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Don't Bank On It

Borrowing from banks may seem simple, but be aware of what's involved.
1 min read
Opinions expressed by Entrepreneur contributors are their own.

Banks are probably the most visible source of ready financing, and you should already have contact with a few through your personal accounts. Although banks are logical places to go in order to raise capital, they are notoriously conservative, especially where start-up home-based ventures are concerned.

Most banks will require some sort of collateral as security for a loan. Banks will also want to know the purpose of the loan, so be prepared to show them your business plan. Your personal background will have a direct bearing on how your loan applications are treated.

Excerpted from Starting a Home-Based Business

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