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Where can I get a business loan?

Answered By Aidon "Hughie" Bilbao, Editor


There are several sources you can go to in case you need to get a loan to start you own business. These are briefly discussed in the following items:

- Financial companies- there are just hundreds of them that are willing to provide you a loan. Aside from loans, they also offer retail financing and other credit programs.

- Banks- they are offering loans that have six to nine percent interest rate and can lend you $50,000 or more. They also offer both short-term and long-term loans.

- U.S. Small Business Administration (SBA) - it is an independent agency that is under the Executive Branch of the Federal Government. It is tasked to provide financial assistance to small entrepreneurs across the country.

- Venture capitalists- they are willing to invest in your business in exchange for some equity and stock ownership once your business develop. But it is only advisable for businesses which need a capital starting from $250,000 to $1,500,000. If your business needs under $250,000 capital, venture capitalists are not a viable business loan provider option.

- Credit cards- if you own one, you can borrow money from it. Just make sure that you can repay credit bills on time to avoid delinquent payments charges and bigger bills.

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