| Most new business owners find themselves in | | | | options. The secured option is best suited |
| the situation of looking for some form of | | | | for a larger loan amount and for receiving it |
| financial assistance, and start up business | | | | at lower interest rate; and for terms of |
| loans are one of a variety of options | | | | repayment of 25-30 years. The business owner |
| available, whatever your budget. There are a | | | | is required to place a property such as a |
| few things to think about when looking for | | | | home as security of the loan. Unsecured |
| the right start up business loan for your | | | | business loans can be provided without taking |
| needs: | | | | any from the applicant. So it is a completely |
| | | | risk free loan for the business owner. |
| * Duration of Loan - some start up and small | | | | However, a woman business owner or person |
| business loans require quick repayment while | | | | with a lesser credit rating may be approved |
| others allow for a more lengthy period, but | | | | only for smaller amount of loan and for a |
| that could also result in paying interest on | | | | shorter repayment term. The lender could |
| funds that have not been used. | | | | charge a higher interest rate. |
| | | | |
| * Rate of Interest - you should try and get | | | | Be prepared to have a professional-looking |
| the best interest rate for the small start up | | | | business plan to submit to the lender. The |
| business loan that you have created. | | | | plan should explain as to where and how you |
| | | | are going to invest the loan. It is an asset |
| * Terms of Repayment - be certain that you | | | | to have enough money in your bank account to |
| are satisfied with the terms of repayment | | | | show that you have adequate means of |
| before you sign off on the final loan | | | | repayment. Be sure that the loan amount is |
| documents | | | | well within your earnings and projected |
| | | | income. You will probably be required to show |
| Be certain to double check that your business | | | | the lender convincing business prospects and |
| is receiving the best possible loan terms | | | | income projections. |
| when it comes to creating your start up | | | | |
| business loan. | | | | Adverse credit secured loans are approved |
| | | | against the home or any property of the |
| With larger numbers of women becoming | | | | borrower. Since it is a less risky |
| entrepreneurs in start up businesses, a start | | | | transaction for a lender, adverse credit is |
| up loan for a woman-owned business has only | | | | rarely a problem. Bad credit borrowers may |
| become more crucial running a business | | | | also be approved for business loan start up |
| smoothly. Through a start up loan, a business | | | | if they can prove that they are in a good |
| woman can meet any expense like paying | | | | position of repaying the loan within the |
| salaries, buying inventory, equipment, office | | | | agreed upon terms. So if you have late |
| furniture, and clearing pre-existing debts. | | | | payments, arrears, payment defaults or court |
| | | | judgments against your name, the loan may |
| A woman in business has the opportunity of | | | | still be available for you, but for a shorter |
| taking business loans in secured or unsecured | | | | length of time and a higher rate of interest. |