Accion is a nonprofit lender providing brief- and medium-time period installment loans to startups and existing companies. These mostly embrace microloans underneath $50K, but there are additionally some presents for loans as massive as $1 million. If you could have poor private credit but want a small startup loan, Accion is likely one of the few respected on-line lenders that can help you without screwing you over. The only caveat is that loans are offered on a regional basis. You’ll solely be able to apply to whichever loans (if any) are available in your area.
Disadvantages of business loans
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