Small Loans for Business

Business funding in Lancashire, business support services and

A number of government agencies, non-profits and professional organizations offer business startup loans to women in an attempt to foster good relationships, create jobs and stimulate the economy. To truly understand the requirements of outside organizations, individuals have to acquaint themselves with the types of financing available to new entrepreneurs.

Offering advice and counseling for free, places like the Small Business Association, or SBA, and the Association of Women's Business Centers provide training as well as put women into contact with sources of funding for their startups. Despite needing to meet specific criteria, women worldwide can qualify for business grants and unsecured business loans.

Qualified women can borrow money for their businesses in the following ways:

Secured Business Loans

Collateral is put up by the receiver of the loan in an effort to protect the lender's investment. If the recipient defaults on the loan, the bank can seize the item, commonly real estate, as a form of repayment.

Unsecured Business Loans

No prevention measures are taken to protect the lender but the interest rate is higher than a secured loan. This type of funding is given to women with a solid financial background and exemplary credit history.

Microloans

Small loans are given to start-up businesses and have a very specific timeframe for repayment. The average loan size is $13, 000, but startups can request up to $35, 000 from intermediaries that are approved by the SBA.

Grants

Available through local and state programs as well as non-profits, grants must be matched by the entrepreneur or combined with other means of funding like a loan.

Requirements That Must be Met to Attain a Loan

  • Good Personal Credit. Business owners need to know a thing or two about managing money before starting out on a venture of their own.
  • A Solid Business Plan. A roadmap highlighting possible successes and failures, not to mention a clearly stated plan of action, gives investors a way to measure a start-up's staying power.
  • Work Experience. Past opportunities can help entrepreneurs cultivate the skills needed to be a successful business owner.
  • An Educational Background. Related coursework will strengthen a small business.
  • Proof That the Business Has Longevity. Researching competitors and giving direct examples regarding risks and profits is one way that women can help their chances of being approved for business startup loans.

For Dummies Small Business For Dummies
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2008-06-16 06:06:56 by DanicasDreams

Womens Loans for Small businesses?

Could anyone tell me how a 45 year old female living in Macomb County Michigan can apply for a small business loan from the government? I have a low credit score that is improving, but still not up to par yet. I have client currently in the cleaning business but would like to be more professional about the whole thing. I still need more supplies and equipment, along with bonding and insurance. Does anyone know where I need to go for something like this or what I can do?

2010-11-22 16:10:15 by 1099Consultant

Best sources for Small Business Start Up Loans?

Hi,
Can anyone recommend some good sources for small business start up loans? I've tried to secure a small amount through some major banks, but all are shooting me down due to the fact that I don't have two years of self employment financials. I have a credit score of about 750, and very strong credit history. Does ANYONE loan money to new businesses, or start ups? Even like only $5,000, or less?

2012-11-13 09:58:17 by DMmoney

Loans for a small business

Hi,
I've posted about loans (and grants)already.
Here is the short version in case you are interested:
US. Government Grants & Loans:
up to $250,000 and grants up to 50,000$ for small businesses that need cash flow.
In order to get funded you'll need to know how to apply and the requirements your business needs to meet in order to get approved.
For easy to follow instructions please go to freefundingandgrants.org . Funds usually issued 60 – 90 days after submission.
OK, this was the message. There was also a related discussion in the forum

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