If you know what types of business loans are available to your business, you can make a more educated decision about which types of business loans will work best for you. Knowing what’s out there is only half the battle. You also have to understand your own eligibility and funding needs.
startup business loans
One of the biggest advantages of debt financing is, you retain full ownership of your small business. And while you will most likely need to use profits in order to pay debts back, you won’t have to siphon off profits forever. And, without handing over any portion of the business, you are not losing any measure of decision making or control.
For virtually all business loans, particularly if your business is new, you will need to provide a PG. Hence, you provide personal details and they will likely perform a ‘hard pull’ to check your credit history.
To check eligibility, a loan provider will review your business plan. They often check personal credit. Personal FICO score is often a factor in lending terms and interest rate.
The Rebuild Florida Business Loan fund retains significant funds to help businesses recover from disasters such as hurricanes.
An Experian credit score of 650 or higher is required, with no bankruptcy within the last five years. You must provide contracts, bids or estimates for real estate, furniture, fixtures and equipment; and/or renovation, improvement or construction.
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