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Starting your own business is tough. Whether launching the next big venture-backed start-up or a corner store in your neighborhood, running a company requires entrepreneurs to take risks and make sacrifices. Those sacrifices shouldn’t include giving up outside funding.
Yet more and more, small business owners are finding themselves coming up short when they look for funds to build their ideas into a reality. The average bank SBA loan, for instance, was $337,000 in 2012 – more appropriate for a well-established business with lots of employees than an entrepreneur looking to get his project off the ground. Small businesses looking for a more modest loan are out of luck, and normally end up waiting months to find out they’re declined.
For many banks, what it comes down to is that $75,000 loans just don’t generate enough interest revenue to make business sense.
Even given the tight credit environment, there are steps that start-up businesses can take to ensure they get funded. Alternative lenders are normally more open than banks to first-time business owners and entrepreneurs looking to get off the ground. At Endurance Lending Network, about half the loans we fund are to start-up businesses. So what does it take to get a start-up business loan?
At Endurance, all you need to know to get considered for a start-up loan is your personal and household financial information. We ask for people to disclose their net worth, credit score, and annual income, but don’t require the boatload of documentation banks ask for up front.
And what if you want to get start-up funding from a bank? The answer is, preparation is key:
By following the above steps, entrepreneurs should be able to take some of the pain out of getting their businesses funded.
Let us know if you have any other tips we can pass along to small business owners at [email protected]!
Nik writes about small business and small business financing for Endurance Lending Network.
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Small Business Tools
7 min read • Aug 12, 2022