How can I get a small business loan? I have good credit but little cash or assetts?
I am looking into buying a small business just outside of Denver, Colorado but I have no idea where to start as far as getting a loan. I have good credit but would only be able to come up with $2,000 -$3,000 up front cash. As far as assetts, I have virtually nothing. Is a business loan even an option in this situation? I need a loan for about $230,000. The business I am looking into buying is well established and very lucrative would this factor into the loan situation?
July 26th, 2010 at 6:40 am
Go to a bank and apply for a loan.
July 26th, 2010 at 6:52 am
The truth is that it is difficult for a startup business to borrow money as a small business loan — especially without assets and without experience in the business.
However, if you’re applying for a loan and if it is a big amount, banks and even the Small Business Administration may consider the following factors:
– A business plan explaining what the business is
– Your background and experience in the business — in my experience, this is KEY in the eyes of the bank because they want to make sure that you know what you are doing and that you can make the business work. If you don’t have any experience with the business, have someone on board that knows the business to give banks assurance that someone will guide you
– Your credit factors because it shows your dependability and how well you handle credit. They will do a credit check on you and poor credit history may be frowned upon, or even reason for the disapproval of your loan application
– Your collateral. Banks, even SBA guaranteed loans, want the borrower to show collateral. They want to be guaranteed that somewhere somehow they can get payment from you
– Condition or terms of loans. Banks would want to know three important things: “How much money are you requesting? What will it be used for? and For how long will it be needed?” Banks oftentimes prefer to approve loans for items that can be identified, has lasting value, and can be repossessed and sold if things fail.
You have a very tight situation when you only have very little money and no assets. However, I suggest you talk to your local Small Business Development Center. They may be able to give you lists of banks and financial institutions in your area who may be able to give you a loan — even if it’s not a full amount. Who knows, one of the smaller local banks would be willing to take a risk on you.
Here is an interactive map of Colorado — click on your location to find the nearest SBDC http://www.advancecolorado.com/small-business/sbdc-map.cfm and ask for their help on how you can get the financing you need
August 22nd, 2010 at 3:20 pm
This is to Notify you that Mr Solomon Elliot is Currently offering Loan to the
needy at a low rate 0f 3% if you are interested contact [email protected]
FILL THE BORROWER’S INFORMATION
Your Name _____________________
Your Address:____________________
Your Country:____________________
Your Occupation:__________________
Loan Amount Needed:______________
Loan Duration:____________________
Monthly Income:__________________
Cell phone Number:________________
Mr Solomon Elliot
November 4th, 2010 at 8:12 am
ROBERT PAYNE LOAN HOUSE
Our Ref: SC286832
(Private Loans from Private Investors)
Dear Borrowers’, Is the bank giving you a difficult time regarding
your financial situation? Robert Payne Loan House is a successful
private money lenders/investor that will personally help you out with
its personal cash flow. Robert Payne Loan House lends individuals
money against their home equity, business loan, personal loan, student
loan, etc.
Robert Payne Loan House loans up to 75% CLTV (combined loan to value)
on the property. The company will do what the BANKS WON’T DO…which
is treating you like a human and not a number…what a concept!
Traditional banks are only looking at the bottom line – they punch and
crunch the numbers and POOOF! What the computer numbers dictate, it
decides whether you stay afloat or drown.
Sure they’ll make excuses and may even try to make a penalty deal
which eventually still overwhelms the current situation. The only
other option is BANKRUPTCY! Well, the company has a LIFE BOAT for your
business or personal needs that negates the BANKRUPTCY option. Do you
care to swim or sink? If not, email me @[email protected]
and we can get together and discuss this further.
Nevertheless, the company will also use its money to help you out of
debt if you are behind on your mortgage. The company will provide
funds to take over your mortgage so you no longer have a monthly debt
and you can walk away from the house payment that was creating such a
burden in your life.
The company will assist you in repairing your credit and removing the
mortgage rates, so you can get a fresh start again. You could give me
a call through any of the numbers above, if your mortgage is going to
adjust hundred’s or thousand’s monthly and you don’t know what to do
next, then call now.
Most foreclosures that have already occurred could have been prevented
if stopped soon enough to find out there options. Whether you are in
foreclosure or worried you could be affected by your mortgage
adjusting and as a result losing your home because of rising payments,
then act fast and give us a call.
We have helped people in various areas and location with the same
situation. Nevertheless, We also specialize in unsecured business
lines of credit by matching your credit profile with your business
history with our network of lending sources.
Stated Income
No Collateral
No Tax Returns
No Financial Statements
1 day application and less than 2 week funding.
ROBERT PAYNE LOAN HOUSE can be structured to fit just about any
situation. So if you have a special need, questions, or concerns, the
company will do its best to help you out.
In the meantime here are some general guidelines:
• Minimum loan amount: $1,000.00USD
• Maximum loan amount: $100,000,000.00 USD
• Loan Period: Can be from 30 Days up to Thirty years.
• Payments: INTEREST ONLY, with the balance due at the end of the loan period.
It will take 3 working days to process your loan from the date you
apply and you have the loan fund.
• Areas the company can work with: United States of America (All 50
STATES), Mexico, Canada, China, New Zealand, Ireland, Austria,
Australia, Germany, Spain & the United Kingdom etc.
Thank you and have a profitable day
March 18th, 2012 at 12:24 pm
I’ve been surfing online more than 3 hours today, yet I by no means discovered any interesting article like yours. It is lovely value sufficient for me. In my opinion, if all webmasters and bloggers made good content as you did, the internet will likely be a lot more useful than ever before.