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One of the greater challenges to a new entrepreneur, particularly in this troubled economy, is getting unsecured financing for a new business. Whether it is in the form of a new credit card, a business loan, or an unsecured business line of credit, getting a business loan takes some careful selection and a talented sales pitch. Luckily, it is very easy to acquire both, if you know where to look and how to get what you want.
The best banks to look at for an unsecured business line of credit follow a rather simple rule: small is beautiful. Small banks tend more often than not to be excellent resources for a person starting out; they are flexible, offer very competent and executive representation, and tend, believe it or not, to offer very low interest rates. Compared to large corporate banks, smaller community banks and credit unions are very efficient at providing excellent service due their lack of overhead.
You may also want to consider going to the SBA or P2P markets for the financing that your business needs. Both of these are very different kinds of organizations, but they are nevertheless used frequently by a number of different entrepreneurs.
When pitching your proposal for an unsecured business line of credit, be sure to be thorough in the creation of your proposal, incorporate all of the details and do so in a firm and direct manner. You will need a charismatic introduction, a complete and thorough explanation of the business’s workings and what the money will be used for, a detailed market analysis and a good plan for financial assets. Be sure that you are comfortable putting passion into your work; if you truly have a passion for it, all of your sales tactics will come naturally.