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7 Replies Last post: Feb 22, 2008 12:00 PM by FC1234

Where do I get an application for a business loan

Feb 17, 2008 7:12 PM

SON LATINO 7 posts since
Jan 19, 2008

I buying a wireless store and need about $45,000, how do I apply for this type (business) of loan. I currently own a business for the last 3 years, but want to get into the wireless industry.

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DomainDiva 1,732 posts since
Oct 10, 2007

1. Re: Where do I get an application for a business loan Feb 17, 2008 7:30 PM

First you need to do the due diligence on ths business you are purchasing. Hire an accountant to go over the books with a fine tooth comb. If fhe finds any problems then you may need a forensic accountant. Examine the tax returns ...ALL OF THEM.

Then you need to write a business plan and an executive summary. Then present yourself and the plan to various lending institutions to obtain money. You will also need to provide credit scores and a personal financial statement as well as audited financial statments and tax reutrns from the business you already own.

Credit is really tight right now and lenders are looking hard. You want to have all of your 'ducks in a row' when you go in.

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SON LATINO 7 posts since
Jan 19, 2008

2. Re: Where do I get an application for a business loan Feb 17, 2008 7:51 PM

in response to: DomainDiva

The accountant that the business has had (for the last 6 years) is about to give me all the numbers/records for the last three years, can I present that to the lender. I do have a business plan already, I may need to revise it some more and it should be ready.

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DomainDiva 1,732 posts since
Oct 10, 2007

3. Re: Where do I get an application for a business loan Feb 17, 2008 8:02 PM

in response to: SON LATINO

Geet your personal financial statements and tax returns ready as well. Good job. Looks like you are thinking ahead. Good luck!

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SON LATINO 7 posts since
Jan 19, 2008

4. Re: Where do I get an application for a business loan Feb 17, 2008 8:12 PM

in response to: DomainDiva

Thank you, I really appreciate your time!

I have another question...I do have a business plan, but how do I know if it is done correctly. This is the first time I make one, I got a sample from "my business" web and followed their format and based it on the business I'm trying to buy. I wonder if I may be turned down once I present it to the lender for not being done prperly.

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LUCKIEST 7,935 posts since
Aug 6, 2007

5. Re: Where do I get an application for a business loan Feb 17, 2008 8:37 PM

in response to: SON LATINO

Do you know about SCORE. SCORE is FREE and will help you
with your Business Plan
LUCKIEST

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travelhuni 2 posts since
Feb 22, 2008

6. Re: Where do I get an application for a business loan Feb 22, 2008 9:03 AM

in response to: FC1234

hello, i am interested in your loan offer, please email me details if you can. Is it a credit card sales advance?
thanks,
April Bishop
www.TheVictorianHouse.net

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FC1234 5 posts since
Feb 21, 2008

7. Re: Where do I get an application for a business loan Feb 22, 2008 12:00 PM

Hello Son Latino,
If your existing company is a sole-proprietor then the acquisition of the Wireless business solely relies on your credit worthiness. If the its structured as a corporation or an LLC and its not too closely held, you may be able to provide a co-guranotr from the existing corporation to strengthen the worthiness of the transaction...hope this helps a little.

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Where do I get an application for a business loan

Feb 17, 2008 7:12 PM

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