MommaD Posted May 12, 2006 Share Posted May 12, 2006 How would I even begin? If I wanted to look into a small business loan, where would I begin? I don't think that our local banks are the way to go. They are notorious for being unhelpful for small business around here. Any sites that I should look into?Is the small business administration helpful to someone as small time as I would be? What kind of info do I need to know before I go there? A particular loan to look for? Any special loans for women?Are there other sites to check out? Quote Link to comment Share on other sites More sharing options...
Guest EMercier Posted May 12, 2006 Share Posted May 12, 2006 I know I should not respond until I have al lthe information, but I used to work in Business Banking at a bank dealing with small business loans and we also had an SBA department. I'm in insurance now. There are several different factors that they look at. When you are getting a business loan for the first time they will look at you especially since you are a small business. You will have to have at least 3-4 years of tax returns depending on the institution and you may have to have a business plan. Your credit score needs to be at least 600 for SBA, other traditional loans may require more. SBA is a bit easier to get because they realize that you may not have the most perfect situation. I would look in PNC Bank (Althought I despise them), Gotta go, I"ll be back later to tell more. Quote Link to comment Share on other sites More sharing options...
Lorrie Posted May 12, 2006 Share Posted May 12, 2006 I started looking into this too. What I found out is that the banks are the way to go. Some of them offer better interest rates and a longer repayment period. Information that they asked me for. What do you need the money for?How much money do you need?Do you have collateral?How long have you been in business?What type of business is it?Things that they told me to bring with me when I come in. (I haven't been in yet)Tax returns.Business PlanWhen I talked to the lady at the SBA, she told me to use them as a last resort because their interest rates are much higher. HTH Quote Link to comment Share on other sites More sharing options...
MommaD Posted May 12, 2006 Author Share Posted May 12, 2006 Is there a good example somewhere of a well written business plan? A site somewhere? Quote Link to comment Share on other sites More sharing options...
KristinesShower Posted May 12, 2006 Share Posted May 12, 2006 The best best best advice I can give ANYONE looking into getting a small business loan is to look to your local college. Chances are, they have a small business developement center that will help you from packaging, to labels, to accountants, to bankers - you name it....and it's all FREE.If you don't have a college local, go to your Chamber of Commerce - they can help you too. Quote Link to comment Share on other sites More sharing options...
candlemakingkid Posted May 13, 2006 Share Posted May 13, 2006 today I came across some a web site that has a lot to do with what you are asking.You might want to check it outhttp://tayon.com/go/forum/viewthread.php?forum_id=43&thread_id=11#post_14Chris Quote Link to comment Share on other sites More sharing options...
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