Business Loans for Small Company
Hello it’s Ty Crandall and in this short video we’re going to talk about how to get business loans even if you’re a small business, so there a lot of loan options available for small businesses today. Now the easiest type of loan to secure is unsecured financing, this actually isn’t really a loan, it’s more like business credit cards, so if you do have good credit or good credit partner or basically guarantor you can get 5 times the amount of money from whatever your highest credit limit account is now, so if you look at your credit report whatever the highest limit you have on a credit card is you could typically with unsecured financing get 5 times that amount of money and you can get approved regardless of your company size in rates start at 0% so this is perfect for start-up business because you can get a 0% rate for usually 6 to 18 months and then your rates normal credit card rates after that um and you can get approved without no financials, so even if you’re not a start-up and you need a no doc type loan unsecured financing really is a fantastic option. Now another kind of financing is asset based financing you can get this again regardless of your companies sites, so these loans use assets as the main factor for approval now rates are usually 5% or less even as low as 1%regardless of your credit score so really low rates regardless of your credit um and you can get approved if you have 401k or stocks, inventory, equipment, real estate, book of business even if you have purchase orders or account receivables even as a small business you could still get approved for this kind of financing and get very large amount of money depending on the value of the assets collateral that you have. Now business credit is another great option because any company regardless of size can get business credit even if you’re just opening your doors even if you’re just start-up, so there’s no personal credit check required, so this is again a fantastic options if you have consumer credit issues, cause they don’t even look at your consumer credit, now it takes about 6 months total time to get approved for business credit cards with limits of $10,000 or higher these are Visa, MasterCard type cards but don’t worry among thus for 6 months you also getting approved for vendor credit and most importantly store credit such as 2, 4, 5, $10,000 credit cards a place like Walmart, Amazon, Dell, okay Dell is notorious for giving $10,000 limit credit cards to business owners but if even the building business credit for 2 or 3 months so you’re going to get a lot of store credit a long way it’ll take you about 6 months to get the cash credit a $10,000 limits are higher plus again as I mention you can get store credit much sooner as you actually build that up to a point you’re getting the Visa, MasterCard type cash credit, now there’s a lot of other funding options available for large and small businesses but they only cash flow $10,000 or higher monthly to qualify, so even if your business is small now, don’t rule this out because your revenue grows so will you qualification for funding the bigger you get the more money you able to get, that even a small business and if you’re doing revenues about $10,000 a month this is a fantastic option for you cash advances, private money, conventional loans, SBA alternative loans all become available when you have revenue in tax returns, so really what you can get you might depend on your own definition of small, even is a smaller business if you do have tax returns if you have banks statements showing deposits of 10,000 a month or more if you show tax returns with even small amounts a profit and gross revenue then this opens up a lot other funding options beyond this main ones like I showed you, so again this is Ty Crandall hope you enjoyed this short video on business loans for a small company, make sure you like the video and subscribe to our YouTube channel on our YouTube channel you’ll see our long shows we do we’ve really get in depth with all the funding its available out there we breakdown business credit building explain it to you step by step we talk about at least 16 to 20 different kinds a business financing that works for you whether you’re just starting your business or whether or not you have good or bad credit so make sure you like this video make sure you subscribe to check out much more in depth videos on how to get business loans for small businesses.