Does a person need to have an extensive educational background to get a business loan?

Question

I just want to open up a music store?

Answer 1

No you do not, but you do need an extensive business plan or they will not even consider you!!!

Answer 2

Wherever you decide to apply for a business loan, be advised that you will need a professional Business and Marketing plan with a prospectus. The SBA requires these plus a 5-year operating budget and prospectus. Most lenders are reluctant to make operating capital loans. Choosing instead to put their money in real and capital property. The SBA wants to see 10 to 20 years experience in the same industry as the business that you are applying for the loan in.

Your best bet for qualifying for your loan is to go through a Department of Commerce sponsored Business Development Center (look in the phone book). They are Business consutants who wll help you prepare all of your paperwork and advise you as to what steps you will need to take.. Their services are free.

It is important to note that you should have enough operating capital to cover your living and operating expenses for at least for your first year; and, It should be reflected in your operating budget.

Here's a very helpful FREE management library http://www.managementhelp.org/ But, this really only tells you what you need to know. For more depth, I recommend you get a permanent seat in your local library.

One final note. The SBA doesn't actually lend any money. All they do is guarantee the loan. You will have to find a bank that will lend the money. And you may have to make the rounds to several banks before you find one that will make the loan. It helps if you have a very good relationship with your bank.

Answer 3

not at all. but before you go through SBA consider talking to your local banker. they may have programs that are simpler with a more flexible payment plan. pay it back fast BTW... nothing kills a business faster than old debt.

also consider loans from individuals and investors. find these people by networking and placing classifieds in the newspaper and on the Internet.

good luck

Answer 4

No, check out SBA . GOV , or small business loans on your browser, but you need a business plan and some capital or no one will take you seriously.

Answer 5

If not education, experience is what the banks will look at. Do you have retail experience, have you run a business either as your own or as an employee, ect.

Answer 6

No. Schooling is one thing and education is different because BE,BTech,MDA etc are required to enter the money earning process with Govt. aid and fecilities.They are all schooled to earn.