Business Loan Options for First-Time Business Owners

Are you tired of spending all your working hours creating value for someone else’s business? Do you have a business plan in mind, but lack the funding to execute it?

Getting your financing in place is one of the most complicated parts of launching a new business, but Unsecured Funding Source has years of experience landing business loans for first-time business owners.

SBA 7(a) Loans

The SBA 7(a) loan is the primary option for business owners who attempt to acquire funding to buy a business. These loans usually have strict requirements to qualify, and borrowers often must put up their business and personal assets as collateral.

SBA Microloans

The SBA Microloan program is much easier to qualify for but caps loans at a maximum of $50,000. These loans help new businesses get up and running, but they rarely cover the total funding required to get a new business off the ground.

Unsecured Personal Loans

Another option for starting a business is an unsecured personal loan from a local lender. This can be an excellent option if you can qualify, but keep in mind that you will personally be on the hook to repay any personal loan regardless of what happens to the business you intend to start.

Unsecured business loans are often one of the best options that first-time business owners aren’t aware of. These loans require no assets as collateral with a quick approval process and extremely reasonable rates for those with higher credit scores.

Have More Questions About Business Loans for First-Time Business Owners?

If you are ready to get serious about starting your new business, UFS would be happy to help you on your entrepreneurial journey. We have over 15 years of experience connecting borrowers with high-quality lenders, and we’re here to help you not only fund your new business venture, but make decisions that will improve the longevity of the business based upon our experience in the industry.

Apply Now to start the process!

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