Question by Bob Y: How to get a small business loan with little to no asset?
I want to open up a business and I need a loan of up to 150k. My wife and I have almost perfect credit. We have 2 cars and live in an apartment.
Best answer:
Answer by euro_son
Develop a business plan, then find partners or investors.
Know better? Leave your own answer in the comments!
Public Safety Minister Peter Van Loan and Homeland Secuirty Secretary Janet Napolitano
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Ministre de la Sécurité publique Peter Van Loan et Janet Napolitano
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Check out Angel investors, get a business plan together, go to a small business class to learn the ropes. And start saving at least some money, this way it shows an investor that you’re serious enough to at least put in what money you have.
Good luck!
Getting SBA loans approved are very difficult these days. If your just now starting the business, it will be next to impossible to get the loan, even if you have great credit. You could always go to several banks to see what your options are. Wells Fargo and US Bank work with a lot of small businesses. An option is to do a business loan that uses your personal home or other property as collateral. It goes under you business credit but is tied to your own residence. This makes it easier to approve, give your business some credit history, but may put your house at risk. The fact you don’t own a home will make it even harder to get this loan. You may have to hit up family or friends to invest in your business.
Just a reminder.
Loaning for a business are like knives, it will make your life easier if you use it well (leverage) or it will cut you (double liability).
Make sure you start with a market research and a business plan to check if it is indeed feasible. And please don’t bet the whole farm. Leave something for tomorrow.
Given that… here are the sources of loans:
1) Start with friends your friends. When I started my laundry business, I talk to a friend who has the money. Right now, we are business partners.
2) Make your business plan and present it to the banks and lending investors
3) Go to SBA
4) Check out your local government office
Some kind of an encouragement: “When the investment idea is superb, the money will come.”
Lastly, write it down as a goal. Find $ 150K for my business. Visualize it. Be creative. The money abounds around. It is just waiting for you. Believe me, there are people around with extra money who wants to invest but don’t know where to start. Find them and help them. It is a win-win sitaution.
Hoping that you get the 150K. And wishing you great success in your business.
Reynor
http://www.succeed-in-business-startup.com
I saw your question I have decided to help people out due to the fact that I myself has been scammed four times by four lenders in my search for a loan but at last I got a reliable lender. that gave me the loan($ 60,000 USD) that I was in dire need of. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email address: dr_amandajohnson101@live.com, Please tell him that Pastor Mrs Franca Lee from CA. USA . I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.
Thanks
Pastor Mrs Franca Lee
Church of God Mission CA USA.
Hey, I found this company called Accelerated Business Capital. They give loans based on your future credit card sales. It’s an unsecured loan and they still lent me money even though my credit score is in the 400′s and I also have a foreclosure. I really recommend this company to any business owner who is looking for a way to get financing with less than perfect credit. Check out their website http://www.ABCapital.biz
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