Getting a loan from a conventional lender can be tricky for an early-stage company. Without a long enough operating history or a significant amount of assets to use as collateral, a banker simply might not see your startup as a very good risk. But that doesn’t mean you don’t have options. For a business that needs just a little capital to grease the wheels and get things moving — perhaps $15,000 or so — a “microloan” might just be the right option.
In today’s episode, host and business coach Tom Ryan talks about the pros and cons of microloans, and some great sources (such as the SBA) to start the process. As always, Tom is joined by producer and co-host Jason Pyles. Continue reading