What are the qualifications, of obtaining a small business loan?

Answer 1

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!

Answer 2

The Small Business Administration spells out the criteria and eligibility of loan borrowers. I suggest reading the following documents

CREDIT FACTORS A POTENTIAL BORROWER SHOULD KNOW http://www.sba.gov/financing/preparation/qualify.html
What Will I Need to be Considered for SBA Loan Assistance? http://www.sba.gov/financing/preparation/requirements.html

Basically, you need to have

- equity (they won't give you 100% of the money you need because they need to see you invested in the business as well)
- collateral
- good character
- what the loan is for - your business plan

Answer 3

try the small business administration