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5 Replies Last post: Dec 18, 2008 4:14 PM by Bridge

Starting a Business?

Dec 17, 2008 8:48 AM

julythza 2 posts since
Dec 17, 2008

Hello,
+ I was wondering what is needed to get a small business loan.Does my credit has alot to do with it?Thank you.+

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LUCKIEST 7,912 posts since
Aug 6, 2007

1. Re: Starting a Business? Dec 17, 2008 9:15 AM

Starting a Business, Welcome

Tell us more. Are you in Business NOW?? How long??

What kind of business ?? and how much is a "small loan"??

Talk to me, LUCKIEST

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solidcactus 7 posts since
Dec 17, 2008

2. Re: Starting a Business? Dec 17, 2008 12:30 PM

Hi There... Well, if you need to get a loan from a bank, your personal credit will have a lot to do with your ability to get a loan. Even though business loans generally do not report to your personal credit, banks do look at your personal credit before giving you a business loan.

You may be able to qualify for an SBA Micro Loan even with not so great credit. I don't work for Bank of America, but I do my banking here, and I would really suggest working with them, because they are a really great bank, and very small business friendly.

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julythza 2 posts since
Dec 17, 2008

3. Re: Starting a Business? Dec 17, 2008 12:29 PM

in response to: LUCKIEST

No i havent start the business yet..i would like to start it but i need help in getting a loan or a grant.

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Er_Romanaccio 3 posts since
Sep 11, 2008

4. Re: Starting a Business? Dec 17, 2008 8:11 PM

in response to: julythza

I just went to an ordeal to get financed for my startup and unfortunatley I didn't get approved...just keep on trying!

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Bridge 359 posts since
Jun 3, 2008

5. Re: Starting a Business? Dec 18, 2008 4:24 PM

As an alternative you may want to consider buying an existing business. Many people over look this option but I believe it can offer several advantages over a start-up:

1) Proven cash flow (less risky)
2) Normally easier to finance (see #1 above - the banks know how the loan is going to be paif back)
3) Training from previous owner (less of a learning curve)

With good credit, you can still get a SBA guarnteed loan with 20% down. Additionally, there are ways to use your 401K money to purchase your own buisness! (called a self-directed 401K).

Best of Luck,
Greg

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ForumsStarting a Business

This Question is Possibly Answered

Starting a Business?

Dec 17, 2008 8:48 AM

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