One of the most challenging periods for a business is the startup phase. There are good reasons for this. Many small businesses fail within 24-months. This is a fact. Institutional lenders follow these statistics and reduce their risk by avoiding startups. Unsecured business financing for startups may be the answer.
There are other factors such as “will the owner(s) be willing to endure the difficulties of startup?”, “did the company properly evaluate the marketplace?”, and “will the partners (owners) get along?” All good questions.
A business builds a strong track record over the first 24-months. Lenders have something to look at. Gross sales, financial ratios, and business credit are available for the institutional lenders to review.
Getting Unsecured Business Financing
One of the best way to keep your startup moving forward is through unsecured business financing. If your personal credit is decent you can access important unsecured business financing. These funds will also help your business build better business credit.
There are also alternative forms of financing that is based on invoices, purchase orders, real estate, accounts payables, and other financing options attached to an asset.
BB Bookwork’s Inc is able to help you better understand the various aspects of funding a startup or business that is less than two years old. Contact us at [email protected] or visit our website at https://bbbookworks.com/ for more details.
- Unsecured Business Financing
- Invoice Financing
- Corporate Credit Cards
