Getting a Business Loan With Bad Credit - Top 10 Business Loan Companies and Top 10 Business Loan Lenders and Sources
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From researches made so far, I have come to realize and strongly agree with my fellow business experts and analysts that insufficient capital and funds with which to finance business operations is one of the major problems faced by aspiring and upcoming entrepreneurs on their respective paths of successfully and profitably establishing a sustainable business venture for themselves. It is quite a pity that most amazing business dreams, imaginations, conceptions, plans and ideas gradually fades away into nothing as a result of the failure of the entrepreneur to give them true shapes with enough capital and finances.
I will not be surprised if you tell me that many wonderful business ideas you have had in the past went into nothing because of your inability to bring it to life because you had no money. You do not have to be ashamed or feel depressed to admit it because you are not the only one who have had such ugly experiences before and neither is the number few. Many times, insufficient funds have limited and constrained my efforts to start up one profitable business venture or the other. In fact, it is normal and a general issue even to a very rich man that you know. A millionaire will surely find himself in a very tight corner if for instance he wants to finance a multi-billion project. So at one point in life, we meet such stiff conditions which may give us no other options but to solicit and borrow these funds from reliable sources around us.
Nobody has it all, we are always incomplete and our needs are also insatiable. That is why we have to resort to a 'reasonable borrowing activity' whenever we fall short of money with which to sponsor our businesses or settle one financial obligation or the other. But before you borrow money, make sure that the purpose for which you are doing it is worth it. Someone can borrow money in a bid to pay up bills and save the life of a dear one in the hospital. Others may borrow or solicit for money in order to throw a luxury party and so the needs and purposes differs from one individual to another. But for the sake of this post, I want to specifically hint on ways of borrowing money and raising funds with which to finance your business operations and activities. I simply call it sourcing for business capital.
Since we cannot always do it all alone, we have to source money from other people to supplement our ideas and/or available resources so as to be able to set up and manage our business ventures successfully whenever the need falls out. We take loans and solicit for money so as to be financially able to fulfill our business duties and financial responsibilities.
The reasons for borrowing and sourcing for funds includes financial bankruptcy, insolvency, liquidity and insufficiency. To effectively surmount these problems, business men and entrepreneurs have to resort to borrowing money in order to still remain in business. It is either they take loans or solicit for 'free money' from their close circles. In a more complex business environment, there are many other ways of raising money for business like debentures, issue of shares and so on. But from a starter's entrepreneurial point of view, I will concentrate on how to get loans and financial support from sources with which to start and run a business.
One major difference between taking a loan and receiving 'free' business funds is that while the former attracts periodic costs known as interests from the taker to the giver, the latter has no financial obligations attached to it and that is why I call it 'free money'. It includes monetary gifts and other valuable economic and productive resources which you can get on request from your friends and family members. However, loans are more technical in nature. The interests you pay on loans are your costs of using the capital and thus, represents the financial returns on investment (ROI) and compensation due to the providers of the loan capital.
While some people and bodies can grant you loans based on trust without demanding for a collateral, other rational and prudent lenders prefer tying down and securing their loans to a collateral provided by the provider. Thus, we have the insecure and secure loan categories. A collateral in simple terms can be defined as a tangible or intangible economic resource, property or asset given at arms length as a hedge against his future irresponsibility by a borrower to the lender in order to get a commensurate sum of money as a loan. A collateral can be land, share certificate, building, car or any other valuable item that has an fairly equal realizable value to the amount of loan collected. So if he fails to pay back the principal or meet up with the interest obligations, he will automatically loose his collateral to the lender.
The lump sum you get as loan is called the 'principal' and at the end of the loan duration, you are expected to fully pay up the loan as well as be up to date with your interest payment obligations. If not, you may loose the collateral and even face further sanctions, liabilities and penalties as may be stated in the agreement documents. However, you have to make adequate financial plans before you take loans so as to meet up with your targets and responsibilities. If a business is not worth establishing, never you take a loan to start it so as to avoid getting financially handicapped along the line. You can measure the future viability of an investment plan using expert models like the Cost Benefit Analysis (CBA), the Expected Net Cash Flow (ENCF) analysis and more of them. If you do not expect to finance your loans out of the returns you will get from your proposed investment, make sure that you have other financially buoyant sources through which you can get money and pay up your interests as at when due.
Sorry for concentrating so much on loans all these while. Anyway, I find it pertinent too dwell on it for so long a time because it is a very important, critical and technical aspect of sourcing funds for your business. But there are many other ways of getting money to finance your business activities and be free from the stress and troubles of financial obligations as seen with loans. And taking full cognizance of that fact, I have consciously put up this article to pinpoint the various realistic ways through which you can raise enough money to conveniently start and finance your business activities and operations. Thus, you can safely get your loans and access other free funds through the following sources:
(1). Take loans from the commercial Banks in your country, pay your periodic interests and repay the principal amount when it is due. They usually require you to provide a collateral.
(2). With a collateral too, you can access loan facilities for your business from Micro Finance banking institutions and pay your interests periodically.
(3). If you want to build a house for office plaza or for tenants or just an office complex for your business, you can meet Mortgage Institutions or building societies and take a secured loan (ie with collateral from them) and service the capital as agreed.
(4). For setting up your agricultural-based business and its economic and productive activities, taking loans from Agricultural Development Banks (ADBs) is not a bad idea. Most of the times, the do not demand collateral from farmers and investors before they grant them access to the loans that they are applying for in a bid to uplift agriculture and foster economic growth and development.
(5). Private Individuals, associations, groups, companies and clubs can also grant you loans based on mutually signed and legally-binding agreements. While some may request you to provide a collateral so as to safeguard their funds, others will not do so. They will just request for your personal details and information for easy identification.
(6). Don't you have friends, family members, business colleagues, close church members and relations again? Plead with them to help you finance your business and you will be surprised to get free financial supports and funds from them.
(7). If you belong to Co-operative and thrift societies, borrow from them and repay back the money at the agreed time.
(8). Companies and business establishments grant loans their employees and compulsorily take it back gradually from their salaries as agreed and signed with the staffs in question. So find out if your company offers such an opportunity so that you will take advantage of it and finance your business operations and projects.
(9). Work for the money. Sell products and render services so as to raise enough money with which to start and finance your business.
(10). Become a beneficiary of Government grants. The Nigerian Government from time to time offers massive financial grants to prospective entrepreneurs so as to help them finance their profitable business plans and ideas under the YouWIN programme and scheme. If you apply, you may be lucky to get a chance to access these government grants in your country as well.
(12). Plough back your past savings from the banks and safe boxes. Keeping your money idle will not make them productive. Remember the Biblical story of the lazy servant who hid his master's money inside the ground while others invested their own and made double, triple and quadruple profits for their boss who was so happy with them when he came back from his trip. Invest your money into your business, manage it prudently and multiply it into endless figures with time.
(13). Sell off some of your valuable properties and assets like lands, cars, jewellery items, stocks, house and many other things. As you do so, please be reasonable and exercise due care, skill and judgement.
(14). Recover your money from your debtors (if you have any) and gather up enough money with which to start and run your business. Most of the times, this is a very herculean task to embark on since managing human beings and their vast behaviour, attitudes and mode of thinking is one of the greatest problems of mankind.
(15). Going into a hire purchase agreement is also a good option of starting a business if you do not have enough capital. You will have claim over the business property in question (like commercial buses, tricycles, Motorcycles, houses and so on) and pay up your fees installmentally until you are done. Then, you have full ownership rights over the properties.
(16). Buy your productive assets and facilities on credit and pay up within the Average Collection Period (ACP) agreed with the seller.
(17). Take advantage of coupons, price slashes, discount offers and promos to buy your business stocks and assets at much reduced prices. This will help you to afford enough money for your business operations and save you a lot of money too.
The list of sources is simply endless but these are all I can mention for now. Feel free to suggest many other good ways of financing a business and also drop your related questions using the comment box placed below. I will quickly consider them and also provide relevant answers and responses where necessary. Other readers of this article will also be glad to contribute their knowledge too.
Before you take a loan or solicit for business funds, make proper studies and inquiries to confirm their suitability for your purposes. Get expert advise, tips and information from a financial analyst and business professional in your chosen field of business before you proceed to source your business funds so as to make it efficient, successful and convenient for you and steer you clear from financial potholes, corporate distress, insolvency, bankruptcy and the miscellaneous tight corners in the real business world.
Read this blog everyday and get more amazing entrepreneurial tips on how to establish a profitable business venture and make millions of money for yourself. I have so far published a lot of article on practicable and lucrative business ideas on this blog. Feel free to read them anytime from the archives and older post basket.
Make sure you practice what you learn so as to give shape too your ideas and quickly propel your business to greater heights of success as soon as possible. Thanks!
TAGS: business loan bad credit, business loan application, business loan broker, business loan repayment calculator, getting a business loan with bad credit, i want business loan, i need business loan, i need small business loan, 100k business loan, obtaining a business loan, securing a business loan, e-commerce business loans, e-commerce small business loans, k-rep bank business loan, i need a business loan, p m youth business loan, business of loaning money, business of loans, s corporation business loan, how to get business loan, u.s. bank business loans, u.s. government business loans, types of business loan in india, types of business loans available, types of business loans in banks, u.s. bank small business loans, va business loan rates, 2 year business loan, 2 million business loan, va business loan faq, va business loan information, business loan with collateral, business loan with personal guarantee, business youth loan form, va business loan program, business loan without collateral, business loan with poor credit, business youth loan scheme, 0 interest business loan, 1 million business loan, 1 malaysia business loan, 1 million pound business loan, top 10 business loan companies, top 10 business loan lenders, 1 year business loan rate, 1 crore business loan, 1 day business loan, 1 million dollar business loan, 7 year business loan calculator, small business loan 7a, 6 month business loan, 6 million dollar business loan, peer 2 peer business loans, 2 million dollar business loan, 2 million pound business loan, 5 million dollar business loan, 5 lakh business loan, 5 lamps business loan, 5 year business loan interest rate, 2 types of business loans, 2 million dollar small business loan
From researches made so far, I have come to realize and strongly agree with my fellow business experts and analysts that insufficient capital and funds with which to finance business operations is one of the major problems faced by aspiring and upcoming entrepreneurs on their respective paths of successfully and profitably establishing a sustainable business venture for themselves. It is quite a pity that most amazing business dreams, imaginations, conceptions, plans and ideas gradually fades away into nothing as a result of the failure of the entrepreneur to give them true shapes with enough capital and finances.
I will not be surprised if you tell me that many wonderful business ideas you have had in the past went into nothing because of your inability to bring it to life because you had no money. You do not have to be ashamed or feel depressed to admit it because you are not the only one who have had such ugly experiences before and neither is the number few. Many times, insufficient funds have limited and constrained my efforts to start up one profitable business venture or the other. In fact, it is normal and a general issue even to a very rich man that you know. A millionaire will surely find himself in a very tight corner if for instance he wants to finance a multi-billion project. So at one point in life, we meet such stiff conditions which may give us no other options but to solicit and borrow these funds from reliable sources around us.
[Post Image Courtesy of Stuart Miles at FreeDigitalPhotos.net]
Nobody has it all, we are always incomplete and our needs are also insatiable. That is why we have to resort to a 'reasonable borrowing activity' whenever we fall short of money with which to sponsor our businesses or settle one financial obligation or the other. But before you borrow money, make sure that the purpose for which you are doing it is worth it. Someone can borrow money in a bid to pay up bills and save the life of a dear one in the hospital. Others may borrow or solicit for money in order to throw a luxury party and so the needs and purposes differs from one individual to another. But for the sake of this post, I want to specifically hint on ways of borrowing money and raising funds with which to finance your business operations and activities. I simply call it sourcing for business capital.
Since we cannot always do it all alone, we have to source money from other people to supplement our ideas and/or available resources so as to be able to set up and manage our business ventures successfully whenever the need falls out. We take loans and solicit for money so as to be financially able to fulfill our business duties and financial responsibilities.
The reasons for borrowing and sourcing for funds includes financial bankruptcy, insolvency, liquidity and insufficiency. To effectively surmount these problems, business men and entrepreneurs have to resort to borrowing money in order to still remain in business. It is either they take loans or solicit for 'free money' from their close circles. In a more complex business environment, there are many other ways of raising money for business like debentures, issue of shares and so on. But from a starter's entrepreneurial point of view, I will concentrate on how to get loans and financial support from sources with which to start and run a business.
One major difference between taking a loan and receiving 'free' business funds is that while the former attracts periodic costs known as interests from the taker to the giver, the latter has no financial obligations attached to it and that is why I call it 'free money'. It includes monetary gifts and other valuable economic and productive resources which you can get on request from your friends and family members. However, loans are more technical in nature. The interests you pay on loans are your costs of using the capital and thus, represents the financial returns on investment (ROI) and compensation due to the providers of the loan capital.
While some people and bodies can grant you loans based on trust without demanding for a collateral, other rational and prudent lenders prefer tying down and securing their loans to a collateral provided by the provider. Thus, we have the insecure and secure loan categories. A collateral in simple terms can be defined as a tangible or intangible economic resource, property or asset given at arms length as a hedge against his future irresponsibility by a borrower to the lender in order to get a commensurate sum of money as a loan. A collateral can be land, share certificate, building, car or any other valuable item that has an fairly equal realizable value to the amount of loan collected. So if he fails to pay back the principal or meet up with the interest obligations, he will automatically loose his collateral to the lender.
The lump sum you get as loan is called the 'principal' and at the end of the loan duration, you are expected to fully pay up the loan as well as be up to date with your interest payment obligations. If not, you may loose the collateral and even face further sanctions, liabilities and penalties as may be stated in the agreement documents. However, you have to make adequate financial plans before you take loans so as to meet up with your targets and responsibilities. If a business is not worth establishing, never you take a loan to start it so as to avoid getting financially handicapped along the line. You can measure the future viability of an investment plan using expert models like the Cost Benefit Analysis (CBA), the Expected Net Cash Flow (ENCF) analysis and more of them. If you do not expect to finance your loans out of the returns you will get from your proposed investment, make sure that you have other financially buoyant sources through which you can get money and pay up your interests as at when due.
Sorry for concentrating so much on loans all these while. Anyway, I find it pertinent too dwell on it for so long a time because it is a very important, critical and technical aspect of sourcing funds for your business. But there are many other ways of getting money to finance your business activities and be free from the stress and troubles of financial obligations as seen with loans. And taking full cognizance of that fact, I have consciously put up this article to pinpoint the various realistic ways through which you can raise enough money to conveniently start and finance your business activities and operations. Thus, you can safely get your loans and access other free funds through the following sources:
(1). Take loans from the commercial Banks in your country, pay your periodic interests and repay the principal amount when it is due. They usually require you to provide a collateral.
(2). With a collateral too, you can access loan facilities for your business from Micro Finance banking institutions and pay your interests periodically.
(3). If you want to build a house for office plaza or for tenants or just an office complex for your business, you can meet Mortgage Institutions or building societies and take a secured loan (ie with collateral from them) and service the capital as agreed.
(4). For setting up your agricultural-based business and its economic and productive activities, taking loans from Agricultural Development Banks (ADBs) is not a bad idea. Most of the times, the do not demand collateral from farmers and investors before they grant them access to the loans that they are applying for in a bid to uplift agriculture and foster economic growth and development.
(5). Private Individuals, associations, groups, companies and clubs can also grant you loans based on mutually signed and legally-binding agreements. While some may request you to provide a collateral so as to safeguard their funds, others will not do so. They will just request for your personal details and information for easy identification.
(6). Don't you have friends, family members, business colleagues, close church members and relations again? Plead with them to help you finance your business and you will be surprised to get free financial supports and funds from them.
(7). If you belong to Co-operative and thrift societies, borrow from them and repay back the money at the agreed time.
(8). Companies and business establishments grant loans their employees and compulsorily take it back gradually from their salaries as agreed and signed with the staffs in question. So find out if your company offers such an opportunity so that you will take advantage of it and finance your business operations and projects.
(9). Work for the money. Sell products and render services so as to raise enough money with which to start and finance your business.
(10). Become a beneficiary of Government grants. The Nigerian Government from time to time offers massive financial grants to prospective entrepreneurs so as to help them finance their profitable business plans and ideas under the YouWIN programme and scheme. If you apply, you may be lucky to get a chance to access these government grants in your country as well.
(12). Plough back your past savings from the banks and safe boxes. Keeping your money idle will not make them productive. Remember the Biblical story of the lazy servant who hid his master's money inside the ground while others invested their own and made double, triple and quadruple profits for their boss who was so happy with them when he came back from his trip. Invest your money into your business, manage it prudently and multiply it into endless figures with time.
(13). Sell off some of your valuable properties and assets like lands, cars, jewellery items, stocks, house and many other things. As you do so, please be reasonable and exercise due care, skill and judgement.
(14). Recover your money from your debtors (if you have any) and gather up enough money with which to start and run your business. Most of the times, this is a very herculean task to embark on since managing human beings and their vast behaviour, attitudes and mode of thinking is one of the greatest problems of mankind.
(15). Going into a hire purchase agreement is also a good option of starting a business if you do not have enough capital. You will have claim over the business property in question (like commercial buses, tricycles, Motorcycles, houses and so on) and pay up your fees installmentally until you are done. Then, you have full ownership rights over the properties.
(16). Buy your productive assets and facilities on credit and pay up within the Average Collection Period (ACP) agreed with the seller.
(17). Take advantage of coupons, price slashes, discount offers and promos to buy your business stocks and assets at much reduced prices. This will help you to afford enough money for your business operations and save you a lot of money too.
The list of sources is simply endless but these are all I can mention for now. Feel free to suggest many other good ways of financing a business and also drop your related questions using the comment box placed below. I will quickly consider them and also provide relevant answers and responses where necessary. Other readers of this article will also be glad to contribute their knowledge too.
Before you take a loan or solicit for business funds, make proper studies and inquiries to confirm their suitability for your purposes. Get expert advise, tips and information from a financial analyst and business professional in your chosen field of business before you proceed to source your business funds so as to make it efficient, successful and convenient for you and steer you clear from financial potholes, corporate distress, insolvency, bankruptcy and the miscellaneous tight corners in the real business world.
Read this blog everyday and get more amazing entrepreneurial tips on how to establish a profitable business venture and make millions of money for yourself. I have so far published a lot of article on practicable and lucrative business ideas on this blog. Feel free to read them anytime from the archives and older post basket.
Make sure you practice what you learn so as to give shape too your ideas and quickly propel your business to greater heights of success as soon as possible. Thanks!
TAGS: business loan bad credit, business loan application, business loan broker, business loan repayment calculator, getting a business loan with bad credit, i want business loan, i need business loan, i need small business loan, 100k business loan, obtaining a business loan, securing a business loan, e-commerce business loans, e-commerce small business loans, k-rep bank business loan, i need a business loan, p m youth business loan, business of loaning money, business of loans, s corporation business loan, how to get business loan, u.s. bank business loans, u.s. government business loans, types of business loan in india, types of business loans available, types of business loans in banks, u.s. bank small business loans, va business loan rates, 2 year business loan, 2 million business loan, va business loan faq, va business loan information, business loan with collateral, business loan with personal guarantee, business youth loan form, va business loan program, business loan without collateral, business loan with poor credit, business youth loan scheme, 0 interest business loan, 1 million business loan, 1 malaysia business loan, 1 million pound business loan, top 10 business loan companies, top 10 business loan lenders, 1 year business loan rate, 1 crore business loan, 1 day business loan, 1 million dollar business loan, 7 year business loan calculator, small business loan 7a, 6 month business loan, 6 million dollar business loan, peer 2 peer business loans, 2 million dollar business loan, 2 million pound business loan, 5 million dollar business loan, 5 lakh business loan, 5 lamps business loan, 5 year business loan interest rate, 2 types of business loans, 2 million dollar small business loan
Getting a Business Loan With Bad Credit - Top 10 Business Loan Companies and Top 10 Business Loan Lenders and Sources
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