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| *Loan,banking and credit>>>sba loan |
Has anyone ever went for a sba loan or know someone who has? What would be the best way to get a $100,000 loan |
Has anyone ever went for a sba loan or know someone who has? What would be the best way to get a $100,000 loan Banks love SBA cause they are guaranteed. Whats sucks is they will charge you several thousand up front in guarantee fees and require you to put in 10-15% equity so you are looking at needing 10-20K for your project. SBA loans also require alot more supporting documentation. 4-5 years tax returns, personal financial statements, business financial statements, business plans.... If your going to buy hard assets with the money see if you can't go the traditional route and use those assets as collateral, say your buying a delivery truck, land/building, industrial equipment. Make sure you tell the lender your looking for a comercial loan and not SBA cause they will try to stear you that direction and why not, your going to basically pay for them to get a guarantee on the loan. I have an SBA loan cause when I first started I didnt know better. I am sure there are times when you just cant qualify for the financing without one, but I just got up and walked out on several lenders that insisted on quoting me an SBA loan the last time I sought financing. I hope your credit is in great shape, I hope you have a solid business plan and are purchasing assets that lenders will see some value in so you can avoid having to go that route. Best of luck. You need to write a GOOD business plan. It worked for me. The SBA has various types of small business loans. The Basic Loan Guaranty program is designed for those small businesses who will not get the loans from the lenders. These loans are disbursed by the commercial lenders with SBA acting as a guarantor. The Certified Development Company (CDC) Loan Program is ideal if you want to buy a property or machinery to expand or modernize your existing operations. This is a long-term loan with a fixed-rate of interest. You need to contribute 10% of the amount as equity. The micro loan program is a short-term loan with limit not more than $35,000. You can use it as a source of funding for working capital and inventory or non-profit childcare centers. http://debts-to-wealth.com/category/gove... Go to http://www.sba.gov/localresources/index.... and find the district office that serves your area. They can direct you to a lender that would fit your needs. The SBA districts no longer process loans so they have extremely knowledgeable staff ready, willing and able to help. |
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