I'm buying a business.Need a $28,000 loan very soon! what's best SBA  or etc.? What's the difference in loans?
486199
The main difference in loans is going to be the loan officer reviewing the loan package. SBA (Small Business Administration) doesn't offer loans directly to small business owners. The SBA provides loan guarantees to banks. You must still apply to the bank for the loan. Some banks do focus more on offering SBA-guaranteed loans.\n\nWhat the SBA guarantee does is provide security for the bank. If you can't repay the loan, the SBA will repay a percentage (e.g., 80%) to the bank. This means the risk the bank is taking is lower and they can offer loans to more businesses.\n\nAs the borrower, you still have to provide collateral (i.e., the amount of cash you're investing in the business), references, be able to demonstrate how you'll repay the loan, etc. You will also need to submit a business plan that includes your marketing plan, previous history (since it's an existing business), operation plan (how the business will be run), bios of key personnel including previous experience operating similar businesses, etc.\n\nIt helps if the existing business owner has a good relationship with their banker because it can make the process easier. But it doesn't eliminate the paperwork or fundamental qualification requirements.\n\nIf you don't think you'll qualify for a business loan and if you own a home, you might refinance your home to get the money. \n\nIf you have sufficient credit card limits, you can take a cash advance on your credit cards for at least a portion of the purchase price.\n\nYou can borrow all or some portion of the money from the seller of the business. This obviously means the seller doesn't get all of their money immediately. If they need the full amount, this won't work. However, some sellers find it attractive because you pay them the interest on the loan. If the seller doesn't think the business will generate enough income to cover the loan payments, I would seriously reconsider whether I wanted to buy the business.\n\nThose are a few of your options.\n\nDon't believe offers of government grants. The government doesn't provide grants to business start-ups. It does have programs for technology and research projects.
677834
Assuming that you know what it is you want to do. The 1st. thing I would do is visit your local Small Business Adminstration Development center. the Best part it's FREE via our Government! There is a counsler there that will give you advice, tell you where to go and who to to talk too. Help you with a business plan so you can get the money you need from banks. How to register your business. Dealing with SBA will put in on the right track.
812061
You have 2 loan purposes.  You may get a signature loan or a collateral loan to pay off small debts.  But I think you need a business start up loan for the business.  SBA or SCORE have a great business program to help you write up the plan to ask for a loan.\n\nOr you can meet with a venture capitalist.  My brother had a great idea for software and got a million dollar offer for investment.  It didn't go through but you don't give up if you have true vision.
1097936
Typically , any bank willing to lend you money wants you to have at least a 25% stake in the venture. Your business plan should work as long as your  conservative estimates will pay all bills and the loan. do not include your wages!  partnerships are another idea. if you own a home, leverage that. You may be able to swing a SBA loan, w/ your good credit and exp. good luck.
387288
You can try if your bank will give you 100% loan. But banks -- even SBA -- always want to see the business owners invested in the business so they require business owners to put in money into the business. As SBA explains it:\n\n"Business loan applicants must have a reasonable amount invested in their business. This ensures that, when combined with borrowed funds, the business can operate on a sound basis. There will be a careful examination of the debt-to- worth ratio of the applicant to understand how much money the lender is being asked to lend (debt) in relation to how much the owner(s) have invested (worth). Owners invest either assets that are applicable to the operation of the business and/or cash which can be used to acquire such assets. The value of invested assets should be substantiated by invoices or appraisals for start-up businesses, or current financial statements for existing businesses."\n\nMake sure that you have other requirements such as collateral, excellent business plan, business financials to convince banks that you can be given 100% business loan. You just have to try.
269862
im here...what do u need the loan for...and how much money u need?
173986
Check out the SBA lending programs http://www.sba.gov/financing . SBA does not provide direct loans, but rather guarantees loans availed through their partner financial institutions. You will need to satisfy the lender's requirements for the loan, as assessed by the bank, before you can get SBA guarantee. This would mean showing the bank your credit history, business plan, tax forms, financial assets, collateral. \n\nNote however that you need to pass through 3 criteria before you can avail of SBA loans, and these are: \n\n- stake in the business (SBA requires borrower to have invested 25-50%)\n- submission of a strong business plan\n- good personal credit rating
463022
1) The SBA does NOT loan money to anyone. Banks loan money, the SBA backs the loan...big difference. Even if the SBA did back the loan, it is still up to a bank to approve the loan.\n2) $1M in sales says nothing about profit on the $1M. Trust me, if it were profitable, the present owner would NOT be selling it for $75K...that is a simple fact of life. The present owner is trying to salvage some part of his investment, and is certainly taking a loss. Wise up! No one sells a valuable busines for nothing, and $75K is really nothing! \n3) IF you WERE to purchase this Res/BAr, think of the diffusion of your energies...your present establishment would go downhill in a handbasket while you were trying to establish a viable busines from what is apparently a shambles. Do not be a fool. Stick with what you have and make it bigger, better!\n4) You are recovering form a near disaster from you first business. Stick with it and repair your credit. IF you were to get this place, trust me, your credit will be ruined, you will probably have to put up the other business as collateral (I doubt that anyone would do that...res/bars are nothing but service, and service requires hugh labor management, constantly) and you could well loose what you have now...this is NOT very smart!\nSouth Beach is subject to tourism cycles...there are times when it is packed, but far more times when it is not. You already know that. Think of how hard it is in the slow times with what you already have. Do you want to multiply those problems with another larger problem?\nSorry to be so pessimistic, but all I am doing is injecting some realism here. You are on a high, thinking of the "glamor" of the new place...you and I both know that there is little glamor in the res/bar business...it is work, work, work...you have to be there when the waiter calls in 'sick,' when the bartender is on vacation, whatever. Back off and settle down. Get back to your valuable business and don't even think of saving someone elses a**!
6445
You will find many resources for funding in the local yellow pages. Make sure you call a broker (not a banker or a mortgage oficer).Call one, tell them you have very bad credit and need to buy a business. They will tell you who and what company provides high-risk business loans in your area.
1006592
There are several options there but you may be better of talking to your bank, a mortgage broker and perhaps check an online offer to give you three options.  Keep in mind it may give you peace of mind to work with a local buisness or bank for your mortgage.  It never hurts to shop I tell all of my customers to shop around.  Check origination, lock fees, rates are important but can be less of an indicator of a "good loan" or not.
605430
The business of lending is a dense one and should be researched properly. To get started, I suggest contacting the Small Business Administration (SBA) – links below. Entrepreneur also offers a great site dedicated to money & finance – see below.\n\nResearch, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:\n\nHow to Get a Small Business Loan: A Banker Shows You Exactly What to Do to Get a Loan (Small Business Series, No 1) by Bryan E. Milling\nThe SBA Loan Book: Get A Small Business Loan--even With Poor Credit, Weak Collateral, And No Experience by Charles H. Green\nThe Insider's Guide to Small Business Loans by Dan M. Koehler\n\nThere are plenty of free informational resources out there. Check the source box for links to articles.\n\nHope that helps! I wish you much success & happiness in all your ventures!
561572
apply to the SBA.  they handle business loans.
115897
The best way to get working capital depends on your company, and the usage of that capital. As mentioned before you can issue bonds and or stock, however that is not practical for a newer company that is not recognised. You can look into obtaining an SBA 7(a) loan. Under this loan you can obtain a building, equipment, and working capital. However you will be required to come up with an infusion of your own funds.
430659
SBA - The SBA provides short- and long-term loans to eligible, credit-worthy start-ups and existing small businesses that cannot obtain financing on reasonable terms through normal lending channels. \n\nNote, however, that SBA does not provide direct loans. Rather, the agency provides guarantees to loans availed through SBA's partner lending institutions, which includes many community banks. The applicant must satisfy the lender's requirements before he or she can ask for a guaranty from the SBA, unless the borrower is deemed prequalified based on the person's character, credit, reliability and experience (prequalification is for loans $250,000 or less).\n\nRead SBA's qualification requirements:\nhttp://www.sba.gov/financing/preparation/requirements.html
266047
No. Your own money would be the best. With your own money, you can pace yourself, and less pressure if the business does not work. There is greater risk if you take on loans, and more pressure.\n\nTake for example for a business whose startup capital is $50K. If this is financed from your own money and you lose out, then you are out of $50K. But if this is a loan, you will be out of $50K + interest and your collateral is at jeopardy. \n\nIt depends on your business objectives, your level and tolerance for risks, and how fast (or how slow) you want to push your business.\n\nBut if you have to go get a loan, always go for the cheapest (lowest interest rate and better terms). Shop around before signing on the dotted line
105427
SBA provides through its conduit lending institutions loans to credit-worthy startup and existing businesses. The borrower, however, must meet these criteria: borrower must have a stake in the business, strong business plan and good personal credit rating.\n\nSBA has prepared a detailed loan package checklist that applicant must have in order to get a government loan through SBA. The list includes personal financial information such as personal financial statements, tax returns, resume of proprietors or partners, amount of owner's capital infusion and credit report. You also need to submit information about the business such as business plan, cash flow projections, projected profit and loss, business credit report, among others. You would also need to submit collateral requirements, and other supporting information that can help prove your credit worthiness.\n\nRead SBA's Preparing and Presenting a Loan Proposal:\nhttp://www.sba.gov/starting_business/financing/loanproposal.html\n\nSBA's Applying for a Loan\nhttp://www.sba.gov/starting_business/financing/applyloan.html\n\nHope the above resources help
1081219
Make sure your loan contract says that excess goes to principle, which is the more favorable option.\n\nMost, not all, loan agreements are written this way, so double check.  Ask to see the language in the document if you are currently loan shopping.