where can i get startup business financing ?
how can i get financing to start a business all banks require minimum 2 year old business to give a loan no one give a loan for new business does someone knows a bank who gives a startup business loan ? the thing is that i just turned 18 so i dont have credit history i want to get loan under my mom's credit she's credit score is 670 i think so its also a problem because the banks require exelent personal credit 670 is not exelent what to do ?? yea and the thing is that i need just 20,000 to 30,000 the banks give loans for up to 100,000 i cant get just 30,000 from them
Public Comments
- i can help. we are a broker for all types of business loans including SBA, startup capital, AR, etc. We have a huge variety of loans and programs.
- in your startup saving account.
- Go to prosper.com and make a profile. You can get a person to person loan, you should just submit a business plan or budget or something that would show some credibility
- I suggest you check with the Small Business Bureau. This department should be able to direct you to the proper loan institutions.
- Actually the SBA requires 2 years experience in the field for start up businesses. I do commercial finance. If you email me at christy@loanforbiz.com I can review your plan and give advice if you are not yet ready for financing, I can point you in the right direction with a plan! I only require payment if you let me broker your financing. The advice is free! email me you contact info and I will phone you Monday! (please tell me what time zone you are in too please!) www.loanforbiz.com
- If you want to start a business, look at GetAltitude.com. The guy running it is a genius. Or you can youtube GetAltitude
- I agree with most, You must have a business plan, goto your community college, they will help you find one. If you have a checking account, goto your bank with your business plan and tell them you want to get an SBA insured loan, the bank will then goto the SBA and get it insured. You are sol without the business plan, it is that important. Also, make sure you get an attorney, and have him or her do the paper work for your business to be incorporated. Make sure you make it so you pay yourself a salary, and then pay taxes on your profits. You will save that way. Also, when you do your business plan, make sure you cover what your market share is and how much money you expect your company to make etc. Good luck and thanks for that question.
- When getting a loan here are things the bank looks for: A business plan detailing the product/service, customers, location, and financial analysis. Your business experience and how well you understand this industry. Can you make this business work. Do you have personnel on your staff to supplement your lack of skills. Credit history which demonstrates your ability to handle credit. Your personal credit score needs to be well above average. What collateral do you have and how can you guarantee the loan in case of problems. Terms – How much, How long and For what? Can the what be reposed in case of problems? Your equity. They like to see you putting up more than 25% of what you need. You could try the SBA Microloan Program where you can get up to $35K. http://www.sba.gov/services/financialassistance/basics/sbarole/LOANPROG_MICRO.html
