Business Loans For Your Service Business

ddkity82

By : Nerry Nod ,[link widoczny dla zalogowanych]
Submitted 2011-03-28 13:16:43 So you have a service business (think event coordination, catering,[link widoczny dla zalogowanych], and wedding singers) and you are looking into business loans.As a service company you may need a loan to expand your operations, to pay for advertising or marketing, to hire temporary employees, etc. These loans for service industries differ slightly than those for companies that sell a physical product as your business may not have much in the way of physical assets.
So what do you do if your company doesn't have anything to put up for collateral? There are a few options. Option one is to put your personal credit on the dotted line, this is often necessary for a first time business borrowers as your business may not have established credit of its own.
Another option borrow money from friends and family. Friends and family members can be a great resource for new businesses including service businesses. If you'd prefer not to borrow money directly from friends and family it may be that you have family members that could cosign a loan for you.
Now let's assume for a moment that you haven't borrow money from friends and family and no family members have co-sign a loan for you what are your other options to get a business loan? One option,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], is to get an unsecured business loan.
Unsecured business loans tend to have slightly higher interest rates because there is no backing collateral and typically no strong business credit behind the loan. Whatever business loan option you choose it is in Portland to weigh all of your options carefully before making a decision that will affect your business for many years to come.