Where To Get A Small Business Loan?

Live forum: http://forum.freeipodguide.com/viewtopic.php?t=79180


21-09-2009 08:23:23

I'm in the beginning stages of setting up a business, and I really need some ideas of how to get a bit of financial backing. My credit is fair, and about to be good, and have a few decent assets. All I'm really looking for is $5,000. If anyone knows anyway I can receive this, let me know asap!


21-09-2009 08:32:30

Talk to someone from this center[=http//www.google.com/search?client=safari&rls=en&q=small+business+development+center&ie=UTF-8&oe=UTF-8]this center. Part of their job is to help small businesses secure loans.

They'll also help with pretty much any other aspect of small business development.


21-09-2009 08:42:01

For some reason, I think Google might be a better option for you than FreeiPodGuide.


21-09-2009 20:14:50

You need a business plan...detailed and everything.

I don't know your formal knowledge of business, but check out programs by entreprenurial and industrial development non-profits. They run 6 week seminars that get people good business plans. Also, they often have capital to extend at low low interest rates (some are even as low as 0%).

But you need a business plan for a loan. Banks offer small business loans to those with business plans. You're probably gonna enter this as a sole proprietor, so be prepared to offer some sort of collateral (sp?) for the loan.

Also, try to ONLY do a bank or industrial development loan. Small loans online like payday loans will rape you in interest rates.

Also, your credit is "fair" and about to be "good." That really doesn't mean much...it would mean more if your credit is "good and has been that way a little while."

Depending on what sort of business you're running (I'm guessing $5000 is to purchase inventory), I think you're gonna have a tough time getting a reasonable interest rate.


24-09-2009 03:49:41

yeah you're gonna want an "angel investor" which is code for a rich uncle who shouldn't give you the money but probably will anyway