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    3 Replies Latest reply on Jul 24, 2009 11:33 PM by Mike55

    Advice on 7a and micro loans

    zkwc11 Newbie
      I am trying to start my own healthcare business. I have met with SCORE and finished my business plan. But I was recently told that banks will not lend a SBA start up loan unless it is fully collateralized. I have decent credit ( low to mid 700's.) Has anybody seen any start-ups being funded without 100% collateralization recently ( in the las couple of weeks?)
        • Re: Advice on 7a and micro loans
          phanio Pioneer
          There are a lot of options for you. Visit our website at - businessmoneytoday.com or search for 'Business Money Today' - no cost to use our site - just information and resources to help you find the capital you need.

          Big difference between SBA 7a and micro-loans. SBA loans are underwritten by a SBA lending bank which could be your local bank - thus you have to satisify their lending guidelines - then, the SBA, in order to guarantee the loan, will also have to sign off on your qualifications (it is like being underwritten twice). Micro-loans are usually provided by non-profit organizations. They usually help businesses that can not get traditional funding. They can lend up to $50K - but the average amount for a first loan is around $13K. If you pay back the $13K as agreed, then you can go back for larger amounts.

          But, as stated, there are many other options for you - for more - visit our website.

          Business Money Today
          • Re: Advice on 7a and micro loans
            ggoodard Adventurer
            If you would like to email me we can discuss the options available. My contact info is in my profile.
            • Re: Advice on 7a and micro loans
              Mike55 Newbie
              I am interested to assist you. My name is Mike Christopher from Berkshire, you contact me via mikechristopher55@yahoo.com