Starting a business is exciting, but it can also be expensive. If you don’t have any revenue yet, it can be difficult to get a traditional business loan. But don’t worry, there are still options available to you.
Here are a few tips on how to get a startup business loan with no revenue:
- Consider alternative lenders. Traditional banks are more likely to require collateral and revenue before they approve a loan. But alternative lenders, such as online lenders and peer-to-peer lending platforms, are more willing to lend to startups with no revenue.
- Have a solid business plan. Your business plan should outline your business goals, strategies, and financial projections. This will show lenders that you have a serious plan for your business and that you’re likely to be successful.
- Get a personal guarantee. A personal guarantee is a promise to repay the loan if your business cannot. This can make lenders more comfortable lending to you, even if you don’t have any revenue yet.
- Be prepared to offer collateral. Collateral is an asset that the lender can seize if you default on the loan. If you have any assets, such as a car or house, you may be able to offer them as collateral.
Where to Find Startup Business Loans with No Revenue
Here are a few places where you can find startup business loans with no revenue:
- Online lenders: There are a number of online lenders that offer startup business loans with no revenue. Some popular options include BizCashandCapital, OnDeck, and Fundbox.
- Peer-to-peer lending platforms: Peer-to-peer lending platforms allow you to borrow money directly from other people. Some popular options include LendingClub and Prosper.
- SBA microloans: The Small Business Administration (SBA) offers microloans of up to $50,000 to startups with no revenue. Microloans are typically easier to qualify for than traditional business loans.
How to Apply for a Startup Business Loan with No Revenue
The application process for a startup business loan with no revenue will vary depending on the lender. But in general, you will need to provide the lender with the following information:
- Your personal and business information
- Your business plan
- Your financial projections
- Any collateral you are offering
Tips for Increasing Your Chances of Approval
Here are a few tips for increasing your chances of approval for a startup business loan with no revenue:
- Have a good credit score. A good credit score will show lenders that you are a responsible borrower.
- Have a strong business plan. Your business plan should be well-written and realistic. It should outline your business goals, strategies, and financial projections.
- Be prepared to offer collateral. Collateral can make lenders more comfortable lending to you, even if you don’t have any revenue yet.
- Get a personal guarantee. A personal guarantee can also make lenders more comfortable lending to you.
Getting a startup business loan with no revenue can be challenging, but it is possible. By following the tips above, you can increase your chances of approval and get the funding you need to start your business.
BizCashandCapital is a leading provider of startup business loans with no revenue. We offer a variety of loan options to meet the needs of all businesses, regardless of their credit history or revenue.
If you are looking for a startup business loan with no revenue, BizCashandCapital can help. We offer a quick and easy application process and we can get you funded in as little as 48 hours.
Contact us today to learn more about our startup business loans with no revenue.