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Money for business tartups..

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Walley

New Contributor
Read Millionaire Fastlane
Oct 1, 2007
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All I have to do is register a DBA and I'm flooded with business credit cards offering up to 100k.

Is it better to just use a credit card for financing about 20k?

or

Should I try for a sba loan?

Credit cards interest rates are about 13%. What is the average on sba loans?

Thanks.
 

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kurtyordy

Bronze Contributor
Aug 28, 2007
2,375
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From my experience, the fees on SBA are pretty high. You need to figure the term of the loan and then figure these fees into the interest charges to accurately compare against the cc interest rates.
 

LightHouse

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Aug 13, 2007
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All I have to do is register a DBA and I'm flooded with business credit cards offering up to 100k.

Is it better to just use a credit card for financing about 20k?

or

Should I try for a sba loan?

Credit cards interest rates are about 13%. What is the average on sba loans?

Thanks.
thats intresting I have a LLC and around here you cant get anything Business only without being in business for min 2 years
 

6.0_bull

New Contributor
Nov 27, 2007
90
14
20
Walley

Not sure what you meant by registering a DBA, did you mean DUN & BRAD...want to clarify that??

I would suggest that your best source would be to obtain either personal credit line through a bank or purchase and existing Corp if you don’t have one, and get a business line of credit since your interest rates will be much lower, instead of paying 18-28% interest witch is typical on most credit cards.

Unless you can get an introductory low rate credit card and have that amount your using paid off before your rate goes to there standard level.....

This might just save your startup venture.
 

nomadjanet

Contributor
Aug 28, 2007
310
54
26
TX
business tart ups? Is that like with raunchy clothes or what?
LOL
20K is to small to go through the whole loan application thing at least in my view.
 

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