2007-08-03 12:27:12 · 8 answers · asked by McDaniel 4 in Business & Finance ➔ Small Business
By going to your bank and drawing up an SBA 7A low doc loan... Feds insure 1/2 up to 80% the loan if you default....
Just did a $630K SBA loan in the last 3 years...
2007-08-03 12:29:50 · answer #1 · answered by I Can Count To Potato 7 · 1⤊ 0⤋
If you've never been in business before, I would strongly recommend that you talk to a business counselor before you do anything especially spend money. I'd call the local office of SCORE (go to http://www.score.org and input your zip code to find the chapter nearest you), the advice is FREE.
The counselor at SCORE will most likely advise you to write a business plan which is very good advice because it will force you to dig out all of the start up details and the costs of starting your business and force you to also understand all of the aspects of this business including the customers you'll concentrate on (your market ) and how you'll go after them.
Try this link :
http://www.ychange.com/small-business-consulting-articles.html
and read some of the articles especially the ones about a business plan and starting a business.
Good Luck
2007-08-03 12:55:40 · answer #2 · answered by Anonymous · 1⤊ 0⤋
You want to use a NON EXISTANT business as collateral to borrow money to start that business?
Unclear on the concept of collateral, are we?
You may not NEED collateral if you have a good, strong credit history. If you don't, then you WILL need to secure the loan with something more substantial, such as your house or other properites.
2007-08-03 12:36:09 · answer #3 · answered by Vince M 7 · 2⤊ 1⤋
Vince is right, it is unrealistic to think you are going to get a bank loan.
IF your business plan is OUTSTANDING, you might be able to get a private investor to help out.
But, what kind of business do you plan on starting with only $10,000?
Undercapitalization is a LEADING cause of business failure.
You really need to research your business better. I don't think you're prepared.
2007-08-03 12:50:22 · answer #4 · answered by Dion J 7 · 1⤊ 0⤋
If it's just a startup, it doesn't have value yet that you can use as collateral. After you get operating, if you are making money, you might be able to use it to get a loan for expansion.
2007-08-03 13:01:06 · answer #5 · answered by Judy 7 · 1⤊ 0⤋
If you have a good business plan , you can ask for a loan at Prosper, the ebay for loans. People may help you. More information at http://www.acreditlibrary.com/prosper.html
2007-08-03 12:38:54 · answer #6 · answered by Anonymous · 1⤊ 0⤋
if you're just starting up, there really is nothing to put up as collateral
2007-08-03 13:00:59 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Any bank should be willing to do it if you have a good business plan.
2007-08-03 12:34:30 · answer #8 · answered by Anonymous · 1⤊ 1⤋
ditech. they loan alot.
2007-08-03 12:33:03 · answer #9 · answered by leoperaballerina123 2 · 1⤊ 0⤋
TRY CITI BANk
2007-08-03 12:31:43 · answer #10 · answered by God's favorite 6 · 1⤊ 0⤋