Appling for a small buisness loan do you need good/exc/credit do get one?

Question

also what steps would I have to take?real information?

Answer 1

A good business plan is more important. Go to http://www.sba.gov, http://www.score.org or http://www.bplan.com for instructions on how to write a business plan and sample business plans

Then, go to http://www.score.org/index.html and in the upper left hand corner, enter your zip code. On the next screen, you will get information in the nearest SCORE chapter. Call them and arrange for a free meeting with a SCORE counselor to review your business plan.

SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).

SCORE has 389 chapters in locations throughout the United States and its territories, with 10,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.

Answer 2

It depends on use of proceeds (acquisition of long-lived assets vs. working capital) and the type of lender (bank vs. commercial finance company). Generally, you need at least one of three things, (1) good personal credit history, (2) good business cash flow, and/or (3) assets (whether business or personal) that can be used as a collateral.