Equity Loan Information

is it hard to get a buisness loan?

I am looking to get a business loan for a start up business. I am preparing my business plan and have looked into the SBA but I am still scared about what I will need to actually get financed. I have great credit, just no equity in anything.... I would be looking to finance around $60000, for startup costs, a small inventory and tools....

Public Comments

1. answer: yes
2. It depends upon the institution you would like to borrow to finance your planned business. Usually, banks and lending companies will require the following 1. income tax return for the past few years, 2. properties that would become collateral (such as house, car, and land), 3. bank account statement for the past few months or years, 4. a person who will become a guarantor for your loan, 5. credit ratings (From institutions that you borrowed funds previously like credit card providers) Below are optional depending on the institution loan provider 6. Feasibility study of your business 7. Cash flow forecasting 8. Risks assessments 9. Financial plans or budgeting 10. Marketing plans Business loan providers will also conduct thorough back ground investigation about you and your financial conditions. After they will do all the necessary protocol, the managers will decide whether they will grant the loan or not.
3. If you're applying for a loan and if it is a big amount, banks and even the SBA may consider other factors aside from your business credit: - 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. - Your equity -- banks and SBA will not give 100% of what you need. In fact they want to see that you are invested in your business as well. If you cant show them equity, then your chances of getting the loan is slim to none. Read SBA's loan guarantee program http://www.sba.gov/services/financialassistance/sbaloantopics/7a/index.html
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