A startup business loan gives new business owners an opportunity to finance their startup companies. Most lenders and traditional financial institutions such as banks are reluctant to give out loans to startup businesses since there is a higher risk for the lender. Startup companies have not yet established a revenue flow for at least a year, so lenders may be wary about the company’s ability to repay the loan. For this reason, startup business loans may be more restrictive in its qualifications. One way for lenders to gauge whether or not a startup business can qualify for a loan is through the business owner’s personal credit score. Although other business loans will require a business credit score, in the case of a startup business loan, lenders will need a personal business score of at least 700 if a business credit score has not been established.
Even with a personal credit score, it is important for business owners to begin building a business credit score. One way to do this is through a business credit card, which can also be a means for business owners to have flexibility in cash flow. As new business owners build up their business credit score, they increase their likelihood of a loan approval and can consider other loan options as well since there will be an established credit history for the startup business. With startup business loans, there are no one-size-fits-all solution. There are a variety of financing options for business owners to explore, and Opportunity Business Loans can help you with this process.
Most entrepreneurs who are at the very beginning stages of opening a business get funding through their savings, credit cards, friends and family, or outside investors. Instead of giving up equity to investors or dealing with the stress of borrowing money from loved ones, you can get the financing you need through a simple and convenient Startup Business Loan.
This funding empowers you to invest in your business to get it on it’s feet. Your approval and the amount of the loan is determined on your personal credit history and the collateral that you can secure the loan with. Collateral isn’t required but could help you get more out of your startup business loan.
There are 30.7 million small businesses in the U.S. in 2021. These businesses account for 99.9% of all businesses in the United States.
Small businesses create 1.5 million new jobs every year, which accounts for 64% of all new jobs. Unfortunately, more than 50% of small enterprises fail in their first year of being open, and more than 95% fail within their first 5 years.
The majority of these failed businesses were forced to close due to lack in financial planning. One of the top reasons individuals report a failed business is due to the lack of cash and not being able to get the funding they need to keep their business going.
Many businesses owners have a hard time finding funding for their business because they don’t have a long enough financial history to secure a loan. Thankfully, through alternative lenders like Opportunity Business Loans, you can get the funding you need for your startup business without being required to be in business for a certain amount of time.
Our Startup Loan Program comes with multiple great benefits that help you secure the funding you need to take your business to the next level.
Our loan application and approval process is industry-leading in speed and simplicity. This 3-step process allows pre-approvals and expedited funding. Give us a call today or follow the simple 3-step process below.
If you don't think a Startup Business Loan is right for your business, check out these other financing options. If you are unsure which option fits your needs best, give us a call. Our team of financial advisors would love to help you secure the capital you need through a loan that is convenient for your business.
A Business Line of Credit will give you continual access to additional funds. This helps free up your cash flow to assisted with unexpected business expenses.
A Business Cash Advance is structured as a lump sum payment to your business in exchange for an agreed-upon percentage of future sales. This is perfect for businesses with poor credit or no collateral.
Equipment is essential for small business to run effectively. Whether it is new office printers or construction equipment to renovate your office, our equipment financing is the perfect solution for your business.
If you’re a startup company looking to get a loan, try getting a startup business loan with Opportunity Business Loans. We can give you a better chance of qualifying for the right startup business loan by connecting you with hundreds of different lenders within our large network. With so many different lenders, you’ll have a greater chance of successfully finding the type of financing that is perfect for your business. When you apply with us today, we’ll do most of the work for you so you won’t need to go from bank to bank or fill out an enormous number of applications. Just fill out one form with us, and over a hundred different lenders will have access to review your business profile and create an offer that’s right for you. Let Opportunity knock on your door today.
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