what do i need and how do i go about getting a small business loan?

Answer 1

Apply at a bank that participates in the SBA program. Prepare a business plan, showing your education and/or experience along with why you need the funds and how you will spend the funds. You'll need some down payment money (usually about 20%), probably require you to meet with a "team" of volunteers as consultants, and others as well. If buying an existing business the tax records for the last 5 yrs will be helpful. You'll have to do a financial statement and maybe other things I've forgotten. You'll also need 20-25% down.

Answer 2

The business of lending is a dense one and should be researched properly. To get started, I suggest contacting the Small Business Administration (SBA). Entrepreneur also offers a great site dedicated to money & finance – see below for both.

Research, research, research – this cannot be stressed enough. Read as much as you can about the process. Here are some book titles that are relevant:

* How to Get a Small Business Loan: A Banker Shows You Exactly What to Do to Get a Loan (Small Business Series, No 1) by Bryan E. Milling
* The SBA Loan Book: Get A Small Business Loan--even With Poor Credit, Weak Collateral, And No Experience by Charles H. Green
* The Insider's Guide to Small Business Loans by Dan M. Koehler

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!