Check Your Options When Looking For That Startup Business Loan

Online, August 9, 2011 (Newswire.com) - You've got a great idea for a business, you've got the drive and the vision, but now you need some cold, hard cash to get things going. You need a startup business loan. You know you've got to have it - but what you don't know is where to get it. Here are some ideas on some ways you can get the startup loan you need.

• First of all, you can look in your own back pocket. Dip into your savings, or get a second mortgage. This may even help you later on, as many lenders expect an entrepreneur to have made a personal financial commitment.

• Turn to family or friends. They're often willing to provide some cash as a loan or sometimes even as a gift.

• You will likely need a line of credit after your business is off the ground, so you could go ahead with getting one now, and use some of the cash for startup costs.

• Consider going to the bank where you do your personal business, and apply for a startup loan there. But remember that applying for a startup loan is a process, and you need to be prepared. Make sure you have a solid business plan, and that your personal credit is in order.

• There are organizations out there that lend money to startups. These include those that lend money to small businesses, women, minorities, and other special interest businesses.

• The government offers programs for startups, as well as grants. Do some research, and you may come up with any option that will not only provide money but also invaluable assistance.

• Angel investors, venture capitalists or private lenders are also sources of startup loans. Bear in mind, however, that some of these lenders will expect to have a say in your business after the fact.

With a little research and some focus, you can get the money you need to get your great idea off the ground - be patient and make sure the startup loan option you choose is the one that best suits your needs.