How to get a small business loan with little to no asset?
Written By: admin on November 9, 2009
6 Comments
I want to open up a business and I need a loan of up to 150k. My wife and I have nearly perfect credit. We have 2 cars and live in an apartment.
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Tags: apartment, cars, fixed rate private student loan consolidation, home equity loan lowest rate
Check out Angel investors, get a business plot together, go to a small business class to learn the ropes. And start saving at least some money, this way it shows an investor that you’re serious enough to at least place in what money you have.
Excellent luck!
Develop a business plot, then find partners or investors.
Getting SBA loans approved are very hard these days. If your just now starting the business, it will be next to impossible to get the loan, even if you have fantastic credit. You could always go to several banks to see what your options are. Wells Fargo and US Bank work with a lot of small businesses. An option is to do a business loan that uses your personal home or other property as collateral. It goes under you business credit but is tied to your own residence. This makes it simpler to approve, give your business some credit history, but may place your house at risk. The fact you don’t own a home will make it even harder to get this loan. You may have to hit up family or friends to invest in your business.
Just a reminder.
Loaning for a business are like knives, it will make your life simpler if you use it well (leverage) or it will cut you (double liability).
Make sure you start with a market research and a business plot to check if it is indeed feasible. And please don’t bet the whole farm. Leave something for tomorrow.
Given that… here are the sources of loans:
1) Start with friends your friends. When I started my laundry business, I talk to a friend who has the money. Right now, we are business partners.
2) Make your business plot and present it to the banks and lending investors
3) Go to SBA
4) Check out your local government office
Some kind of an encouragement: "When the investment thought is superb, the money will come."
Lastly, write it down as a goal. Find $150K for my business. Visualize it. Be creative. The money abounds around. It is just waiting for you. Believe me, there are people around with extra money who wants to invest but don’t know where to start. Find them and help them. It is a win-win sitaution.
Hoping that you get the 150K. And wishing you fantastic success in your business.
Reynor
http://www.succeed-in-business-startup.com
I saw your question I have chose to help people out due to the fact that I myself has been scammed four times by four lenders in my search for a loan but at last I got a reliable lender. that gave me the loan($60,000 USD) that I was in dire need of. Hence I chose that I will refer anyone I come across to this God sent lender he is reliable and his terms are honest. You can get to him via his email address: dr_amandajohnson101@live.com, Please tell him that Pastor Mrs Franca Lee from CA. USA . I have search for a legit lender until I got him and I chose to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.
Thanks
Pastor Mrs Franca Lee
Church of God Mission CA USA.
Hey, I found this company called Accelerated Business Capital. They give loans based on your future credit card sales. It’s an unsecured loan and they still lent me money even though my credit score is in the 400’s and I also have a foreclosure. I really recommend this company to any business owner who is looking for a way to get financing with less than perfect credit. Check out their website http://www.ABCapital.biz