[DavidHWalker]

I was wondering if any of you here have successfully (or unsuccessfully) tried to obtain a small business loan. If so, could you share your experiences? I've been borrowing start up capital from friends and family, but am interested obtaining financing the "right" way so to speak.

Comments?

[mediad]

I've been trying to get startup money for my business, unfortunatly I don't need very much ($4-5,000) so banks and such simply aren't interested. About the only luck I've had is getting a low interest high credit line credit card. I'd rather NOT use a credit card, but if that's what it takes it's what I'll do.

D.

[evolvingentrepreneur]

If it's a small amount (under $10,000) I would just go for a low interest rate credit card that doesn't charge an outrageous rate for cash advances and writing checks from the line of credit.

[Karen]

It depends on the size of the loan. As Adam said, anything under $10,000 is usually obtained by a low interest card.

Otherwise see if you know someone that will help you with a line of credit. Loans are upfront loand where as with a revolving line of credit you always have access to more cash.

Karen

[DavidHWalker]

what's typically the lowest interest rate for a business credit card?

dave

[evolvingentrepreneur]

Check out www.bankrate.com.

[mediad]

If you have decent credit, you should expect somewhere in the neighborhood of 8-9% on a credit card. Some cards have introductory rates and such, but almost all end up at that same 8-9% mark.

D.