How hard is it to get a small business loan?
Written By: admin on November 28, 2009
4 Comments
I am saving up ,000 dollars to have up front to give to the bank and I have the business plot, menu and everything set up like that. I am nearly 23 and probably will have the money by that time. I am also working on making my credit excellent and looking for available spaces for rent. What is the likeliness that a bank would give me a loan? And is it really all that hard?
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Tags: business plan, money, plan menu
There are so many things that the bank looks at and every one has different things that they base their loans on. I would go into the bank you are plotting on borrowing from and tell them your tale. Question them what you need to do to qualify for the loan you want with the best interest rate the bank can give you.
Go to SBA.gov to review the process.
If you have a solid plot with projections as well as the elements of the SBA checklist, you should be able to obtain a loan with ease.
Your local SBA can help you as well as "SCORE". Score is a community group of retired business persons who advise and help people like ourself to get a business started.
Well, this past year has made it harder to get a loan at all. Small business loans are some of the more hard loans to get because the borrower usually wants or needs an unsecured loan and the lender wants some sort of security on a loan. The fantastic catch 22. Getting the 10K upfront and having a solid business plot should help. By menu, I assume a restaurant? You may want to look into a partnership if the bank denies you. Don’t give up though, to make your business succeed, you need to be driven. Excellent luck!
One thing to look at is to make sure no bankruptcy and credit score of 650 or better. If you do then you should do fine.