To get started on a business venture, you’ll probably need to look into other financing sources and take out a loan against your future earnings or savings. Few lenders provide starting company loans to applicants with poor credit, making it difficult for entrepreneurs to get a small business loan.

One of the most challenging tasks for a new small company is securing the funding it needs to begin growing. Here is a list of startup loans you can look into: 

1. SBA 7(a) Loans

Though the SBA Express program, which provides loans up to $350,000, attempts to speed up the process, getting an SBA loan is not a quick or straightforward procedure.

Several prerequisites must be met, including good credit. Personal credit scores are not needed. However, the SBA needs a minimum FICO SBSS credit score of 155 for 7(a) loans under $350,000 to avoid a manual credit check.

SBA 7(a) loans are suitable for startups, individuals with industry expertise, or those buying an established company or a franchise. It’s a deal worth looking into since the conditions are good.

2. SBA Microloans

Approved intermediaries, such as CDFIs and other nonprofit organizations provide SBA microloans. The maximum loan amount is $50,000, although the average loan is closer to $14,000 per applicant.

The average duration of an SBA microloan is approximately 40 months, while the maximum term is 72 months. You may use it for working capital, inventory or supply purchases, machinery or equipment purchases, or acquiring fixtures and furnishings using the funds.

3. Business Credit Cards

Alternatives to beginning company financing include business credit cards. They may also assist you in segregating your personal and business money and obtaining business credit.

Issuers will often look at your credit ratings and your combined personal and company revenue to determine if you qualify for a business credit card. While they may not need collateral, a personal guarantee is usually required. The majority of business credit cards come with excellent rewards programs and signup incentives.

4. Other Microlenders

The Small Business Administration is not the sole source of microlending. Nonprofit organizations that provide small companies with the option to get finance in smaller quantities are often known as m