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What is a commercial building loan?

 


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So, you have finally decided to start your own business. Great! That is the first step to becoming an entrepreneur. You have it all worked out in your head how your business will look, run and last forever. The one thing you don’t have worked out in your head is where you will get the money to start your business. You have thought about asking your family and friends, but know that the risk is too great. You could try getting a loan through conventional needs. You may get approved but at what cost to you? You have thought about using your own personal credit to start your business. This would work but could ruin your life in a heartbeat. The best option you may have is to look into a commercial building loan.

With a commercial building loan you are applying to get money that is specifically set aside for business use. Whether you use the loan as startup financing or to fund the expansion you need, these loans can help you increase your capital and get your business growing. You can even use these loans to pay off other debts if needed.

Just as any other loan has options, so does a commercial building loan. They generally come in two forms. Secured loans, which are loans that you use collateral to get or unsecured loans which are given based on your corporate credit and sometimes business equity. Secured loans usually offer lower rates where as unsecured loans have way too high of rates. Either one can help your business but if you can get a loan without having to back it up, it can be the smarter way to go. Before you get any loan, you need to think about how much you really need the money and if your credit will take a hit because of the loan. Your credit needs to be kept undamaged and ready to use at all times. Keeping it in mind when you do anything for your business will help it stay that way.

Getting the funding necessary to start your business or to expand it can be a daunting thing. There are so many options available to you as a business owner. Using the internet to search out and research all of your options is a good thing to do. This way you know what you can and can’t apply for and which types of funding may suit your business best.

Corporate Credit Concepts specializes in helping educate business owners how to build business credit. Feel free to visit their home page for more information: http://www.corporatecreditconcepts.com.

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