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A picture of open hands releasing many multicolored circles of lightStarting a business can be the culmination of a life-long dream, a decision evolved from experience in different niches, or some combination of the two. Some people have a calling they latch on to from an early age, dedicating several years of study and more in experiencing the job working for someone else, before striking off on their own. Doctors opening new practices and lawyers joining other firms often fall into this category. Others find themselves working their way up the chain of command in a restaurant or other niche, until the next obvious step is to open up their own building, using the connections and knowledge they’ve gained to steer themselves towards success. Still others start a homebased operation in a corner of the house, where they dream big but work only as a hobby, until one day their product or services soar and the business seems to take on a life of its own. Whatever the cause of your dive into entrepreneurship, you can be sure that at some point you will need an influx of capital beyond what you may already have or be generating. Starting up comes with costs associated with renting or buying a building to operate out of, fees for venders and suppliers, cash needed to pay staff, and many other considerations. If the business is amenable to just you, the owner, working for now to supply all the needs, products, and services, at some point you may need to scale up in order to meet demand. At that time, a loan may be your best bet. So where do you go?



Banks seem to be the obvious answer to the question of where to get a loan. However, it is hard to get banks to pay attention to the dream. Financial institutions feel more comfortable with at least 2 years’ worth of tax returns, statements showing revenue trends, and any other documents that support the success of the company. For those just starting out, banks envision any number of obstacles that can get in the way of a business owner repaying the loan. A solid business plan can sometimes offset concerns but even then, a loan from the bank will need to be secured by some sort of collateral and will likely be for much less than what the budding entrepreneur hopes for. The rational may be if they give the business owner a small amount and it is repaid, then maybe the risk for a higher amount will be worth taking. This, of course, does little in the here and now, when several thousands of dollars more will take your business to the next level, generating the profit you know it is capable of bringing in. As if these hindrances weren’t enough, any loan from the bank will on average be set to at least 6% of interest, and often higher. Even the lowest rates can be frustrating when a business is new.

Cartoon picture of a bank


Other options include credit cards, credit unions, and cash advance companies. Credit cards seem like the easiest option. There are so many cards that cater directly to the business owner, and who can deny the opportunity to rank up points that can be traded in a reward system for savings in other areas? Credit card limits can sometimes bridge the difference between the loan you need and the one you received, but at a high price. Those cards usually come in with 18-20% interest or more, which will compound each month, or even day, that the balance remains unpaid. Now the lucky business owner has all the capital he needs to start up, his business takes off and the money comes in, but repaying his bank loan and credit card devastate his profits due to high interest rates. One day they will be paid off (or paid lower), generate less interest and give him more money to put in his pocket, but till then, perhaps he’s not so lucky after all.

Picture of 4 mastercards sticking out of someone's back pocket

With credit cards being a doubled edged sword on the way to a successful loan, credit unions can sometimes be helpful where banks are lacking. Although the hoops to jump through for approval can be just as strenuous, not all view new businesses as bad risks and they can offer quite fair interest rates, similar to what a bank may offer. However the amount of the loan itself is unlikely to be a high payout and one must first join these institutions. If membership is delayed, or even worse, denied, this puts a hold on the plans to grab a small business loan here. In desperation, the business owner may turn to a merchant cash advance company, or so-called shark loan. These companies love to lend money to the new business owners whose good credit scores are all that is needed to put their minds at ease that the loan will be repaid. The price is high, though. These types of loans will have a very short grace period, if there is one at all, and accumulate interest at around 70% or more. The return for the lender combined with a good credit score to the borrower makes this seem like a good risk to the lender. The borrower, however, can be in quite a different boat. If you have a product or service that is flying through customers, this may not be a problem. If, however, the budget includes large amounts invested in advertising and the timeline to where business will boom is more elongated than originally thought, this type of loan can land a business owner in hot water. Suddenly, instead of being able to use the money to help the business stand up, valuable equipment or real estate must be sold off to repay the high loan. The business owner took two steps forward, and then a giant leap back.


Picture of different denominations of money in freefall

So many business owners wish they could have access to the amount of capital they need and at a lower interest rate than what banks will offer. Many have regrets trying to grow bigger too quickly or relying on shark loans, and are now leveraged so far in debt they face closing the doors for good. Others are on level ground now but look back wistfully to the early days wishing there was a better way. They would have been so much further ahead now, or the struggle nearly defeated them back then. Don’t land in that boat of ruefulness and ‘what ifs,’ you have the perfect answer right here. A small business loan is available for tens and hundreds of thousands of dollars right now. Do you have good credit? Does your business have good credit? An answer of ‘yes’ to just one of these questions unlocks a door for you that so many around you wish they had access to when they were just starting out! Apply through Fundwise Capital now. It takes 30 seconds and NO sensitive information is required. Applying once allows them to shop through several lenders on your behalf, letting you avoid the tedium of filling out the same information about yourself over and over again, hoping that someone will approve you. After applying and a soft check on your credit score, receive your no obligation phone call and get the ball rolling. All your questions answered, all your lending dreams coming true. A no interest small business loan in Buffalo that is unsecured is literally at your fingertips. That’s money in the bank in as little as 10 business days. Starting up? Start here.