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mall business start-ups are likely to find that getting commercial loans is
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Weegy: It’s important to note that start up business loans are a lot like personal loans. In other words, the bank does not want to lose money by taking too great of a risk. [ If you and/or your business are too much of a risk, you’ll have to work harder to get your small business loans approved. Because the vast majority of startups fail within the first few years, you should know that you’re considered a greater risk if you want a start up business loan. Ultimately, you should build credit for your business so you can borrow when you need to - and manage your personal risk. Business Credit Basics Start Up Business Loan Sources If you haven’t already done so, read the article about small business loans. You’ll find a good overview and some quick ideas. Give those a shot – and pay extra attention to preparedness – but know that conventional means may not work for you. After you’ve asked your bank and credit unions for start up business loans, you’ll need to get creative. Common sources of start up business loans are the 3 F’s: Friends Family Fools You're on your own with the first two, but there are ways to find the last one. Of course, these people are not really fools, they’re just more willing to take risks on start up business loans than traditional banks are. These might be known as venture capitalists or angels. A good first step is to ask your local Small Business Administration (SBA) office for help. This organization is tasked with fostering economic growth by supporting small businesses – its mission is to help you succeed! There are a lot of general resources from the SBA that aren’t finance-related. ]
Expert answered|mangioon|Points 50|

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Asked 4/7/2013 11:24:03 PM
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