The truth is a loan will put you in debt plain and simple unless you have a sound business already in the works.
Remember your idea for seeking out a business is so you can be wealthier, happier and enjoy a successful life so why are you avoiding the easy way by digging a dangerous hole.
Before you take out a business loan, which is a good idea if you have a stable and sound business, consider using eBay to raise capital and to test out your market.
Sometimes I am amazed at how some people rush to start a business just to realize there is no market for whatever they are selling. Just imagine all the expenses involved in renting a place, marketing, storage and several employees.
On eBay, you have ready customers from across all the continents and if you employ my $.01, sales frenzy you will be on your way. You can also use buy it now or have people summit offers.
I once saw an ad that read “We give you cash even if the bank says NO” So, if you do not have the funds to service the loan they will hand you some cash without looking at your business plan.
You have already seen what is happening with all the credit cards and other loans. Your interest rate goes up at will regardless of your situation.
Seek a small business loan ONLY after you have established your business direction.
Set your self on the route to success by making money first before you borrow. I know there is a saying “Get rich using other people’s money” The saying is true but you have to have established some money channels for this to work really well.
Banks will offer you a low interest rate all the time if your bank statements have the numbers. Some banks will even send you offer if your bank account is showing good cash flow.
