Small Business Loans to Finance Your Online Business?
 Up until now I’ve pretty much bootstrapped my way to success with my online business. I challenged myself to try and build an online business empire with only the money that I have and to not take out any small business loans.Until now. I know that if I want to accelerate to the next level, I’m going to need a little help and help costs money. There are some things I want to outsource - mainly website design - and that is going to cost quite a bit of money. Many preach to avoid business loans like the plague and yes, I was one of those people, but on second thought, I think if you just take out one very small loan - like $2,000 - and then pay that off before you take another loan out, I think you should be ok. Have you taken out a loan to finance your online business? What has been your experience with small business loans? **Sponsored post Labels: business loans, loans, online business, small business loans  |
posted by Maria Palma at 5:32 PM
Comments on "Small Business Loans to Finance Your Online Business?"
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Rob Luedingh said ... (7:57 AM) :
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Matthew said ... (6:52 AM) :
post a commentWell, my business is not quite online yet. However, you asked about small business loan experiences. With that particular issue, I do have a bit of personal.
While the overheads for an online business are much lower than a physical building, I too, am interested in finding out the possibilities of financing online businesses.
Depending on the information, I could integrate it into my own plans.
I have recently decided that I need to change my home-based business, because I have outgrown my space. Right now, I need to locate a physical location for my business, and I need the proper equipment to conduct my ‘professional’ classes.
My experiences while searching for a small business loan proved to me that the task of acquiring a small business loan is just about impossible with today's lending institutions, especially for an entrepreneur or someone trying to start a business.
You suggestion for taking out a small loan for $2000 is actually a good one. I'm sure it would be a lot easier to convince the banks you can pay this back. However, about the online financial institution that does that, I'm not sure about.
I do wonder if their requirements will be the same as physical lending institutions.
However, depending on the business if it is not online, how far can $2,000 go towards turning a home-based business into a 'real' one.
I need to expand my business with the intent of expanding it with some sought of online service, and I have no cash to pursue my venture.
What I am looking for is a small business start up loan, preferably an unsecured business loan.
I’ve been having problems getting a loan because I don’t have enough collateral.
I would love some guidance, advice, or even a reliable resource that will cater to a person in my situation who needs a small business loan with enough funds to actually do what they need to get done?
While my small business loan experiences didn't start off with the Internet in mind. I took the leap out of desperation.
I truly can sympathize with you.
When I was beating pavement trying to get my own personal home-based business off the ground and establish it as a real business, I almost lost hope. I kept hearing the same thing over and over again at every bank I tried.
One of the biggest hurdles I faced as I tried to make my business a reality was how to convince a lending institution that my business would make enough money to repay the requested loan amount.
The bottom line is that I found out, in each attempt I made to acquire a small business loan, that collateral is one of the biggest setbacks most entrepreneurs and small business owner have to face and overcome.
I found it very difficult to convince any bank that my home-based business could be a tremendous success, if I could acquire the resources I so desperately needed to get things on stream.
The fact remained that my efforts were fruitless.
However, I discovered an online lending resource, www.thesnaploan.com.
Based on my experience with this site, I was able to successfully acquire a start up loan for $100,000.
What’s event better is that I was able to apply online, and I got my approval pretty fast, about two weeks.
It sounds like this website could be right up your alley.
I am a frustrated established business owner trying desperately to keep pace with a competitive market.
I'm currently sustaining my business expenses with my personal credit cards, and I have been doing so for quite some time.
I have successfully maxed out each of my personal credit cards.
Because of this situation, I am trying to get a loan in an effort to pay off all my personal credit cards and then, hopefully, be able to establish a business line of credit.
However, I find that most banks view me as a considerable risk because of my maxed out credit cards, and each attempt I make to acquire a loan is denied.
I am not quite ready to give up on my business. It is all I have.
I believe that by paying off my personal credit card balances I will take the noose of the neck of my business.
With a business line of credit, I will be able to allow my business an opportunity to stand on its own two feet.
What options are available to me in the small business loans area?
I have great credit. I’ve paid off previous bills, and I’m paying my current bills on time. But because of the current level of actual activity in my business, I want to expand my services.
This expansion has the potential to increase my bottom line. But this expansion requires additional equipment and money that my business does not have.
Because I placed so much faith in my ‘great’ credit, I approved several banks and applied for a loan with a business line of credit for $350,000.
I was informed, as a matter of fact, that because I am writing off all my expenses to the bottom line of my business, I did not qualify for this type of loan.
The banks I approached were basically telling me that my business is not making enough income.
What existing small business loan resources cater to business owners in my position?
I am desperately trying to keep pace with a highly competitive industry.