How do you get a loan to start a business? Hey it's Ty Crandall with Credit Suite, in this video
I'm going to outline many different ways you can actually get the money you need to get your
business off the ground. So a lot of people think that there's no financing available out there for
startups and that's not just the case, okay well the reality is there's plenty of money for startups if
you focus on the right strengths and you look at the right source in the right program. Let me give
you an example I call this my capital acquisition formula what it really comes down to is 3 C's Cash
Flow, Credit and Collateral. One of those three C's is always looked at when it comes to lenders
lending you money so if you want a business loan you have to figure out what your strength is now
if you're starting a business obviously you don't have cash flow yet that means you can't
be looking at financing it's based on cash flow to get approved. For example, you can't go into a
conventional bank to get a loan for a startup you can't go in and get an SBA loan or you can't focus
on cash flow financing or merchant cash advances because all of that kind of financing relies on
you having cash flow which you're not going to have as a startup. That means you need to rely
on the other 2 C's of the capital acquisition formula, Collateral, or good credit so let me say
for example but you have a 650 credits score or maybe you don't but mom dad mom does dad does
another relative another friend another potential investor does. Well then you can use that person
to actually sign as a guarantor or yourself to get up to $150,000 and credit lines with
0% interest rate. I know this video is about how to get loans to start a business but like I said
that's just an example of the type of financing you can get when it comes to getting loans to
start your business well this is when you're going to look mostly at the kind of collateral or assets
that you have access to assets that can be pledged as collateral to get financing. Then the beautiful
thing about financing based on collateral is your cash flow doesn't matter perfect for startups and
credit doesn't matter either. So if you have credit issues you're still able to get approved so for
example there's a lot of loans that are based on a 401k, stock, bonds, IRAs. If you have stocks,
bonds, IRAs, or 401k's you can get loans for your business with interest rates as low as 5% even if
you don't someone around you may be able to have those assets that they're willing to pledge as
collateral for you to still get approved. You also can get account receivable financing loans you can
get purchased you can get loans to actually buy and Rehab investment properties if you have some
experience in that area. You can get loans that just look at the quality of the book of business
you have if you're a current insurance agent or if you're looking to buy another insurance
agency. You can use commercial real estate as collateral commercial vehicles as collateral
you can even get loans just for the purpose of buying equipment getting inventory or even to
put up signage for your new business. So there's a lot of types of loans that are available to start
a business depending on what your specific needs are and even though they're not loans you also
want to consider business credit as well because business credit doesn't look at cash flow credit
or collateral. You can literally get started in 60 to 90 days get five $10,000 limit individual
credit cards that are not based on personal credit no personal credit check is required no personal
guarantee is required. I know I said this video is about to get loans for your business but I
can't help myself by throwing in some revolving credit and some credit line sources as well and
also don't forget while we're on the topic of getting money for your business you also
can consider crowdfunding you can consider grants at grants.gov the government has a lot of
grants plus there's a lot of grants probably available in your community including in your state as well.
So don't forget there's also Angel Investing even Venture Capital are some other options for you
to get money as well so we've talked about a lot of different ways to get money for your business
especially to get started and especially to come in and be able to get the loans you need to get
the business off the ground. If you'd like to get approve you'd like to talk more or learn more go
to creditsuite.com at Credit Suite will actually do a free consultation for you and talk about all
the financing you can get right now yes even as a start-up will actually do a quick check to see
where your business credit is now we'll even do a fundability check to see how fundable your
business is how well you're going to look the lenders in a likelihood of you being able to get that
loan when it comes time to get approved. So visit us online at creditsuite.com or to get approved
for financing right now go to creditsuite.com/getfunding fill out a handful of
questions our finance officers will jump on the phone with you develop a finance blueprint of
all the money you can get now and map out a path for you to get even more as your business grows.