How do I get a loan to start a business with no capital?

Board Topic: business capital Loan
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business capital Loan

Posted by: Witherspoon Dec 13 2004, 07:44 PM
Question from Witherspoon: "How do I get a loan to start a business with no capital?" Will a lender lend to someone who is not a home owner and needs help financing a small business?

Thanks

Posted by: Guest_Guranteed Personal Loan Dec 14 2004, 05:47 AM
Hi,

There are a lot of loan companies offering business loans at competitive interest rates, I suggest it is better to go for a business loan for a meduim repayment period.

GPL

Posted by: loanuniverse Dec 14 2004, 07:18 PM
Witherspoon:

The truth is that most lenders will not give a business loan for someone to startup a company specially if they are not putting in any equity.

If anything, you might be able to get a “personal” loan based on your personal credit history. But no matter what they call it {even if the borrower is the business and you are only a guarantor}, that loan is to the individual and as such will be small.

For a startup, you will probably need to get some kind of government guarantee in order to make it viable in the eyes of the lender.

Now if you are looking for a relatively low amount of money, it might be doable. However, the first thing to do would be to find out the kind of business you want to start and then figure out the financing. Borrowing money is not a goal, it is just a tool to get the business going.
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