How to Get a Small Business Loan Without Collateral
How to Get a Small Business Loan Without Collateral
A small business loan transfers money, or principal, from a lender to a business owner. Typically, a business owner will repay the principal to a lender over time at a cost, known as interest. Most small-business lenders require some type of collateral, or something a bank can sell in the event a borrower cannot repay a debt. However, a business owner may not have the ability to provide enough collateral to secure a loan. Fortunately, the Small Business Administration (SBA) can help these borrowers obtain a loan without collateral.
Difficulty:
Moderate
Instructions
Things You’ll Need
- 2
- 3
- 4
Present the loan request to a banker
Call a local bank and ask for an SBA loan specialist. Meet with the banker and present her with the business plan, SBA forms, financial statements and tax returns.
Read more: How to Get a Small Business Loan Without Collateral | eHow.com http://www.ehow.com/how_6600282_small-business-loan-collateral.html#ixzz1RG0k2qmO
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