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| *Loan,banking and credit>>>sba loan |
Dealing with the SBA. How to get a loan to start a VERY small business. Teeensy.? |
Does anyone know where there鈥檚 an easily-spelled out explanation of what you need to do to get a loan from the SBA????? I have read everything on their site but it is so convoluted and intensely detailed and difficult to follow. I am just looking for, more or less, step-by-step instructions about how to go through the process of getting a loan from them to start a very, very small business. Does anyone know where I can find such a thing? Create business plan. It must include projections for at least 2 years. Make sure you have 20% - 30% down payment Make sure you have collateral. The following is the formula to calculate collateral: Collateral = (Personal Real estate value*0.8 鈥?Mortgage) + Commercial Real Estate Value * 0.8 + Equipment value *0.5 + Inventory *0.1 Make sure your credit score is 680+. Make sure you have relevant experience. Banks will never finance career change. Collect all necessary financial documents: 1)Personal tax returns for the last 3 years 2)Business tax returns (for existing business) for the last 3 years 3)Profit And Loss statement year to date Call your local banks. Ask if they do SBA loans. While choosing bank, keep in mind that banks are specialized entities If you wanted Chinese food, you wouldn鈥檛 go to a steak house, would you? Banks are organized the same way. You will never find a bank that does all types of businesses and all types of loans. Do your homework. Call the bank, ask for a business loan officer and describe your business type and your financial needs. Try to avoid banks that will give you a general answer: 鈥淲e make our credit decision on a case per case basis鈥? Most likely you will waste money and most importantly your time. Complete loan application 鈥?make sure there is no arithmetical errors, mistypings and all personal financial information is correct. Submit the complete package 鈥?all documents that were requested by the loan office, in the order that was requested to the bank. Good luck, Marina Lando President Business Loan Quest http://www.blquest.biz Source(s): Other than SBA options: Small unsecured loans (under $150,000): http://www.americaoneunsecured.com/?aid=... Business Credit Cards (Very small loans under 10,000) http://www.blquest.biz/credit_cards.htm... Business Loans (over $100,000) http://www.blquest.biz/busloan.htm... Pre-Paid Legal - will not only send you credit report but will also clean it in case of identity theft: http://wserver0.prepaidlegal.com/multisi... Do-it-yourself manual: http://www.blquest.biz/doityourselfmanua... Greetings! Actually it is very simple. Go to any commercial bank, perhaps where you have your checking account. For small amounts it is only a one page application. They will do a credit check and you will have the money. Real easy Good Luck |
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