Many of my friends in the online community are self employed individuals. They may be registered as a sole proprietor or an LLC but others may be a small corporation. For the most part many of us online bloggers tend to be a sole proprietor or LLC. This means it’s more difficult to get self employment loans. This is a partnered post, though all opinions are my own.
While we are a real business and make real money, there tend to be fewer banks out there that may be willing to lend to someone who has self employment listed on their loan application. If you’re looking to get your self employment work moving forward, then I think it’s time you considered a self employment loan.
Here are some of the reasons I think that you should consider self employed loans when you’re looking to build your self employment business structure and expand your current capabilities.
Why You Should Consider a Self Employment Loan
Less Banking Activity Reviews
Most self employed loans don’t go years back into banking activity to determine if you’re eligible for a loan. Traditional bank loans will require about three years, at a minimum, of banking statements to evaluate before the underwriter at the bank may even consider giving you a loan. With self employment loans you don’t have to go through this tedious process, which makes self employed loans easier for entrepreneurs like you and me to get.
Quicker Access to Capital
Self employment loans allow you to have quicker access to the capital in your business. This means you can use the money earned to invest back into your entrepreneurial business quicker. Being able to use your self employed business capital for marketing, expanding services, or updating existing websites can help you increase your revenue stream quicker and in turn, continue to be a successful self employed business person.
Years ago entrepreneurs were faced with the sad reality that no one would lend to them. There simply were not many lenders that would offer self employed loans. The times have started to change a lot and more lenders are available to get you that self employed loan with ease. It’s a simple process, and you get so many different lenders competing for your business that you can even get a pretty decent rate on your self employed loan.
You Keep Ownership
Many entrepreneurs used to get loans from family or friends to help start or expand their self employment. This is a bad idea for two reasons; it’s never a good idea to borrow money from friends or family and it can make you lose part of the ownership of your business. That’s why I love that having a self employed loan is an option with our current entrepreneurial world, I can stay in control and ownership of my self employment business all the while having a little help to build it using the capital I’ve built up in my online business structure.
Self employment is a blessing in many ways because you can work from home more often, and most of us in my community do work from home full time to support our families. Every so often it’s nice to have a way to invest in my future success, and that’s why I’m so thankful that there are self employed loan options for me to choose from when I’m looking to expand my business, marketing or just need a little capital to get through a slower portion of the year in business.