Initial Funding

You have the dream, now make your upstart a reality as we navigate the diverse avenues and strategies to kickstart your business journey.

Getting Your Business Off the Ground

One of the primary hurdles for aspiring entrepreneurs is securing the initial funding required to turn their vision into reality. Here we delve into the various loan options available, ranging from the traditional term loan to government backed SBA loans.

At OMB, we'll guide you through the process of evaluating your startup's financial needs and selecting the most suitable funding sources, setting the stage for a well-funded and robust foundation.

SBA Loans

The Small Business Administration offers several types of loans for small businesses in the United States. Typically, these come with unique benefits and lower interest rates.

Key features of an SBA loan:

Competitive interest rates
Less restrictive collateral requirements
Lower equity injection requirements
No balloon payments
Longer repayment terms = lower monthly payments
Flexible use of proceeds

For even more information, we offer a comprehensive guide to SBA lending and how to get started at OMB.

Click here for more

Other Loan Options

Term Loans

These are traditional loans in which a lump sum is given and must be repaid over a predetermined period. These often involve fixed monthly payments and a greater borrowing power, as well as pledged collateral.

Lines of Credit

This is a revolving line of funding that gives businesses ongoing access to money needed for expenses. Credit lines are similar to credit cards in that you only pay on the portion of available credit you’ve accessed. Once your line is paid down, you can continue drawing from it.

Credit lines can be secured, requiring collateral, or unsecured. Unsecured lines of credit typically require stronger financial records and a higher credit score to qualify.