Everything You Need to Know About Unsecured Business Loans

Quick application process

Unsecured business loans can be applied for online and approved within hours, providing funds within 24 hours.

No collateral required

Small businesses and startups without valuable assets can still access these loans without the need for collateral.

Less risk of losing assets

Unsecured loans do not put specific assets at risk, although lenders may take legal action or seize personal property in case of default.

Higher interest rates

Due to the increased risk for lenders, unsecured business loans come with higher interest rates.

Difficulty in qualification

Lenders carefully assess business aspects like income, financial statements, credit, liquidity, and cash flow projections to determine loan eligibility.

At Economic Development Collaborative, we offer flexible business loans through trusted and professional lenders for businesses across Santa Barbara, Ventura, and surrounding areas.  Contact us today!