Getting a startup business loan with no money can be challenging, but it’s not impossible. Here are some options that might be available:
- Business Plan: To get a business loan as a startup, you need to write a compelling business plan and review your startup costs.
- Type of Financing: Decide what type of financing you want to apply for. You can get a startup loan from private lenders, online lenders, or government grants and loans.
- Business Credit Cards: Business credit cards can provide short-term financing. They can boost your credit score and help your startup qualify for more business loans in the future if used responsibly.
- Equipment Financing: The lender fronts you the cash to fund up to 100% of the purchase of a piece of equipment, and the equipment itself is collateral.
- Invoice Financing: Invoice financing uses a business’s unpaid invoices as collateral. In exchange, invoice financing companies will front you a percentage of your unpaid invoices.
- Investors: Investors, whether they’re angel investors or venture capitalists, may be willing to finance your business in exchange for equity.
Remember, it’s crucial to only borrow funds you know you can repay on time. Also, waiting until your business’s finances are stronger might qualify you for better rates and terms. However, waiting won’t always make sense if you need a small-business loan now.