sba loan
k81953
asked:
"my husband and I applied for a secured sba loan and the VA offers to vets a secured loan called the patriot act loan.we applied at the liberty mo branch commerce bank with the loan manager. it has been over 9 weeks and the banker states he'll get with us when he hears back. rarely does he return my calls about inqury."
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alex c
asked:
"I am trying to start up a business, and need to apply for a 150,000 business loan. I do not own a house or stocks that banks look for as collateral. However, I do have a very detailed business plan and $25,000 to spend in cash. What are the chances a bank would approve of a loan. Are there any grants available for start up businesses through SBA? Are Venture Capitalist a good option or last resort?"
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imisidro replied:
"Your chances are not good.If you have no collateral and you have no experience in this type of business, oftentimes banks will not even look at your business plan. Even SBA will look for collateral as SBA loans come from banks as well though it is not the only factor (plus you're a little short of the 20% personal guarantee that SBA looks for) Even SBA does NOT give out grants. From the SBA website-------------------------------------------------------------"The U.S. Small Business Administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. (See for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments."-------------------------------------------------------------Venture capitalists focus more on established businesses, but unless you know someone who provides seed capital, then try. But remember, venture capitalists will take some of the ownership from you"
Richard O
asked:
"I seek serious help. I have a small business that is growing large. I need more financial venture capital, but I have poor personal credit and no Collateral. How can I obtain a SBA Loan, or a Large Bank Loan to help my business grow?"
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Brian C replied:
"A great business plan might influence the SBA to loan you some money but short of that you might have to take on an investor or silent partner to co-sign any loan you might have. Venture capital though is something different than an SBA loan. There are firms that specializes in venture spending. They will contract with you for X amount of dollars for Y percent of your company. Good Luck."
T Taylor replied:
"Unfortunately, I do not believe you are going to qualify for an SBA loan. The Small Business Administration guarantees all SBA loans from default, but the loans are usually given by banks. Banks are the most conservative places to borrow from. Usually, you need not only excellent credit, but substantial collateral to back the loan up. An excellent business plan is a must, but it won't offset poor credit or no collateral.Hate to tell you this, but your best bet is to find investors or someone who can lend you the money on a personal basis. Or save money from your business in order to expand later."
imisidro replied:
"Unfortunately, you can't. The SBA financing page clearly states the factors they are looking for to be eligible for SBA government guaranteed loans, and that includes good credit and collateral - 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."
tom m replied:
"Have you considered factoring? This works well if your business has unpaid invoices also if you accept credit cards. Factoring companies don't care about your credit or collateral (for the most part). Also, you have quick access to funds. If you have any questions about this, please send an e-mail to"
calimac692003
asked:
"How many years can you finance an SBA loan for?I am interested in getting an SBA loan for my business. Is it possible to borrow lets say $500k on an SBA loan and finance over 30 years. And what would the typical interest rate be?"
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DT replied:
"The SBA is a guaranteer of loans. They don't actual give the loan. Typically to borrow that kind of money, your business would have to be operating for a least 2+ years. You can get a microloan for up to $50K. The APR is decent and repayment time depends (7-10 yrs). I am in the process of trying to get a microloan, it requires less, but it is a great way to get money for your start-up. Good luck!"
samrayiii
asked:
"is it possible? is it permissible? i want to buy a plex and on the verge of closing a hardmoney loan to get it, i have the score for conventional stated just not the downpayment required. I have a real estate investment LLC, would it be possible to get an SBA loan just for the downpayment in order to get me started. any all tips welcome. thanks"
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DOUBLE NET replied:
"The SBAdoes not make this kind of loans."
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What's the best way to establish credit for a newly formed business entity (LLC or corporation), even before it's actually conducting business, to avoid having to personally guarantee a (SBA) loan, and to be able to open (vendor) accounts?
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