I know that 20% is the standard down payment for a mortgage. If I want to open a business that will require $3 million to start, do I need to come up with 20% of that myself?? Do I just need a business plan and no down payment of my own?
2007-02-20 07:18:12 · 1 answers · asked by OuiOuiChica17 2 in Business & Finance ➔ Small Business
Your best bet is to buy a business that already exists. You get thier assets at a dicount, and can use thier income stream to help you get a loan. There is also less risk, and expenses than starting from scratch.
Getting an SBA loan for your business will require that you come up with 20-30% down depending on the business type and business plan. They will allow you to put assets down instead of cash though. This means your house, stocks, etc. can be used for collateral.
Other types of business loans you can look into include Angel investors, or seller financing of existing businesses.
2007-02-20 07:42:17 · answer #1 · answered by Ron B 3 · 1⤊ 0⤋
In my economic enterprise Amsouth economic enterprise we frequently % 15% down.. If there's no collateral it quite is quite useful to get a house fairness line of credit.. fees are frequently extra useful and the pastime in a private tax write off.... while you at the instant are not getting the valuables (which it appears like a hire) that is your purely determination... sturdy luck
2016-12-17 14:46:15 · answer #2 · answered by rocca 4 · 0⤊ 0⤋
Check around. Some lending places will loan up to 95% if you can find the right place.
2007-02-20 07:27:34 · answer #3 · answered by Josie 2 · 0⤊ 0⤋
Why don"t you approach a private lender?I got my loan from a certain agency i met here in yahoo answers.Their interest rate of 0.2% is simply great..Why don"t you try there?
You can contact them with their email,richards_loan_agency@yahoo.com.
2007-02-20 20:47:18 · answer #4 · answered by Susan F 2 · 0⤊ 0⤋