Unsecured Small Business Loans
Unsecured small business loans are one way to get your business credit back on its feet, or to work towards increasing capacity and development in your business. Over 85% of all loans to small businesses come from banks so there are several options to choose from when determining what program and lending source will work best for your business. If you're looking at unsecured business loans through your bank check out some of our ideas on what you should know first.
Generally there are more fees associated with small business unsecured loans as they incur more risk on the part of the lender. These fees change based on the credit history of the company as well as the personal credit of the business owner. If you're looking to start a new business and want an unsecured line of credit, you'll most likely need to guarantee your loan with a FICO score of more than 700, a moderate balance sheet on your personal finances and none of your other funding sources (mainly credit cards) sitting at more than 40% of their limit.
The Small Business Administration (SBA) in your local community also will offer some of these programs to new business owners, but even there, unsecured loans are typically offered only when the amount is less than $150,000 and when the business can show growth, stability and a decent credit record. They are one of the more simple loans to originate, so are quick to finalize and are based only on your signature for repayment.
It's important to look at the business owner's credit situation very carefully before deciding on an unsecured loan through a bank. Typically higher interest rates are associated with these loans, anywhere from 6% - 25% and they can carry many more fees that will be amortized on a shorter term because unsecured loans normally last no longer than seven years.
Your personal and business credit are the keys to building and maintaining your small business. Try to keep your personal credit out of your business as much as possible. Securing loans in any amount, through your SBA or from banks, is a good way to establish and maintain a positive credit history. In order to build credit, you'll want to understand your own credit report, as well as the one attached to your business. Bad credit can destroy the ability to develop and increase your business. Review your credit reports periodically and fix the mistakes you find.
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