Capitalizing your consulting startup business can seem quite difficult if you have no experience in finding business capital. Traditional banks and lenders tend to shy away from startup businesses because they don’t have a track record (i.e. sales and revenue). Therefore if you plan on heading to your local bank to obtain capitalize for your consulting business, just know that you may end up leaving disappointed. However, all is not lost. You do have other options. One of the most popular ways to capitalize consulting startups is through unsecured business lines of credit.
What is an Unsecured Business Line of Credit?
An unsecured business line of credit is a form of unsecured capital that consulting businesses can use for any business expense. They are similar to personal lines of credit (or credit cards) however they are designed for businesses only. Furthermore, you will not be required to pledge collateral to obtain unsecured business lines of credit, unlike most types of small business financing. They can be fairly simple to obtain, which is why they are, in my professional opinion, an ideal way to capitalize your consulting startup.
How to Get an Unsecured Business Line of Credit
The best way to get an unsecured business line of credit is to contact an expert, first. The Advisors here at LenCred are experts in helping consulting companies just like yours obtain unsecured business lines of credit for their business, whether it’s a startup or established entity. You should also keep in mind that obtaining an unsecured business line of credit does require you to have a pretty decent personal credit history (you’ll have to personally guaranteed the business credit lines on behalf of your business). To find out if you qualify for an unsecured business line of credit, contact LenCred to get started.