A business loan will help you to start or expand your business, but if you don't have credit, it can be hard to get a good loan. You may not be able to get as much money as you wanted, and you may have to pay higher interest rates as a result. Still, if you have a good business plan, you may be able to find a lender that is willing to take a chance on your business.
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Step 1
Develop a relationship with a local bank. Large national banks typically have more restrictions than smaller banks that take a more personal approach. Open a business banking account with a local bank and use your account responsibility. This helps you to build your reputation with the bank.
Step 2
Talk to your bank about a loan. You want a loan that is backed by the Small Business Administration--most banks provide these loans. These are less risky for the bank because the government will help out if you default on the loan. Show the bank representative how you can repay the loan through current cash flow for your business or through the business experience that you have.
Related Reading: How Can I Get a Guaranteed Small Business Loan With Bad Credit?
Step 3
Offer collateral to secure the loan. Without credit, a bank will be wary of lending you money because they cannot be sure that you will repay the loan. If you offer some type of collateral, such as the equipment you will buy with the loan, you become a more attractive borrower.
Step 4
Build credit with a business credit card. If you are turned down by the bank due to lack of credit, you may still qualify for a business credit card. The credit limit on this will probably be less than you were looking for, but it will help you to build your credit as a business, making you eligible for loans in the future.
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