Home | List of Articles | Submit an Article | Contact Us

How to Get a Business Loan without a Business Plan

The phenomenal emergence of homebased business ownership has been astounding. The Small Business Administration (SBA) projects that by 2007, there will be over 2 million small business firms.

Trends indicate that entrepreneurship is quickly becoming a fabric in American cultural. Yet, while there are many opportunities for securing personal wealth through business ownership, access to capital continues to be a hurdle for most start-up companies.

Thanks to a new small business initiative, the hurdle has become a little less painful. Through the SBA CommunityExpress loan program, start-ups and existing businesses alike can apply for a "Small Office/Home Office" loan without a business plan.

Loan amounts are available for $5,000, $10,000 and even $15,000 and no business plan is required. This may not seem like much to some business owners, but the most successful companies have started out by getting micro-loans. In fact, the SBA cited that most homebased businesses required $10,000 or less to get started. Examples of companies that started with less that $25,000 include Ben & Jerry's, Fedex and Tom's of Maine toothpaste.

It doesn't matter if you want to start a daycare center, desktop publishing firm, or barbershop. These mega success stories are a constant reminder that small beginnings can indeed lead to greater rewards.

About the Author

Karen L. Hardy, holds a M.S. in Business Administration. She is a certified business finance consultant, real estate investor, entrepreneur and author of the book "Destiny Dreams Decisions: Empowering Women for Success." Visit her sites at http://www.fedpreneur.com and http://www.destinycapitalfunding.com

Related Articles:

A Process of Discovery - (Commercial Mortgage Brokerage Defined) - At its highest level, commercial mortgage brokerage is a collaborative process of discovery. On the borrower side, the more the broker is able to learn about the property and the borrower’s needs, the more effectively he can focus his thinking and utilize his experience to assist the borrower in structuring the deal. On the lender side, a good brok ...

Secured Business Loans – Equipping Your Business Blueprint With Concrete Groundwork - Somebody once said, ‘Business is not financial science; it's about trading, buying and selling. It's about creating a product or service so good that people will pay for it.’ So you are full of ideas and ready to take on the world. No matter how striking your business idea is, it still needs a solid foundation to work on. Without a concrete fina ...

10 Easy Ways To Organize Your Business Finances - Whether you are a new entrepreneur or a more experienced business owner, taking control of your finances can feel like a part-time job. Some simple tips can help you streamline your time, organize your finances and reduce the stress of business money matters. 1. Keep Your Bills in One Place When the mail comes, make sure it goes in o ...

Understanding a Commercial Mortgage - In many ways a commercial mortgage is just like a residential mortgage in that you pledge real property as collateral against a loan to either buy or refinance that property. You can also receive a commercial re-mortgage and use it as a line of credit for any business purpose. When you use a commercial mortgage to buy property, or to raise funds fo ...

BUSINESS FUNDING - Every business needs money at one time or another. The process of obtaining financing can be daunting and the chances of success limited if it is approached in a disorganized or haphazard way. Lenders are conservative critters; however it is important to understand that it is their job to lend money, and they are happy to do so if their risk is rea ...

The Top 6 Ways to get Home Business Financing - Once you have identified the ‘big ticket’ business idea that is going to work for you, it starts raining fire to get appropriate financing for your project. The keystone to building a successful business is your ability to raise hard cold cash. You may be planning a shoestring budget for your start up but even then every business needs some working ...

Unsecured Business Loans – Fuel your business with a low cost finance - Every business has a vision and a mission to follow. But, to achieve these, entrepreneurs need to have leadership expertise and adequate capital to finance the business. You may have the vision to reach the new heights in the world of business, but lack of funds may be stopping you from using your skills. You need not feel disheartened, unsecured b ...

For a Complete list of Articles with summaries Click Here