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Tips on business credit loan options

Tips on Business Credit Loan Options

Now that you’ve done all the grunt work –getting a dynamite product, finding your corner market, etc.– you’re ready to open your business, right?  Wrong.  You’ve got to be sure that you get your credit in order ASAP.  The easiest way to do that is to get a loan from a trustworthy source.

Lenders:  If you just so happen to be the favourite niece of a rich great aunt, then your money problems are virtually non-existent.  For those who aren’t so endowed, it would be wise to consider approaching a government agency with macro loan options or a credit union before going to a commercial bank.  You’ll get the help from a reliable source with substantially lower interest rates.

Necessity:  The first thing you need to consider before approaching a lender is towards what is your money going.  For beginning businesses, it’s best to invest your money in inventory and equipment.  Especially when thinking of borrowing from a bank, you’ll want to make sure whatever money you get goes towards something that can replenish capital and earn you a profit so you can make payments on time and keep your credit clear.

Loan Programs:  Once you’ve found the perfect lender, you’ll need to consider all the options they offer in terms of loan programs.  For instance, if you’ve decided to go with a government backed agency, chances are you’ll receive a sizeable loan with a markedly smaller interest rate than that of a commercial bank.  You’ll also find that because these agencies are funded through federal reserves, their names have an added level of credibility –meaning if your business should go south for any reason, a commercial bank seeing your previous loan history will be more willing to offer you financial aid to get you started up again.

Don’t be alarmed by the prospect of owing money; it’s part and parcel when starting any huge venture.  Just make sure that your business is set up to succeed so you can rake in the cash and pay off your debts in one fell swoop.

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