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    5 Replies Latest reply on Dec 18, 2008 4:24 PM by Bridge

    Starting a Business?

    julythza Newbie

      Hello,
      + I was wondering what is needed to get a small business loan.Does my credit has alot to do with it?Thank you.+
        • Re: Starting a Business?
          LUCKIEST Guide
          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
          • Re: Starting a Business?
            solidcactus Wayfarer
            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.
            • Re: Starting a Business?
              Bridge Navigator
              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