Small business loan?

[bassin_man]

For anyone here that has received a small business loan. What direction/route did you go through to look into/get the loan? Just started looking into small business loans and want to make sure I look at all options. Thanks

[C.C. Bullet]

Your local SBA will give you some optios.

[mikepags]

if your talking true SBA I would say check with local banks first.........you can't imagine the hoops you about to go through.............if you have been around the block a bunck of times and have a tax credit/ job creation angle then maybe but if your an innoncent just gettting started business wouldn't do it

[dezlfit73]

Tried that once ,unless you are minority or woman owned company good luck,we did not have much success.

[mikepags]

<table width="90%" cellspacing=0 cellpadding=0 align=center><tr><td>Quote, originally posted by dezlfit73 &raquo;</td></tr><tr><td class="quote">Tried that once ,unless you are minority or woman owned company good luck,we did not have much success.</td></tr></table>

see honest results.........IM me if you have ??'s but SBA isn't for most small businesses, iroinic huh.........and to finish off the above coment I know a few rich white males who have made it on SBA loans but its nots easy (not myself/ or have any involvement) but unless you are checking off certain things on purpose an SBA loan isn't for you it does get easier if the company is minority or women owned(which can be set up that way )

[dezlfit73]

yes i find it best when applications get personal,just check "other" then they can't ask.

[JohnM]

Shark Tank looks interesting.

[delee36]

<table width="90%" cellspacing=0 cellpadding=0 align=center><tr><td>Quote, originally posted by C.C. Bullet &raquo;</td></tr><tr><td class="quote">Your local SBA will give you some optios.</td></tr></table>

^^^^this^^^^

[ctcustoms]

My job is packaging SBA loans. The application is not any different than what the bank will ask for. Tax returns, financial statements, projections, etc...

I can help with questions if you want

[CatFan]

Everything will be based on your business plan. It needs to be thorough and detailed. Bottom line is that it needs to explain to the bank how your business is going to generate the money you will use to pay them back.

Bank is the key word. You'll only get a business loan from a bank. Not an S&L or Credit Union. The SBA may help you with your plan and offer guarantees that may let you get the loan for less money, but unless you are female or minority, there isn't a lot of help. You can put the business in a spouse's name to improve the odds.

Depending on where you live, there COULD be some kind of local organization or foundation that does start-up loans too, but most often those kinds of groups tend to finance existing businesses wanting to step-up from a one-man operation.

Start here http://www.sba.gov/category/na...-plan

[ctcustoms]

NOT true about woman or minority. Lots of other "policy goals" that you will qualify for. Including "community development" that almost everyone qualifies for.

[GBhoss]

All I can say is GOOD LUCK you will need it.... I sold my franchise to a couple guys and they went to the local bank to get a loan. The SBA requires that you be turned down by a local bank first before you can go thru them. The local bank turns them down and then contacts the SBA for them as that bank was an SBA lender. Paperwork started in October and continued till mid-January. In the end, they were told "oh, this is a franchise, we can only lend you the amount of the inventory and cannot include the value of the exclusive franchise territory". They knew this fact in october but drug it on looking for a way to turn them down but couldn't so they limited the amount of the loan. And now the funny part.... the franchise I owned is on the SBA Fast Track list on the SBA website. I used to own 3 of these franchises and bought my first one using SBA money. It took 4 DAYS to get the loan.

Make your wife a 51% owner and thay will help.

Sorry for the long rant