Where can I get a small business loan?

Many of us dream to have own business one day. Some people even have an idea of how it is possible. Mostly they don’t even want to get rich, but at least they want to have some guarantees for their families.

small business loan

But mostly the majority of people remain unfulfilled ideas, mostly because they don’t have start-up capital, because not every idea can be spun from scratch.

In the banks you need to be sly

Most of those who do not have the initial capital are trying to get money from the bank. But to get a bank loan for your project, even very interesting and perspective, is almost impossible. At the very beginning of the business of the financial institutions rarely give money.

small business loan
So to get a bank loan you can only after a certain period of successful work of legally registered business. In some banks, it can be possible after 6-9 months after the start of work, in others in a year or even two. This deadline is important because with its help bank can analyze the success of the business.
But if you will be a bit sly, you can get a bank loan to start your business. If in the family there is one person who has permanent work, and can prove, that he gets official salary, regular loan can be taken. The money can be invested in the business.

Investors

As you have already understood, it is not so simple to get loan if you go to the bank. But you can get money for start-up capital not only in the bank, but also at private investors.
It must be specified that in this process there are many “buts”. Firstly, loans from private individuals are expensive. Usually it is 2.5-5% per month, so it is 30-60% annually. Secondly, private traders do not usually give money without guarantees, in role of which can be even apartment or other property.

Business Plan Competition

It is well known that small business does not get much help from government. But, you can get some money to start business in the competition format.
Everything you need is just not to give up and try new ways.