#Financing_Options_For_Startups #startup_loans #business_loans
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“How to start a business without money”
In today’s video, we are going to talk about 3 loans options for people looking to start a business.
The good news is you do not need a business plan to apply for any of these options and you can apply for all 3 of them simultaneously to get the max loan amount.
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First of all before you consider applying for any type of loan as a startup, you need to make sure that you have a good credit score. The credit score is the main criteria for any startup looking to apply for a loan unless you are willing to use the equity on your home as collateral to get a loan. You need to have at least 680+ credit score.
I placed the link in the description below of a company that can help you boost your score to 700 if you do not meet the credit score requirement.
The number 1 option is the Term Loan.
With this option you don’t even need to have a business to apply. The main requirement is your credit score and your income. You need to have a minimum of 680 credit score. And you need to provide a proof of income. Documents that can be used as proof of income include: your W2s, your tax returns or your pay stubs. You can qualify for up to $300,000
This option also allows you to use a co-signer in case you do not have a good score. A co-signer is a friend or relative with 680+ score that is willing to co-sign your application.
I place a link in the description below for people looking to apply for the Term Loan.
The second loan option will be the Business Line of credit: This option is good for people that do not have any proof of income. You are required to have a registered business when applying for the business line of credit. You are also required to have a good credit score. At least 680+
You can qualify for up to $150K business line of credit.
I place a link in the description below for people looking to apply for a business line of credit.
Another option is to apply for Equipment financing. Equipment financing loans are among the top loan program for people looking to use equipment for their business. It could be a truck if you are looking to start a trucking company, a Printer to start a printing company or an excavator to start a construction company. In fact, this type of loan come with borrower-friendly repayment terms in most situations. These loans do not require external collateral, as the equipment itself serves this purpose. This means that the bank can repossess your equipment if you stop making payments on the loan—because of this, these types of loans are typically easier to obtain because there’s a safety net of sorts for the lender.
A startup can qualify for up to $50000, experienced businesses can get a lot more than that. Most equipment financing loans require putting down 10%- 20 % of the equipment cost.
I place a link in the description below for people looking to apply for equipment financing.
So guys this completes the list of 3 loan options you can use to finance any new business venture. The good news is that you can apply for all these 3 options simultaneously and get the maximum loan amount possible. See you in the next video and until then keep smiling!