Start Up Financing
Launching a new business is exciting – but it can be scary, too. Start-ups need capital to get their businesses off the ground, taking care of things like:
- Buying or renting a space for the business
- Hiring staff or consultants
- Acquiring new equipment or supplies
- Building a new website and beginning online marketing
- Creating new products or services
Active Business Loans can help first-time businesses get started in the right direction. These days, it’s virtually impossible for someone who wants to start a business for the first time to get any financing. Banks and financial institutions have been declining start-up loans the last few years because of the record-high number of failed businesses and defaulted loans. The enormous quantity of lending in years past has created a lower amount of money left in the reserve.
Alternatives to Traditional Financing
Unsecured business financing and investment funds are a great alternative to a traditional bank loan. Business lines of credit, business credit cards, and personal credit loans are also options. One of these solutions, or several in combination, can be used for starting a new business.
Active Business Loans teams up with a trusted financial agency for start-up financing. We have financed many first-time entrepreneurs.
Here’s a list of individual requirements for unsecured financing:
- 680+ FICO credit scores
- No bad credit marks within 6 months
- No judgements, collections, or tax liens
- No Bankruptcies reported
- At least $2000 credit line Limited recent credit inquiries
- Reasonable credit debt ratios
Business Credit Cards
- Promotional rates of 0-3% first 3-18 months
- 7.9%-19.9% Regular Annual Percentage Rate
- Rates vary based on economic conditions, market changes, etc.
Business Lines of Credit
- Business Growth up to $200,000
- Only pay interest on funds you use
- Does not hurt personal credit
- Easy to qualify
- 2-day approvals
- Funding as fast as 10 days
Personal Credit Loans
- Based on credit score and personal income
- Starts at $20,000
- 3,5, and 7-year terms at low interest rates