2007-04-30 10:25:43 · 3 answers · asked by SHELLTOE BISCUITS 3 in Business & Finance ➔ Small Business
The business of lending is a dense one and should be researched properly. To get started, I suggest contacting the Small Business Administration (SBA). Entrepreneur also offers a great site dedicated to money & finance – see below for both.
Research, research, research – this cannot be stressed enough. Read as much as you can about the process. Here are some book titles that are relevant:
* How to Get a Small Business Loan: A Banker Shows You Exactly What to Do to Get a Loan (Small Business Series, No 1) by Bryan E. Milling
* The SBA Loan Book: Get A Small Business Loan--even With Poor Credit, Weak Collateral, And No Experience by Charles H. Green
* The Insider's Guide to Small Business Loans by Dan M. Koehler
There are plenty of free informational resources out there. Check the source box for links to articles.
Hope that helps! I wish you much success & happiness in all your ventures!
2007-05-01 05:11:15 · answer #1 · answered by TM Express™ 7 · 0⤊ 0⤋
It depends on who you are and how you plan to spend the proceeds. Do you have a good credit score? Do you own a home? Do you plan on using the loan to buy equipment or for working capital?
Banks will usually lend to you only if you agree to secure the loan with your house or any other substantial assets you may have. Failing that, you can go to a commercial finance company for equipment loan or lease. Those are pretty much your options. Financing working capital for a start-up business without collateral is a no-starter...
2007-04-30 19:55:23 · answer #2 · answered by NC 7 · 0⤊ 0⤋
You could try your local bank or lending company. Look for a low interest rate (preferably a fixed rate) , because you will end up spending more if you don't.
2007-04-30 17:29:50 · answer #3 · answered by vasity2002 1 · 0⤊ 1⤋