Need a Business Loan for Your Startup?
Finding a business loan for your startup isn’t always easy.
The idea of starting a new business can seem like an overwhelming process. You have a great idea – but how do you find funding for your startup?
Depending on your situation, we may be able to find you and your startup a small business loan options made just for you.
While a lot of business loans have certain requirements that may be difficult to meet, Rapid Financial Solutions also provides easier options that cater to startup businesses.
Unfortunately, a lot of companies that offer you a business loan require that you have a near-perfect credit score, which can be a huge stumbling block for a lot of new small business owners. If you’re young and looking to finance a small business, you might just not have much credit at all. Furthermore, some lenders require that you have a specific credit score or you put your house up for collateral.
You might be thinking, “But surely there are some government funding options available, right? They like to encourage business growth.” There are, but they don’t work for everyone. While there are some Small Business Administration Loans available through the federal government, only as few as one in every two hundred business owners qualify for that type of funding.
Furthermore, even if you do qualify, it could take months for you to actually get the money, which makes for a lot of unnecessary waiting time – time you probably don’t have time to wait.
Another way that some people get loans is by buying a “shelf” corporation. A shelf corporation is a corporation that’s already in existence but not in use. It makes it look like the company has been around for some time, which can be helpful in getting approved for some business loans. However, if you do that, you’ll probably need $5,000 up front to purchase the corporation and, even then, you’re still not guaranteed funding.
Some business owners find funding for their businesses with a sale-leaseback of their equipment. These types of loans work by collateralizing things you already have, which means you can typically get a business loan with no money in the bank and with bad credit. However, that also means that you have to have items to collateralize, and if you’re a new small business owner, this option might be feasible.
If all of this sounds daunting, there is a simpler option and that’s how we help you as a small business startup.
Start your business loan process by filling out this form and an agent will get started on your file right away.
We really do want to help turn your startup into your business dreams!
Rapid Financial Solutions