If you have only been in business for less than a year who will give you a business loan?
2006-12-31 07:01:10 · 3 answers · asked by Marcella D 2 in Business & Finance ➔ Credit
Well I will tell you from experience the U.S. Small Business Association is in the business of collecting papers and documents. They are not in the business of giving out loans to small business people that are either start up or have been in business for a small period of time.
The say they have been in business before and understand what you are going through, but I never got a loan after 6-8 months of gathering and giving them document after document.
I was about to go out of business when I decided that I had to put my house on the market to get my business going, because the paper collectors were anything but lenders.
Well we came out in good condition and are doing pretty good now. We have paid off the loan we had on the house.
There are a few people that you might consider. I have been on the site prosper.com, I am not sure of the requirements, but try them.
What are you willing to do to get the necessary funds you need or want? Would you take on a silent partner? If so advertise for an investor in your local paper.
There is software that will allow you to raise capital without going through all the stuff you would have to if you were going through an IPO.
One guy offered his friends shares in his company. I am not one that would do that.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-01-04 05:33:16 · answer #1 · answered by Skip 6 · 0⤊ 0⤋
When I and my husband needed a loan to start up our furniture business, Loan Plus International gave us a $120,000 loan even though at the time, we really didn't have the best credit history.
Here is the site: http://www.loanplus.getce.com
2014-03-30 20:35:16 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Have a look at http://www.hammocksurvivalguide.com/ Marcella.
It's got loads of articles about business and loans.
I'm not promising anything but there might be an article with a solution there. :)
2007-01-01 23:01:58 · answer #3 · answered by Edward J 2 · 0⤊ 0⤋
banks give business loans to people to start a business. If you already have a business, why do you need a business loan?
2007-01-02 17:36:19 · answer #4 · answered by luciousgreeneyedlady 5 · 0⤊ 1⤋
This site wil give you most useful information about business loans visit http://www.freewebs.com/***********
2006-12-31 16:43:58 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You may want to check out this web site: http://prosper.com/
Should you decide to join this organization you may want to check into a group named: RichDaddy's Hand Up not Out
Good Luck !!!! Having spent endless hours myself in search of additional start-up funding thru the Small Business Administration,
Government Grants, local banks, etc. I found this to be the only organization that showed a true interest in my needs. Again Good Luck !!!!
2006-12-31 07:22:19 · answer #6 · answered by BRENDA K 2 · 0⤊ 0⤋
I was about to go out of business when I decided that I had to put my house on the market to get my business going, because the paper collectors were anything but lenders.
2014-12-31 06:33:38 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Small Business Association they should be in the search engine.
2006-12-31 07:04:21 · answer #8 · answered by Tapestry6 7 · 0⤊ 0⤋
lending, banks and cooperative may offer you loans.if you are really good debtor.
2014-12-11 19:27:09 · answer #9 · answered by Stewart 1 · 0⤊ 0⤋