Small business loans
don’t always require a mountain of paperwork or require you to sign
your life away. In fact, there are many options these days for small
businesses in any financial situation to receive financial support.
Most small business loans, especially those guaranteed by the Small
Business Administration, require the borrower to put up personal
collateral. This gives the lender a peace at mind in case the borrower
is not able to return payment. But what if your small business doesn’t
have any collateral yet to guarantee? Is a small business loan out of
your league? No! There are lenders out there who will provide you with
funding even without collateral!
Small Business Administration Backed Loans
The SBA guarantees most loans that go through banks. It is much
easier to get an SBA guarantee if you put up collateral, but that is not
your only option. You can also provide the SBA
with your own personal guarantee. In doing so, the SBA can be certain
that you will be held accountable for loan repayment. In fact, the SBA
has a 7(a) loan program that just requires the borrower to show proof of
positive cash flow for debt service and acquisition price. If accepted
to this program, the SBA will guarantee 75 percent of any loss on the
loan to the lender.
Alternative Lenders
Although many alternative lenders
do require a personal guarantee of cash flow, they do not necessarily
require collateral. Clara Loans is a great example of this. When you sign a
loan agreement with Clara Loans, you personally guarantee that you will pay
back your loan, but you do not have to put up any real estate or
personal collateral.
Peer-to-Peer Financing
P2P Lending doesn’t operate through traditional financial
institutions; instead, it requires the cooperation of individuals.
Individuals provide unsecured loans to borrowers based on their business
plan. There are many websites and platforms that provide more
information on how to apply for P2P Financing. When receiving a P2P
loan, everything is done online. Often times these types of loans have
higher interest rates and shorter terms, but in most cases everything is
based on the credit history of the borrower.
In most cases your chances of receiving a small business loan
increase dramatically if you are able to put up collateral, so if at all
possible wait until you have collateral or find some. When not possible, you have a few options to look at like crowdfunding,
investors, or alternative lenders. Just because you do not have bank
qualifications, do not give up on your dream and finding ways to finance
it. If you have a truly great business, that makes an impact on
people’s lives, so you will find a way to keep it thriving. Where there
is a will, there is a way!
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