If Im looking to borrow a small amount of money under $25k to purchase an online exisiting business, does the goverment offer any loans for this purpose. If so where can I go for more information?
2007-05-11 02:13:49 · 3 answers · asked by Anonymous in Business & Finance ➔ Small Business
I started a tax recovery business for 20K. I just went to the bank and talked with the president and he gave me an unsecured personal loan. Be careful of your interest rate though, I got 9%, but I've heard of people getting as high as 22% on an unsecured loan. If you have any collateral (car, equity in house, ira, 401K, etc.), you should have no problem getting 25K at a good rate (7-9%).
I have heard of the Small Business Development Centers (or SBA or Score) getting people lined up with government loans at 3% interest for business startup so I would check into that if I was you.
I hope I've been of some help and good luck!
2007-05-11 02:56:52 · answer #1 · answered by d_geffre 3 · 0⤊ 0⤋
Here's info about the SBA loan program ...
http://usgovinfo.about.com/library/weekly/blsbaloans.htm
2007-05-11 05:37:44 · answer #2 · answered by jdkilp 7 · 0⤊ 0⤋
There is a website called Prosper.com that is perfect for exactly that kind of loan.
2007-05-11 05:02:32 · answer #3 · answered by David L 2 · 0⤊ 0⤋