Business Startup Loan


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Common Forms of Small Business Startup Financing

The startup loan was designed specifically for entrepreneurs. Small business startup financing can provide the necessary capital to help get a new business off the ground and fund key venture expenses – without relying on angel investors or friends and family.

Startup business financing can come in many shapes and forms: Some may be traditional term loans, some may be business credit cards, and some may be SBA loans. However, they are all designed to help fund a new venture for entrepreneurs who are willing to use debt as a source of capital. Deciding on a startup loan is one of the most important early business decisions you can make, so finding the right loan terms is key. While there are endless possible varieties which can be negotiated between your business and your choice of business loan companies, it’s important to familiarize yourself with a few general categories before you get serious about small business loan shopping.

Basic Startup Loan – Some business loan companies will finance small business start up efforts on terms specifically designed for brand new entrepreneurs with limited credit history of their own. These loans will probably have higher interest rates, and approval is largely based on persuading the lender that the venture is profitable. That means documentation and more documentation, as well as a readiness to explain – concisely and confidently – why customers will prefer you over existing competitors, or why your product or service is necessary in the first place. Then again, if you can’t answer those questions already anyway, you probably wouldn’t be starting your own small business to begin with.

Term Loans – These are what most people think of when they decide to get a startup business loan. Term loans are generally unsecured loans, meaning you’re not putting up your home or car or investments as collateral. Typical business loan terms apply to term loans – you receive the full amount up front to be repaid at a fixed interest rate in predictable monthly payments over a pre-set amount of time. No surprises – a rare thing in any facet of running your own business.

Small Business Administration (SBA) Loans – These loans are not actually issued by the Small Business Administration, but they do set the terms and qualifications for approved lenders to apply when considering them. They’re a major element of our government’s effort to encourage entrepreneurship. They have the advantage of lower interest rates and somewhat easier approval for fledgling businesses. Every entrepreneur should at least look into the possibility of taking out an SBA loan. SBA loans are backed by the government. There are numerous requirements to meet, but lenders are more likely to approve borrowers for SBA-backed loans because they involve less risk for the lender.

Secured Loans – A secured loan is sometimes the only way to get a startup business loan for entrepreneurs who don’t have strong credit. Taking out a secured loan means offering up something valuable as collateral to the lender. The lender takes ownership of the collateral if the entrepreneur is unable to pay back the loan. Common sources of collateral include vehicles or homes, although obviously these are risks which must be carefully measured before committing. If one of the primary purposes of the loan is to buy essential equipment for the business, the equipment itself can often act as collateral, meaning less personal risk for the business owner.

Revolving Credit – An operating line of credit can be a great option for new small businesses who can’t always anticipate the numerous small and medium-sized expenses which may arise along the way. Because you only pay interest on the amount you’ve actually withdrawn or used, these make great emergency funds. A small business line of credit can be used for almost anything a credit or debit card can, but the ability to withdraw cash or write checks on the funds gives it additional flexibility as well. At the same time, small business credit cards have the benefit of looking and feeling familiar to most entrepreneurs and may offer perks a line of credit does not.

Personal Loans – For many entrepreneurs, personal loans are the most reliable way to finance small business start up costs, especially for sole proprietorships in which the line between you and your business can be blurry to begin with. Entrepreneurs building startups don’t yet have strong business credit. Many instead choose to rely on their personal credit for startup business financing. This doesn’t mean lenders won’t ask to see a business plan or other documentation related to the potential income and success of the venture, but the key element in the loan will be the owner’s personal credit score and credit history.

Qualifying for Start Up Capital Loans

Business loan companies are particularly careful of risk when it comes to startup loans – they are taking a chance on a business that doesn't exist yet. As a result, collateral – often personal collateral like your house or car – is typically required. Lenders also prefer to see a credit score of at least 680, as well as your tax returns and recent income. Additionally, traditional lenders will expect a full business plan and careful revenue forecasts for the next several years to show that you have the acumen and skills to create a successful company.

That doesn’t mean you’re completely without options if you lack the right credit score or have a few wrinkles in your credit history. If you can establish reliable income, provide a solid business plan and a persuasive revenue forecast, it’s possible you can get a startup business loan. Start up loans for bad credit may carry higher interest rates and come with other less favorable terms, but there are start up business lenders who specialize in assisting with situations just like yours. As it turns out, we happen to know some of them – and we’re pretty good at matching them up with entrepreneurs like yourself.

There are few hard and fast rules about startup business financing, but the most typical business loan terms have fixed interest rates ranging from 7% to 30%, with higher rates reflecting the increased risk to start up business lenders. A stronger personal credit history or previously successful businesses can dramatically improve those terms, however, as will having the right collateral or an established co-signer on the loan.

Although you may be asked about specific plans for the borrowed amount, startup business financing is typically quite flexible in terms of how you choose to use it. Purchasing essential equipment, securing office space or other facilities, hiring staff, or even living expenses as you’re getting your company off the ground, are all common and perfectly acceptable uses of small business startup financing. That doesn’t mean, however, that you shouldn’t have a pretty clear idea of what you’ll need and how it will be spent in the foreseeable future. While it’s impossible to plan for every possible contingency – starting a small business is a big risk in the best of circumstances – it’s unacceptable not to plan for everything you can. Having clear plans, in fact, may make the difference in securing approval for some startup capital loans.

Seeking Startup Business Financing

It never hurts to consider traditional lending institutions like local banks or credit unions. On the one hand, they tend to be conservative by their very nature. They may limit their small business financing to entrepreneurs with particularly strong credit scores or other established businesses. On the other, some like to be known for supporting local business and want long-term relationships. If you have the time to go through the process, it’s worth asking.

Some entrepreneurs seek investors, or personal loans from friends or family. (Even having a co-signer can make the difference between approval or rejection.) There are obvious advantages to this sort of financing, but be aware that few things can destroy an important relationship like disputes over money. Think through the potential ramifications carefully before moving forward with this option.

It’s no surprise that we’re big fans of online lending. Loanry maintains a curated database of reputable options. When you say the word, we’ll scour or database for the best match. It’s their job to make you an offer you can’t refuse, and entirely up to you where things go from there. You’re the customer in this relationship – let lenders compete for you instead of the other way around.

Loanry® is here to help you get your Business Loans


Why Loanry?

There are numerous reasons to consider online lending, whether you qualify for typical business loan terms or you’re seeking startup loans for bad credit. Because of their reduced overhead and national reach, online lenders can often offer more competitive terms than traditional financial institutions which serve a limited area and have that nice lobby and popcorn machine to maintain. The internet has allowed the rapid growth of a variety of specialized lenders as well, providing everything from small “fast cash” loans to small business startup financing to long-term traditional business loans or a specifically designed operating line of credit for your unique circumstances.

Perhaps the biggest factor in so many entrepreneurs taking advantage of online lending marketplaces like Loanry is the sheer convenience of it all. No meetings, no suits, no taking time off to sit in that nice lobby (and you can buy your own popcorn). You can gather your paperwork on your own schedule, and submit your applications whenever and from wherever you happen to be, from any connected device. You want to request connection to a lender while sitting in the stands at your kid’s soccer game? From the free computers at your local public library? From your tablet while you’re reading after the kids have gone to bed? It all works for us.

Once approved, you’ll often find the money in your account in 24 hours or less – and you never had to hunt around for that itchy skirt or that uncomfortable tie.


The goal of any business loan, start-up or otherwise, is growth and prosperity. That’s why it’s important to be as honest with yourself as possible about your budget, your business plan, and the risks alongside the potential benefits. All entrepreneurship involves a roll of the economic dice, but the necessary gambles should always be strategic and measured. There are no guarantees in entrepreneurship, but there are different levels of acceptable risk and possible reward. Be bold, but don’t be delusional. Be determined, but don’t be reckless.

There’s no shame in seeking the advice or drawing on the experiences of others. Whether it’s comparing start up business lenders or making tough decisions about the best sort start up loan for your small business, good choices come from good information. You’re an expert in your business. We’re experts in ours. Your success means we’re doing something right.

Don’t overlook the importance of your personal and small business credit on what types of financing you can secure, and on what terms. Strong credit means more options at better rates; weak credit means limited choices and paying more on what you borrow. Your business will need financing again at some point – to hire new people, to purchase equipment, to open another location, or to weather a downturn. You’ll eventually seek financial options for non-business expenses as well – to buy a car, purchase a home, pay for a wedding, or take the family on a much-needed vacation. The choices you make today, and each day going forward, will determine your options then.

We can’t change the past, but we can seize the present. We can start building towards the future in small ways that will have big results. And the best time to start is right now.


At Loanry, we’re ready to help connect you to an appropriate lender for your startup business financing needs. We’re proud of our track record helping people find competitive rates and profitable terms online and helping them find a lender.

But Loanry and the rest of the Goalry family is about more than that. We’re offering a complete “content mall” of related sites –,,,,,,, and of course and Each comes with a library of informational blogs about a range of related topics, along with online tools and resources available on any connected device, whenever you choose.

Our goal is to simplify the worlds of personal and small business finance and help you take control of your finances – and through them, your future. You’re already doing that by pressing ahead with your small business goals. You’ve no doubt already accepted that it’s probably not going to be easy, but not everything about the journey has to be quite so hard as it used to be. And you don’t have to do it alone.


Did You Hear?

“Money is like gasoline during a road trip. You don’t want to run out of gas on your trip, but you’re not doing a tour of gas stations.”

– Tim O’Reilly (Tech Entrepreneur, Founder and CEO of O’Reilly Media)

Educate Yourself

Small Business Startup Financing for the Confident Entrepreneur

It’s almost impossible to move your small business forward without financing. Successful small business owners have almost all found ways to make this happen, while one of the most common explanations for small business failure is lack of flexible financing. Fortunately, there are many options that entrepreneurs can explore when they’re searching for the source of funds for business they need. The important thing is to do research and fully understand what the motives are behind getting a startup loan. It’s also essential to understand how you can use such a loan best to lead a company to success.

We’ll help you examine the most common options, along with the potential advantages and disadvantages of each. Then, when you’re ready, we’ll hook you up with the lender most likely to meet your unique needs and help your business push ahead.

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Pros and Cons of Your Business Startup Loan

You have the ideas. You’ve done the research. You certainly have the drive. Is it time to get a startup business loan and go for it?

Pros: Operating Capital for Strong Startup

There are limits to how much you can do from your home office or garage without equipment, people, or the proper supplies. Startup capital loans let you do your business right.

Pros: Doesn’t Risk Your Equity

Typical business loan terms don’t require putting your home or other valuables up as security for your company’s debt. Even if your business fails, your personal property is protected.

Pros: Improve Credit Ratings

As you successfully borrow and repay, in small amounts or large, you’re building a strong credit history for your business. That means more options and better terms moving forward.

Cons: Interest Rates Can Be Higher

Startup loans are inherently risky for lenders, especially since the business they’re relying on to repay the loan doesn’t quite exist yet. Your personal credit history may be a factor, but rates will improve as your business proves itself over time.

Cons: Personal Liability

If you offer personal property as collateral, there’s a genuine risk of losing it if your business fails and you can’t repay the loan in full. Your personal credit score can be impacted negatively as well.

Cons: Loan Limits

Lenders may not be willing to advance you as much as you think you need to get your business started right. Be prepared to make compromises and seek efficiency with limited resources. Remember that less borrowed means less to repay!

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Find answers to some of the most commonly asked questions here

We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


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