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Sorry, Never tried prosper.com for a Small Business Loan.
Banks are in the business of making MONEY.
Yesterdays Wall Street Journal (Jan 26) Personal Finance:
Across the country banks have begun jacking up fees charged for A T M's charging $3.00
every time you use out of network A T M's.
GET THIS Banks generate about 4 BILLION a year in revenue from the fees and an additional
6 Billion from non customers
Insufficient funds fees rake in an additional 30 to 40 BILLION a year.
I am in the wrong business, LUCKIEST
I reviewed the site and it appears to be a site that specializes in small loans amounts maximum 25K; this all is depending on your credit and the amount of funds you require. I would shop around for more reputable venues of financing.
I wish you well.
I went to accion.org and was not impressed at all. I called their customer service and they seemed to have no clue about what I was looking for which is some simple start up capital to get my business up and running. It seems you would have more of a chance getting a loan through accion if you had no credit and lived in Peru!! I would not recomend them at al!
Grumble, grumble, grumble. Let me point out something. There is no such thing as a "simple startup loan". You seem to be under the impression that lenders should be lining up to help you just because you "have a great business idea". I've seen more business ideas that didn't get funded than the ones that did.
Lenders don't owe you anything. Get that one through your head. They have the money and you can either play by their rules or take a walk. There a big risks in small business lending because more small businesses fail than are successful by a large margin.
It takes more than a good business idea to get funded by a lender. In addition to having a well-written business plan and first-year projections that are realistic, a good credit rating and having your own money to invest are extremely helpful.
What it takes most of all is a "never say die" attitude to get your business funded. If one way doesn't work, try another. If one person on the phone isn't helpful, try another.
You aren't shopping for a car loan. There are few choices for people seeking startup business loans for less than $50,000. At the low end of the business lending market, the micro loan market, there are very few choices. That's because there really isn't any significant money for lenders to make in this market.
You should be grateful anyone would want to help you. ACCION is a small non-profit organization trying to fill a need with small business loans to people who otherwise probably couldn't get them. Stop grumbling and get to work.
your kidding right? When did I ever say I am owen anything. All I was saying was that my experience with that organization was not a good one, I don't care if you are for profit or non profit if you are going to have a service to provide at least have employees that understand what that service is. You recomend ACCION and I simply stated that I would not recomend them after my experience. Like you said there are thousands of way to get funded and you need a never say die attitude so thats what I am doing. I am evaluating my options with MY best interest in mind. My company will be based upon THE BEST service, something ACCION did not apparently build into their business plan. Now calm down and go enjoy the Superbowl!