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Start Up Business Loans and How To Get One

Pre-Qualify for a start-up loan

Shopping for a start up business loan online is like shopping for any other product. The process can provide you with numerous business loan options and terms, if you know what you want and where to search. Lenders of all types offer small business startup loans online. You can go from site to site to apply for loans, but this is inefficient and time consuming. Matching sites, like BoeFly, harness the power of the internet to provide you with access to multiple lenders and start up business loans with one application.

Unlike buying a product online where you find the product and pay with your credit card, getting a startup loan online is more like a virtual negotiation. The lender needs to be shown that it can rely on the success of your business to get repaid and profit from the relationship and you need to be convinced that you are getting the best deal available. Like any negotiation, it works best when you understand what the other party expects to get out of the transaction and the assurances they need to see. The amount and type of commercial financing you can expect to receive with your startup business loan will depend upon several factors.

If you are starting a new business, whether it is part of an existing franchise system, an unaffiliated small business, or you are constructing a building that you hope to rent out for investment purposes; you will be researching Start Up Business Loans or Construction Loans. In these situations the lender does not have the historical performance of your business to analyze, but must instead look at other indicators that have historically determined success or failure of similar ventures, such as prior business experience, credit history, collateral etc. It is your job to provide a convincing case that you and your proposed commercial loan are a good risk.

Discover if you pre-qualify for startup financing with a bQual Report

Starting a new business involves a certain degree of risk as does making a loan to a new business. Both the borrower and lender are best served when the transaction has been well thought out and documented. It is the borrower's responsibility to present a loan package for analysis. While this seems like a daunting task there are tools available to simplify the process and provide a roadmap to guide and help you select the best business start up loans and lenders to meet your needs.

BoeFly's free Fundability App will give you an idea as to how many of its 5,000 lenders might be interested in your loan and also provide information about the strengths and weaknesses of your loan request. BoeFly's universal SmartForm loan application enables you to provide all of the key financial and business information a lender will want to see (financial strength, liquidity, collateral, projections, use of proceeds etc.). BoeFly will also enable you to securely upload supporting documents such as business plans, tax returns, projections etc., and its matching technology will assist you in connecting with compatible lenders. BoeFly's bQual product will provide you with your business credit score, personal credit score, credit report and potential pre-qualification offers from business lenders.

Related Resources

Start Up Business Funding - What Lenders Want to See
How To Write A Business Plan and Financial Mode

Start Up Business Funding Resources

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Types and Sources of Financing for Start-up Businesses

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