what should i do for apoly for sba loan?
2006-09-01 08:27:09 · 3 answers · asked by xo_hdc 1 in Business & Finance ➔ Small Business
From what I hear it is very hard to get a loan through the SBA not to say that it can't happen. You have to have excellent credit and even with that it can still be hard. However you can usually get information from your local bank. They will usually be happy to point you in the right direction. You may even want to try getting a loan through a conventional bank first. I'm guessing that this is not a business you can start on a shoe string budget so I would say research on the Internet for angel investors. Alot of times if you have a really good idea you can get them to invest easier than trying to get a loan. Although they will want to see a business plan and accepting money from them will mean that they will have a stake in your company. But you can always come up with some sort of buy out agreement once you can pay them their money back. Good luck I hope this helps.
2006-09-01 08:37:54 · answer #1 · answered by Medical and Business Information 5 · 0⤊ 0⤋
The first thing that you need is a solid written business plan. Many people think that the SBA gives out loans and that's not the case. The SBA co-signs your loan only after they approve your business as a viable successful venture in that the SBA will repay the loan if you default. You must first be turned down by several banks. In order to qualify for an SBA endorsed loan, you must have very good credit and a solid business loan to present to them with your assets, liabilities and accurate supporting data of break even point, profit margin, market, etc. Naturally the best source of information about the qualifications for an SBA loan is the SBA. Give them a call.
2006-09-01 16:21:00 · answer #2 · answered by Anonymous · 0⤊ 0⤋
go to sba';s website and look up the requirements section.
2006-09-01 08:32:22 · answer #3 · answered by darkmatter 3 · 0⤊ 0⤋