We are currently a new company in Smyrna, Ga and we need a business loan. Our credit is poor and we are looking for any suggestions.
2007-05-15 04:34:56 · 3 answers · asked by feast52000 2 in Business & Finance ➔ Small Business
The SBA makes loans to small businesses and even to start-up businesses. SBA loans are almost always applied for and administered by local banks. You normally deal with a local bank throughout the process.
For start-up loans, the SBA will normally require that at least one third of the required capital be supplied by the new business owner. Furthermore, the rest of the amount must be guaranteed by reasonable business or personal assets.
The SBA works with "certified lenders," which are banks. It takes a certified lender as little as one week to get approval from the SBA. If your own bank isn't a certified lender, you should ask your banker to recommend a local bank that is.
You may read the whole article online at: http://www.bplans.com/st/article.cfm/4?sf=funding&match=best.
2007-05-15 04:54:49 · answer #1 · answered by patricknshawnie 2 · 0⤊ 0⤋
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!
2007-05-15 07:18:40 · answer #2 · answered by TM Express™ 7 · 0⤊ 0⤋
The Small Business Administration may be able to help www.sba.gov.
First you need to apply to a minimum of 3 banks and get turned down in writing.
Good luck
2007-05-15 04:37:38 · answer #3 · answered by Gem 7 · 0⤊ 0⤋