I am looking for a bank or lender that is able to supply $85000 to purchase a business. I do not have land or propety, but do have a car. Just enquiring if someone might know if there is a lender that wll let me use the business as security. Cheers, Thanks anyway.
2006-08-16 19:31:08 · 4 answers · asked by smokey_crim 3 in Business & Finance ➔ Small Business
Would going to an accountant and getting them to write something up to show the banks that the loan can be paid off within a year help?
2006-08-16 19:48:20 · update #1
i doubt you will be able to do this since you dont have very many assets. Your best bet imo would be to find a "business partner" who has some equity to help get a loan. good luck
2006-08-16 19:36:55 · answer #1 · answered by cmil8 3 · 0⤊ 0⤋
You need to get an SBA loan which is for small business. These are really hard to get and the terms are usually short. The best thing to do is go to your local bank that you have an account with and ask about the loan. If they can't do it ask them if they know a bank that will be able to help you.
2006-08-20 18:05:17 · answer #2 · answered by anisarkisyan 3 · 0⤊ 0⤋
First off, stop using numbers for words. Then just start asking and surfing the net. If you have a good enough business plan, you might luck out and find an entrepreneur. The small business administration might be a good start.
2006-08-16 19:46:24 · answer #3 · answered by googleplex 6 · 0⤊ 0⤋
highly doubt it and paying it off in a year a bank does not make really all that much on the loan unless they charge you a high rate of interest and if they charge you a high rate of interest it means your credit is poor so therefore no loan .
2006-08-17 08:52:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋