Get help with a loan for your small business

The Federal Trade Commission and other organizations are working to help make it easier for small business owners to get loans. With unemployment numbers so high and so many small businesses struggling, it is getting harder and harder to get a business loan from banks. The are going to do a thorough check of your personal credit before they will consider giving your business any finances.

The FTC (Federal Trade Commission)  has stated that beginning in 2011 lenders will “require a creditor to provide a risk-based pricing notice to a consumer when the creditor uses a consumer report to grant or extend credit to the consumer.”

This allows anyone that wants to be able to get a free credit report and be able to look over it before sending it to a lending company. If you have a bad credit score you can look into a debt management service to help you repay your debts and get the loan that you need.

These companies will be able to help you deal with your creditors. A debt management service can negotiate lower interest rates, get late fees waived, and come up with a repayment plan for you. Once they have agreed upon a plan with your creditors they will be able to provide you with an estimate of how long it will take until your debt is fully repaid.

Other corporate banks and organizations have also offered to help small companies get the loans they need to stay in business. Bank of America has promised $5 billion to small businesses in 2010. Hopefully this is the beginning of other banks and large companies helping out the smaller businesses they are dependant upon, but until then you will need to use a debt resolution program to help your company be able to get a loan as soon as possible.