Has your startup business been running for over 2 years? You have multiple startup business loans available to secure funding for your business. When you consider that the alternative lending industry has grown in the last five years you will see that lending has adapted to more startup businesses.
Where can a startup business turn to for funding?
When we say startup business we do not just mean the next company coming out of The infamous Silicon Valley, we mean the local business looking to get going that has a great concept and business plan.
The healthcare company, the restaurant, the mechanic shop, the yoga studio, the new dental practice.
With over 250,000 new businesses created each year in the United States, a lack of capital is the biggest reason why business fail.
Peach Capital Funding understands how critical funding is and we have put together a comprehensive list of how a startup business owner can get access to the funds required to launch and grow their business.
Best for Low Interest Rates and Long Term
SBA loans are great for low rates and long terms to pay back the loan. Ideal for the right business owner who is patient and meets the strict SBA guidelines.
As a startup business, the business owner will usually be required to make a 30% contribution along with the lender they receive funding from.
Best for Low Interest Rates, Speed of Funding and Flexibility of Funds
Business Credit Cards are the most popular form of business funding and have multiple benefits that many startup business owners are surprised with. Business credit cards should at least play a part in every single startup business funding plan for the best low rates and fast funding times involved.
Funding range is usually between $10,000 and $150,000 and can extend with good payment history. It is not uncommon to start with a $10,000 limit business credit card and within 1 year, can be as high as $100,000 due to a strong payment history.
There are absolutely no restrictions on how you can use the money from a business credit card. The speed of the funding is fast, you can get the money in 5 business days as long as your credit and income fits your funding needs.
Best for Purchasing Business Equipment
Some startup business require equipment to operate day to day. Equipment financing is a very solid option to get startup business loans. You can get between $20,000 and $250,000 with equipment financing.
Unlike with credit cards, there is no flexibility of funds, as you must use the funding to purchase the equipment you specified and need for your startup business.
Peach Capital Funding is here to provide your business with the right loan you need to open the doors to your business. We will guide you in the right direction and ensure we get you the right business loan that fits your needs and helps you grow and expand.