There are several loans that can help you get started and help you build your business credit. If you would like to learn how to get a small business loan, here are several different loan options to choose from:

• Micro-loan. A micro-loan is available for new businesses and businesses that need to expand. You can only borrow up to $35,000 with a micro-loan but they rarely offer more than $13,000. These loans are available for non-profits and you must submit an application to your local intermediary in order to find out if you qualify for funding.

• SBA loan. The SBA loan is the easiest way to learn how to get a small business loan. The SBA loan is available for new businesses along with small businesses that would like to expand. You can apply for up to $2 million with an SBA loan, but this amount is not guaranteed. You must have collateral to secure larger loans and you must have a high credit rating.

• Business credit card. While you may not think using a credit card is a great way to learn how to get a small business loan, it can provide you with the money you need to get started. Did you know Google was founded on a credit card? While it is not recommended, a business credit card may be your only option to get started, just make sure you repay the money in a timely manner or it will hurt your credit.

• Personal loan. Another way to learn how to get a small business loan is to apply for a personal loan. Like a credit card these loans have higher interest rates and they aren’t always your best option when starting a business. You will need to offer up some type of collateral to secure the loan and obtain lower interest rates.

As you are searching for different ways to learn how to get a small business loan, make sure you meet with multiple lenders to discuss your options. Many of them will reduce their interest rates if they know you are shopping around.

For more information on how to get a business loan please click below for a free phone consultation.