Option 1: Getting a small business loan
Many financial institutions and lenders offer loans for starting or running a small business. Be sure to shop around to compare interest rates, repayment lengths and potential loan amounts.
When you apply for a loan, most lenders will require you to show your business plan and a variety of financial documents. These could include bank statements and tax returns from the previous years. If you’re starting a new business, your own finances and credit could be a major factor in the lender’s decision.
Talk to your bank: You’ll want to have a business plan, estimate of startup costs and business projections completed to help the bank understand why offering you a loan is a good idea.
Alternate lenders: If funding from a bank isn’t available to you, you’ve still got options. You could explore crowdfunding, peer-to-peer lending or look into micro-lending to get the capital you need to get your business going.