Types of Personal Loans for your Small Business
Posted April 16th, 2010
by PersonalLoans.org Staff
One of the most frustrating things about starting a small business can be getting together those initial funds. You need a certain amount of money to get off the ground. Even if you’re starting a service business of some sort rather than a retail or manufacturing business, you need some money to get going with things like advertising, marketing, office space and other basic necessities.
Fortunately, there are options out there. The Small Business Association offers a number of business loan programs that you can use to get your business off the ground. If you’re looking into a personal loan to start your business, here are some of the types of options that may be available to you:
- 7(a) Small Business Loans. This is the basic loan offered by the SBA. It’s designed to get small businesses up and running. You have to qualify for a 7(a) loan the same as you would for a personal loan, and you’re not likely to get one if you don’t have at least decent credit.
- Business and Industrial Loans. These kinds of small business loans are aimed at improving or developing businesses in rural communities, in particular.
- Business Physical Disaster Loans. These are designed to provide funds to businesses as well as non-profits operating in a disaster area.
- CDC (504) Loans. This program is a long-term financing tool to help the development of a community. These loans are aimed at growing businesses and offer long-term financing for big purchases like buildings.
- Economic Injury Disaster Loans. These loans are also aimed at businesses operating in a disaster area.
- Indian Loans Economic Development. These loans are aimed at American Indians who want to build businesses on or near Indian reservations.
There are a number of other SBA loan programs out there, as well. Some are aimed at former military personnel who are trying now to start a business. Other loans are specifically aimed at charity and non-profit organizations in order to help them get started or to grow their business.
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