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    3 Replies Latest reply on Aug 8, 2009 6:12 PM by phanio

    Financing a business loan?

    Eclipse Newbie

      Hi,

      I have owned and operated my business for 1 1/2 years. This year my business is bringing in revenue, as I have added an e-learning option to my website. I am still paying for my initial start-up costs, while also trying to expand to continue to grow with my business. I would like to take out a business loan, but do not have the collateral to back it up and my revenue earnings is recent, rather than over a period of time. The business loans I have looked into, it seems I do not qualify for them. Any advice or helpful information would be appreciated about finding financing with limited resources.

       


      Thanks in advance.
        • Re: Financing a business loan?
          LUCKIEST Guide
          Financing a business loan, Welcome Alison

          We love Chicago, I am a SCORE Counselor. Do you know about SCORE??

          If you want a business loan you need to develop a business plan. Both SCORE and I can help you with the plan.

          Good luck, LUCKIEST
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            • Re: Financing a business loan?
              Eclipse Newbie
              Thanks Luckiest! I am looking at SCORE's website now. I have actually been inquiring about the Patriot Express SBA loan, as I am eligible for it. But, I am having trouble finding a lender. My bank requires you to be in business for 2 years prior to requesting a small bus loan. The other banks I have contacted require large loan minimums or want a personal relationship with you, aside from the loan transaction.
            • Re: Financing a business loan?
              phanio Pioneer
              There could be many options for you depending on your business, how much you are seeking and what the funds will be used for. There are many options for start-up businesses like yours - but they are specific options for specific funding - e.g. need working capital there are many programs depending on how much you need, if you need unsecured funds, there are programs depending on how much you need, if you need equipment, there are many programs depending on the type and amount.

              For the SBA loan programs - keep calling around to local and regional banks. Ask if they do SBA loans. Even though most banks require you to meet their policy guidelines, they will come off the time in business requirement with a SBA guarantee - provided all else is in order - particularly your personal credit.

              Business Money Today
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