Getting that Equipment Lease in the First Year
Posted on December 31, 2007
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Getting a small business loan for a venture that is in its first year can be extremely difficult if not impossible. Not only do many businesses fold within their first year, very few have any type of collateral for the bank to hold on to while the loan is paid off. This can be quite the burden for the strong business that is, despite its young age, growing by leaps and bounds. Even when a business shows signs of solid success, a bank may still say no to funding because of the age factor. This can leave many business owners wondering what to do.
The best answer for those businesses that need funding in their first year comes in the form of an unsecured loan. Whereas small business loans from banks require a written proposal and various financial records, an unsecured loan is one that requires a scant amount of paperwork and no collateral whatsoever. The loan can be used for any purpose, from buying more inventory to putting money down on an equipment lease. These unsecured loans are mostly made available to businesses that take credit cards. Once the business owner receives his or her cash advance, the money is simply paid back via monthly credit card sales.
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