Hi I am new in this forum. I Asian who came in USA since 2007, I am a pharmacist who completed my 1 yr graduate internship in an independent retail pharmacy who later re-hired me to work as a pharmacist after I passed my test. I agreed to work again for them, even on an intern salary, since I have been job hunting for couple months so I decided to work while I wait for my opportunity. It has been a year, so a total of 2 yrs that I have been working in an independent retail pharmacy and I learned a lot running the business since my boss being my mentor has provided enough information for me to be confident and open up my own.
A couple of months back, I found a perfect place to start up a business. It is adjacent to two medical group practice and an urgent care, while it is on the same plaza where foot traffic is good since McDonalds, Seven 11, Dollar tree, etc. can be seen.
My husband has been supportive along the process and we attended small business workshop. I started to contact different vendors and suppliers and came up with a business plan.
My question is: how hard is it to get a loan since I do not have enough credit history, although after purchasing my car last yr under my husbands name I found out my score is 720 but not enough history. My husband score is 790. He inquired with our bank regarding their small business loan and he was told that for $100,000 loan they need 10% down and interest will be 6.75% PA for 5 years but they just based this on his credit score. Is this the usual interest and down payment?? After coming up with the business plan, we think that we may need around $150,000. Would the interest change significantly and would it be even difficult to push for this amount? Besides a car we don't have any other collateral, what other things do we need to be approve of the loan?
I will appreciate all the response.
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