A working capital loan-a short-term loan used to cover daily expenses, like rent and payroll-can help you cover temporary cash flow problems.
You may find it easier to qualify for a business credit card than other types of business loans since approval is based on your personal credit score. If you’re just starting out, you may have to apply for a microloan or a business credit card. Since most lenders have minimum time in business requirements, it can be tough to find one that will issue you a startup loan for a new business. In addition, there are not-for-profit organizations that offer microloans, such as Kiva and the Women’s Microfinance Initiative. Small Business Administration (SBA) has a Microloan program that allows qualified applicants to borrow up to $50,000. If you need to borrow a small amount of money, consider applying for a microloan. The loan is secured by the equipment, so the lender can seize it if you fail to repay the loan. This type of loan is designed to help you purchase business equipment, like machinery or office furniture. Buy new equipment Some lenders offer equipment loans.Deciding why you need financing will help you choose the right kind of loan. There’s more than one kind of small business loan.
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