Where doea one get a small business start-up loan?

Question

We are trying to get our business up and running, but everywhere we turn there is info available...for a fee!
Legitimate answers only, please. TY.

Answer 1

The Small Business Administration in your best source for small business startup loan http://sba.gov/financing/index.html

I suggest you read the following sections

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

They also have a SBA Microloan Program http://www.sba.gov/financing/sbaloan/microloans.html for loans $35,000 and lower. Here's a list of SBA Accredited Microloan Providers http://www.powerhomebiz.com/vol145/microloanproviders.htm

Here are some books that you may want to check out to get more information on how to raise funds for your business:

Financing Your Small Business http://www.amazon.com/exec/obidos/ASIN/1572484500/powerhomebizguid
Small Business Financing: How and Where To Get It http://www.amazon.com/exec/obidos/ASIN/0808007386/powerhomebizguid
Financing the Small Business: A Complete Guide to Obtaining Bank Loans and All Other Types of Financing http://www.amazon.com/exec/obidos/ASIN/1580626815/powerhomebizguid
The SBA Loan Book http://www.amazon.com/exec/obidos/ASIN/158062202X/powerhomebizguid
Financing Your Small Business (Barron's Business Library Series) http://www.amazon.com/exec/obidos/ASIN/0764124897/powerhomebizguid

I suggest you consult with a Small Business Development Center (SBDC), which works with community colleges and local business development councils to offer mentoring programs http://www.sba.gov/sbdc/sbdcnear.html - they can help you find where you can get startup capital for your business

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!

Answer 3

You can go into any Wells Fargo Bank or most other banks and they can get your info and you can ask them if they can connect you up with the SBA. Some banks will work directly with the SBA because they don't want to take all the risk themselves. BIG POINT HERE... Go in with a Business Plan. Clean, organized on paper. Do a online search for info on Business Plans and look at the examples they have of what others have done. DO NOT pay someone to do a business plan for you because once the bank sees your business plan they may make suggestions to you to what they would like to see. Treat your business plan like it is the most important thing in your business at this time. Be honest with yourself, don't just hope things will work out a specific way, make honest predictions in your business plan and then predict that your business will grow year to year... the banks like to see that. Just go to one bank at a time. If you are turned down, ASK WHY and ask what they think would be better in your business plan, be nice to them and they will help... then go to a different Bank with your new revised business plan... keep fixing your business plan from what you learn and at some point you will get a loan. I would suggest you NOT go to the SBA first for anything other than picking up an info packet on writing a Business Plan. Try a bank first so you can see what it wrong then after it is cleaned up then you can try another bank and/or the SBA. GOOD LUCK.

Answer 4

I want to know the same thing. My wife picked up a copy of "Small Business for Dummies" maybe that will help you.