My First Business Loan

Posted on May 19th, 2007 in General by Vegan Momma

This is a sponsored post.

My brother and I started a lawn cutting business when we were young. I was twelve and he was eleven. Over time we had quite a few clients in our neighborhood. Naturally as our business grew we felt we needed to add extra equipment. We wanted to enhance the services we provided to our clients.

Our parents loaned us money to pay for the extra equipment. Guess what? We always had to pay them back. There was no getting out of paying just because we were there children. Looking back I realize how important that lesson was. I always paid my bills in a timely fashion. I guess you could say that was my first business loan.

In my mid twenties I was shocked to find my credit wasn’t that great. Amazing, eh? I paid my bills on time. I usually paid by checks. You would think I would have great credit, right? Wrong! I found out that no credit could be the same as bad credit. I started for information on secured loans. I went with a company I liked and used it to pay for an item that I could have easily paid for w/cash.

Question:  When did you receive your first loan? How was the experience?

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