How To Get A Business Loan With No Assets or Collateral
How To Get A Business Loan With No Assets or Collateral - https://goo.gl/a57E4a
Hi guys, Tim Mc here from Finance Agents. You are probably watching this video because you are searching for how to get a business loan with no assets.
Well you are in the right place. We've helped over 100,000 entrepreneurs obtain over $1 Billion in funding. We've made the Inc 500 3 times and for 5 years running have had the #1 finance related affiliate marketing program in the world.
Now here are the top things you need to know about how to get a business loan with no assets
Having no assets to use as collateral does limit the types of lending and can be a hurdle to obtaining a traditional business loan like an SBA loan. While there are exceptions that I'll review in a moment, your best bet may be to start looking into other types of financing.
Let's go through each type of financing and discuss the impact of not having any assets and what you'll need to qualify:
1. If you have good credit you can immediately qualify for business credit lines and personal loans up to $150,000. So no worries on that you can proceed right away.
2. Private real estate loans can require as much as 40% to 50% downpayment, but beyond the cash investment there are no additional assets required.
3. If you have 401k savings then you can use that to finance your business with no other assets required - but you do need 401k savings.
4. Equipment finance companies will not require additional assets because they will use have the equipment you lease as the asset.
5. Daily payment loans or merchant cash advances don't require outside assets, but you DO need to have a cash-flowing business with consistent revenues.
6. If you want an SBA or term loan to start a new business, not having assets will be a real problem. The best way to deal with this is to bring on a co-signer with collateral.
7. If you want an SBA or term loan to buy an existing business, the way this can work is if the business being acquired has real assets in the business which the lender can use as collateral. Often a large portion of the purchase price of a business is something called good will. The more good will inflates the value of the purchase the harder it will be to finance without outside assets or collateral.
8. If you have an existing business and you want an SBA or term loan to finance your growth, you don't need outside assets. They will base the loan on your business alone.
The reality is that getting a loan with out assets can be a complication. You are probably best off if you get help from experts. Don't feel alone. Many other people have gone through this same issue and if you are determined there are ways to succeed.
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