How do I get a low interest small business loan?

Question

I am a 49 year old female looking to start a small craft business in my area. How do i go about getting a low interest small business loan. My credit isn't good either

Answer 1

Hey Linn,

I would follow Sandi's advice, but I would also like to add that there are many specialized loan programs (Female only, Minority, Job Retraining, Disability) that either your SBA or even your local bank will be aware of.

Keep in mind that most SBA loans are meant for doing good in the community, meaning that you will be employing local workers. Most SBA loans are not meant for personal enrichment - meaning that in your business plan, you must show how many local people you will be hiring.

OR

Go to your local library and ask for a research librarian. He/She will be able to show you programs that are available in your city.

Good Luck,

James in San Diego

Answer 2

Write up a business plan and call your local small business administration, they will hook you up.