In order to start a new business, funding is typically needed. However, most lenders want to give to "established" businesses, meaning they have financial history, proof of revenue, and other documentation. New businesses typically don't have this and it can be more difficult to finding funding. But don't be discouraged, there are still many options available!
It is important to keep in mind that lenders are taking a greater risk by funding a new business, so the options are sometimes more expensive. Don't be distracted by deals that seem too good to be true from online lenders. There is sometimes a catch, so do your homework and research all of your options!
The options available will vary based on time in business. Some lenders will start loaning to businesses that have 6 months of revenue, others require 2+ years.
Ideal for businesses that:
Are just getting started and need funding to begin.
These lenders are known for:
Taking on a level of risk by believing in new business ideas and entrepreneurs that show potential.