How difficult is it to take out a loan for my small business?
What should I keep in mind when approaching banks? Which banks and programs are best for startups/entrepreneurs? Are there other options that I should consider? Thanks!
Consider setting up a Solo 401k and taking a loan from your own retirement account. Be the bank: http://www.sensefinancial.com/services/solo401k/
Lots of good advice below. Even though lenders are getting aggressive again, getting funding for a start up may not be easy. If you are going to start a business in an area which you have considerable industry experience, that can be helpful. Or if you are acquiring a business which matches your skill sets and talents, that might help you get financing from banks as well.
Be prepared to pledge a lot of your personal assets to back up the loan if it is a start up or if the business you acquire has a lot of goodwill.
there are many options getting funds to your startup
banks - depend on your credit and financial history
you can also look for an investor in angellist.com
or collecting money throw kickstarter.com
the first thing and most important is to determine how much do you really need and for what. second is how much time do you expect to get it back from your business...
What has been opined already is spot on and salient. We have an innovative program that you might be interested in.
It would be our privilege to assist you with money/lines of credit. This funding is innovative. These lines are No Collateral, No Doc No Tax Returns $75,000-$225,000 Start 0% Interest for the first 6-18 months, Renewable!
Enclosed is the zip file of the credit lines application or you can alternatively download it from: http://www.triumviratefunding.com/credit-lines.zip
Again, no collateral. Based upon your good credit (720 FICO Score & 10 years of credit). Get up to $225,000 in funding.
If you by-chance took a hit and are suffering with bad credit, we can help. Please call us at (844) 341-9992 and we will share with you the concept of 'credit partners.'
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Please go to triumviratefunding dot com for the webinar replay and again download the docs from www.triumviratefunding.com/credit-lines.zip
0% INTEREST RATES
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Also we are ALWAYS looking for affiliate partners with these credit lines. You can become our center of influence. . . keep offering up LLCs and folks with 720 FICOS, we can write as many as you need, as many as you can send.
Tell me how to move you forward, be it business or beyond!
To your Success,
Triumvirate Capital Group, Inc.
21900 Burbank Boulevard, Third Floor
Woodland Hills, CA 91367
Toll Free: (844) 341-9992
We give out all kinds of loans with a very low interest rate of 2%. Contact us with via E-mail for more information about our loan
Are you LLC'd or S Corp'd? And, are you currently financing your business or is your business financing itself? Do you have to give your social security number when requesting a loan? Or, is your business EIN good enough? Is your personal credit maxed out but yet you have a good credit score?
1.) Check out your local technology incubator. Part of what they do is assist you with the back end elements of your business and to match investors with companies.
2,) F&F — Friends and family. Many lenders, even investors, will ask if you've attempted to ask friends and family to invest in your business.
3.) Have you investigated the potential for obtaining a business development grant from your local village/town business development department?
4.) Have you investigated grants for industry-related organizations that could utilize the software you are attempting to develop?
5.) Have you gone to the local Small Business Development Center which is an offshoot of the SBA? They, like SCORE, can help direct you to the appropriate agencies, lenders and opportunities.
6.) Have you considered licensing your technology? In the long run you may want to license your application/game to a bigger company and sit back and collect the royalties, but you have to be highly educated about the whole licensing industry otherwise you could be taken to the cleaners.
Your getting a loan form a bank/financial institution/venture capitalist /investorwill depend on the following factors
The viability of the business
Your own personal track record and experience in the chosen area of business
The equity you are able to contribute
The documents you are able to furnish as asked by the bank.
The rapport yopu are able to establish with the person/institution providing the loan
The collaterals you are able to provide
Unless you are getting an SBA loan which is quite a cumbersome and slow and bureaucratic process conventional lending from traditional banks is very difficult to get...
You need to show performance history with net revenues and positive cash flow to seek a loan approval. In the beginning this is difficult you success in sales is not reflective on you P&L.
You need historical performance and you must have a good personal credit profile to get a loan...
Borrowing from friends and family may be a way to get a loan and or SBA financial Guarantees to enable a bank loan in the beginning
One alternative not yet mentioned is to factor your account receivables. There are many different forms, several of which act like a line of credit. Factoring ARs tends to be more expensive than a bank loan (if you can get one), but less expensive than credit card debt. While credit card debt is administratively easier, credit card debt also has personal liability where factoring ARs may or may not have personal liability. One AR factoring company in the Chicago-land area is 12Five Capital.
I have never used 12Five Capital; I am not affiliated with them either. I cannot vouch for them one way or another. But it would be a good place to start.