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Money for business tartups..

Discussion in 'General Entrepreneur Discussion' started by Walley, Jan 2, 2008.

  1. Walley
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    Walley New Contributor Read Millionaire Fastlane

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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.
     
  2. kurtyordy
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    kurtyordy Bronze Contributor

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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.
     
  3. LightHouse
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    LightHouse Legendary Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    thats intresting I have a LLC and around here you cant get anything Business only without being in business for min 2 years
     
  4. 6.0_bull
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    6.0_bull New Contributor

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    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.
     
  5. nomadjanet
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    nomadjanet Contributor

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    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.
     
  6. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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