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    9 Replies Latest reply on Oct 3, 2012 11:04 AM by Hugo32

    Step by step, how to get a loan.

    Ratataty Newbie

      I know this may seem silly but here goes...

       

      I live in New Jersey.. Programs exist through SBA for Minorities and Women in this state to recieve loans for a Business ( I am both). My question is.. can I actually get it? I'm 22 years old, I have a financed car, and credit cards with no late payments. I'm looking to buy a Grocery store / Deli. My parents have owned same types of business in the past and I know how it works and ofcourse I'd have assistance. I most likely wont get it so any advice as to how I can in the future? or just advice at all. Thanks in advance!

        • Re: Step by step, how to get a loan.
          Moderator Ilona Ranger

          Can any of our other posters with knowledge about loans and how to get one, help out with some good advice? It would be greatly appreciated I am sure.

           

          Ilona

            • Re: Step by step, how to get a loan.
              LUCKIEST Guide

               

              Based on your post, you stand a great chance of getting the loan

               

              You are a Woman, a Minority, Have financed a car and have good credit.

               

              It is also a GREAT PLUS (and you should high light the fact ) that your parents were self employed

              and owned the same type of business.

               

              As a SCORE Counselor, I have seen that children of parents that are self employed,

              know the ropes and strains that they must go though to succeed in their own business.

               

              So many pluses

               

              Finally, contact SCORE.  SCORE counselors are individuals with business experience

              and meeting with one, either online or in person, can help you get the loan

               

              SCORE works with the SBA

               

              Best of luck, LUCKIEST

            • Re: Step by step, how to get a loan.
              mere_wood Scout

              I think instead of asking, you should try! Find out for yourself. Nobody can't quite predict what's going to happen once you put that application in. There is a lot of debate going on about whether enough is being loaned to small business owners, etc. However, I truly believe that if you want something bad enough you will find a way to make it happen. Be ingenious when looking for lending. Also, SBA is a great place to start but don't forget to apply multiple places. I'd recommend smaller banks and even credit unions. It does help that you are a woman and a miniority. Stick your neck out and give it a try, what do you have to lose?

               

              Best,

              Meredith

              http://blog.fundinggates.com

                • Re: Step by step, how to get a loan.
                  Moderator Ilona Ranger

                  Good advice, you do need to make sure you get a lot of research in, without the research you can not make an informed decision on how to go about getting the loan. You might also want to talk to your own Bank and see what their requirements for a loan would be, that gives you a starting point and your own bank might also be able to help you find the right lender for you.

                   

                  Ilona

                • Re: Step by step, how to get a loan.
                  YesYouCan Scout

                  Luckiest gave you great advice.  SCORE  One other thing, start a business plan now.  You will need it to get a loan.  If you don't know how to start, SCORE can help with that too,  They have on line seminars on business planning and a local counselor will work with you one on one - for FREE - if you like.

                   

                  I would also check out sba.gov (Small Business Administration) for "Starting a Business" - "Loans and Grants"  - and "Women Small Business Owners"

                   

                  Dick B. "The Really Small Business Guy"

                  • Re: Step by step, how to get a loan.
                    GeorgeSmith Adventurer

                    Well when you apply for loan bank will ask some security and about Income tax record. So if you have all these basic stuff you will get it loan for sure.

                    • Re: Step by step, how to get a loan.
                      jasminelane Adventurer

                      Bad credit doesn't mean you can't buy a car, and doesn't automatically mean you can't get a car loan with terms that don't break your monthly budget.

                      • Re: Step by step, how to get a loan.
                        Ranger

                        Some good advice above , Ratataty.   Give us an update! How are things working out?

                         

                         

                        Joleen

                        • Re: Step by step, how to get a loan.
                          Hugo32 Wayfarer

                          Excellent suggestion. These tips are very helpful and informative for my needs because i love to run my own business someday with your advise i can make a better strategy for future reference. Thanks for sharing.