When small business owners are looking for small business loans or working capital it’s probably safe to say that, if it’s possible, we would all prefer to obtain this financing without pledging collateral. It’s not always possible but the relevant questions are:
*When can I obtain my working capital without needing collateral?
*How much financing can I get if I don’t want to pledge precious collateral such as my home or retirement account?
*What would the cost/rates be?
*How important is my personal and business credit?
*How long do I need to be in business?
*Do I need a full financial package?
*Can I get some working capital without collateral as a startup business?
So I want to answer these questions in the context of discussing the 3 different types of UBL’s or Unsecured Business Lines of Credit. We’ve talked about them in the past here. We’ll discuss each of these UBL’s, which is most desirable, least desirable, easiest to obtain, hardest to obtain, etc.
If you are an entrepreneur or small business owner and you need some capital to start, build, or grow your business then there’s a very high likelihood that you will use one or two of these 3 types of UBL’s. Feel free to also grab our free white paper on the 6 Benefits of Borrowing the Right Way. This white paper will help you know about the 6 Benefits you can take advantage of if you properly acquire your unsecured business lines of credit.
Most businesses need working capital. There are a variety of ways to obtain working capital. Unsecured business lines of credit are a popular choice and desired by many so stay tuned to learn what you need to know about the most common forms of working capital that don’t require collateral.
Stay tuned for Part 2 where we will discuss the first of three different kinds of unsecured business lines of credit.