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Where do I go to get a small business start-up loan?
grants.gov is a little vague and hard to navigate. If thats the best place I'll go there. My credit is OK. Any suggestions?
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The most important element in getting any business load is to have a well developed and targeted business plan. Once you have your business plan completed, you are ready present it to your funding sources.
If you have "OK" credit, that being a FICO score of 700 or more, your local bank or credit union should be your first stop. These institutions have community lending plans and goals. If your business plan makes sense they are willing and have funds to lend on good terms. A May 2009 survey of 1,500 small businesses by Barlow Research Associates found that companies that applied to small banks for loans in the past year were three times as likely to get credit as those who applied to large banks.
If your credit is top tier, FICO 780 or more, the big money center banks are willing to make larger loans and take more risk.
If you have "OK" credit, that being a FICO score of 700 or more, your local bank or credit union should be your first stop. These institutions have community lending plans and goals. If your business plan makes sense they are willing and have funds to lend on good terms. A May 2009 survey of 1,500 small businesses by Barlow Research Associates found that companies that applied to small banks for loans in the past year were three times as likely to get credit as those who applied to large banks.
If your credit is top tier, FICO 780 or more, the big money center banks are willing to make larger loans and take more risk.
You can easily get one at any bank.
You will need a business plan.
Thank you.
You will need a business plan.
Thank you.
voted unhelpful: williamwaco, pehaada
Since you are looking for a loan, the Small Business Administration is probably a good place to start. They do not actually give the funding, but if you get an SBA backed loan, you will have part of the loan certified by them if you default. If you get a person loan, you put your personal assets on the line to secure the loan.
The SBA had tons of information, tutorials, planners and other material on their web site. Below is a link to the start up financing section. Good luck!
The SBA had tons of information, tutorials, planners and other material on their web site. Below is a link to the start up financing section. Good luck!
voted helpful: williamwaco, pehaada
Voted "No best answer": bioprin,
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