| Starting a business can be rough when you don't | | | | get a small business line of credit. Plan on getting |
| have the capital to start one up. What you can | | | | lines of $1,000+. Don't purchase things that you |
| find out when you look into the history of other | | | | don't need, because the last thing that you want |
| businesses is that many businesses out there | | | | is for it to get out of control. |
| started out with next to nothing. They took the | | | | Try your local bank: Your local bank can often |
| plunge, created a business, and borrowed the | | | | give you a credit line if you sit down and talk with |
| money. Over time, they were able to pay the | | | | someone. You may also find out that you can get |
| money back to those that gave them it in the | | | | lines of credit from local credit unions as well. |
| first place. | | | | Many people skip over the idea of credit unions, |
| Sure, the economy is starting to improve, but | | | | but they can give you a lot more money than |
| what you're going to find out today is that banks | | | | you would have ever imagined. |
| are still hesitant to loan to those that don't have | | | | Friends and family: If you go this route, let them |
| the best credit in the world. Heck, I just had a | | | | know what it is in it for them. If you're going to |
| major bank close my account down because of | | | | borrow $1,000, don't give them back $1,000 but |
| no reason at all and my credit score is well above | | | | instead, give them that plus a percentage of your |
| 750! Sometimes the banks just don't make any | | | | profits. You want them to loan to you. To make |
| sense. | | | | them feel comfortable, let them know that you |
| Now, when you're looking for the best business | | | | will be willing to sign a contract. |
| line of credit, I wanted to give you some tips that | | | | Peer to peer lending: Sites like LendingClub and |
| you can use when you're looking to get some | | | | more are a great way to find loans. Again, you |
| credit for your business. Most of these tips may | | | | will ask for a loan, but you may find that the |
| work for you. It doesn't hurt to try it out, | | | | interest rate is very high. Only apply for a loan if |
| because the worst thing that can happen is that | | | | you're in desperate need. |
| you're going to get a "no" from them. | | | | These for steps can help you get on the right |
| Try a business credit card: The first thing that I | | | | path. A great, motivated business owner will |
| would try is a business credit card. The APR is | | | | never give up. Be creative and find something |
| fairly high on some cards but it's a great way to | | | | that will work for you. |