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    2 Replies Latest reply on Jul 7, 2009 4:06 PM by bentenn

    to start a business.....

    dgp256 Newbie
      what are the steps to follow after applying on a bank for a business loan. What are the requiererments for the bank. Do the they need to know anything about the business you want to open. Do they need any kind of collateral. I have very good credit. What else do they requiered?
        • Re: to start a business.....
          Tracker

          Dgp256:

          If you are looking for a business loan, the bank will require a business plan. They want to know that you have a strong vision and a solid plan to turn the loan into profit.

          If you are unsure how to create a business plan, I have a free page on my blog with the complete outline and some helpful hints about what to include in each section. You can find it at http://thesologuide.com/planning/.

          The bank will want to see your credit scores and history plus what collateral you have to back up the loan. For more detailed info, I recommend that you seek out a contributor on this community under the name "phanio". I talked with him in the past and through other forums. I believe that he has solid information to offer.

          Hope this helps.

          Doug

          TheSoloGuide
          • Re: to start a business.....
            bentenn Adventurer
            If you are about to start a business, the first task is to do your research, make your assumptions and projections and put all of this information down in a business plan. Then review that plan again to make sure it really reflects your thoughts, plans, ideas and lastly will earn you enough money to make all this effort worthwhile.

            Then and only then do I suggest that you seek the necessary funding to get your business started. If your plan is viable and well thought out, yes, go apply at your current bank, and every other large and community bank in town. And during the process of applying for your loan, listen carefully (a powerful tool in every phase of your business and life!) to what they are telling you they will want from you to provide the loan. Maybe they want more collateral. Maybe some seed money from you (or your friends and family who believe in your business idea). Or maybe just a great idea.

            If you need help in properly preparing for your loan application, contact the Small Business Development Center in your area. There are over 1100 nationwide and are a resource of the SBA. www.sba.gov and then click on SBDC.

            Good luck. Write if you have more questions and believe I can be of help to you.

            Ben