. This means incorporating your business, or at least operating under a DBA. Then listing it in directories under its own contact information and opening a separate business bank account.
Once you do this, any payment information reported about your business will be on your business credit report. The beauty of building credit is that if you stay the course, you can see progress pretty quickly. Then you don’t have to worry about startup loans. No credit check isn’t even a factor.
Every athlete asks himself the same thing when they begin training. Where do I even start? Progress can be slow, but you have to stick with it. The same is true of building business credit. The starting place, as it happens, has to be funding that doesn’t require an excellent credit score. That is because you are likely starting out with no business credit, which is the same as bad business credit.
Where do you get funding with no business credit? You can try to find business startup loans no credit check. They do exist, though not in the form you may expect.
You could also try your hand at creating a crowdfunding campaign. Success rates aren’t great. Depending on your situation however, it could be a viable option.
Kickstarter is probably the most well-known crowdfunding platform. It is important to know that it is all or nothing however. You set the goal, and you do not get any money until funds reach that goal.
Unlike Kickstarter, Indiegogo is a platform that allows you to take whatever you can get. This means it could still be helpful even if you do not reach your goal.
Other options for startup funding include secured business credit cards and angel investors. Which options you use depend your situation and how much you need to meet your goals.
Kiva is a good place to start to find business startup loans, no credit check. It is absolutely free. You have to repay the money, but the interest rate is 0%. The only thing required from you is a thorough business credit profile. Also, you must loan $25 to another business on the site. Last is the requirement that you raise funds from a certain number of friends and family. Usually, it is at least five people from your own network that have to be willing to pitch in.
While this isn’t exactly the same as business startup loans, no credit check or otherwise, it is great for just starting out. They do pull a personal credit score, but you can get approval with a score as low as 580.
Of course, as you may imagine the limit is low and the interest is high. The goal is to use this as a tool to get started and build credit at the same time. Maybe put just enough inventory on the card to get going.
After you make enough payments to strengthen your business credit score, you can move up to a financing option with more favorable terms.
Keeping with the athlete metaphor, when you are training in the beginning, you can’t lift much or run very far. You are very sore afterward as well. However, as those muscles strengthen you are able to run further and lift more weight. Not only that, your performance improves. The same is true of financing a business.
Although loans from the SBA require a credit check, they do not rely solely on a good credit score for approval. The SBA’s mission is to help small business. They do this by making business loans available to those that may not otherwise qualify. The loans are federally backed, so lenders have some of the responsibility of risk mitigation lifted.
There are a lot of hoops to jump through and the process is not quick, but if you persevere, these loans can be like protein shot to your business.
Don’t forget about angel investors. They are informal investors that believe in you and your business. And they can be friends, family, or a total stranger that you convince to come along side you and help you make your dreams come true. They don’t have to check your credit and you don’t have to pay them back, though they may want a piece of the pie!
Like exercise equipment and running shoes, business startup loans, no credit check or otherwise, are tools to help you build both your business and your credit. Used incorrectly, they can cause more harm than good. However, if you take the time to do your research and learn to use them properly, your finances and your business can soar to new heights.
This means working slowly, building up to stronger credit tools as you go. Don’t try to start out with the hardest machine in the gym or you will fall flat on your face. Start with some these suggestions and eventually you will be able to apply for traditional loans and small business lines of credit like a pro. By the time you are able to do that, your wise use of starter credit will ensure your business already has a solid foundation.
Learn more here and get started toward building a strong company with business startup loans, no credit check!