How To Start A Business Without Cash Capital

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becoming a female entrepreneur

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The different loans available

If you choose to get a loan from the Small Business Association (SBA), there are different ones to choose from, depending on your needs. Brooks notes,”The 7(a) loan program has a range of $350,000 to $5 million. Another type of SBA loan is the Microloan program, the smallest loan amount available. It ranges from $10,000 to $50,000. This requires limited collateral and is great for small businesses. The final list of SBA loans is the 504 loan program. [These have] a longer time frame and are usually capped at large amounts. The SBA loans are flexible as you can use them to buy land, equipment, and even acquire another business.” Brooks does advise, “Go beyond getting the loan…think about how best you can repay the loan. It is best to even think about it before getting the loan. You don’t want a situation where your business is stuck because you did not pay back your loan.”

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