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SOHO businesses have traditionally had difficulty getting loans to start and grow their businesses. While funding may be available through local sources, it usually takes a significant amount of time and effort to locate and secure that funding. It's quite common, for instance for a small business that approaches a local bank for a loan or a line of credit to be handed a lengthy application that has to be returned along with three years' of financials for the business, three years of personal tax returns and an application fee of several hundred dollars -- all before finding out what the interest rate is likely to be on the loan or line of credit for which they are applying.
Furthermore, some banks just don't want to deal with small loans at all. One woman who wanted to establish credit in her business name was turned down for a loan to purchase equipment that cost less than $10,000. The equipment was for her existing homebased business, but the bank told her she should just go put the purchase on her personal credit card instead of getting a business loan.
Thanks to the Internet, there's an easier way to get a loan for your business. Loan sites make it possible to apply for a loan online using a relatively simplified process. Some sites let you search a database of funding sources to find the right one for your needs. All you do is fill out a short loan application to find funding organizations and banks willing to do business with you.
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