Minneapolis Business Lawyer

Business Financing

When you are first starting your new business, you’ll need to find a way to finance it. You need start up capital so that you can fund everything that you need to get your business up and running. This generally means obtaining a small business loan. However, there are many different kinds of small business loans. You should know which one is right for you and your business.

You could obtain a Micro Loan. This will give you anywhere from $5,000 to $35,000 that you can use for any business purpose. This gives you a certain amount of discretionary freedom that some other loans do not. For instance, franchise financing is reserved for the franchisees of a recognized franchise. If you are trying to open a franchise, this is probably the loan for you.

You could also obtain development financing. This involves a loan with long term, fixed rate financing. However it is meant to be applied to major fixed assets like land or buildings. You might, however, obtain an SBA loan instead. This is a loan from a private sector lender that is guaranteed by the SBA.

There are a great deal of other types of small business loans out there as well. It is important to find the right one for you. In order to do this, you should contact a business attorney to help you through the entire process of starting up your new business.

A Minneapolis Business Attorney Can Help

Contact the Minneapolis business lawyers of Skjold ▪ Barthel at 612.746.2560.