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    2 Replies Latest reply on Apr 15, 2014 9:25 AM by Moderator Berta

    Where is the best place to get a small business loan?

    logan3018 Wayfarer

      I want to get a small business loan. Where is the best place? Is it any good info I should know before doing so?

        • Re: Where is the best place to get a small business loan?
          Moderator Berta Guide

          Hi logan3018, welcome to the community!

           

          I would suggest the first thing you do is create a business plan. You can find excellent templates at sba.gov. What kind of business are you starting? Do you have any experience in the business field? Will you be having a brick & mortar store only or will you have an online presence as well? Do you have a building already or will you be needing to purchase one? Do you have money already saved up or will you be funding the entire operation through your loan? Have you figured out how much marketing might cost?

           

          There's loads of information that you need to know & think about before applying for a loan.

           

          ~Berta

          • Re: Where is the best place to get a small business loan?
            logan3018 Wayfarer

            I want to start a property management business. I have 4 years experience in the business. What exactly is a brick & mortar store? I wish to get the loan to buy my first small apartment complex. I do not have money set aside.

              • Re: Where is the best place to get a small business loan?
                Moderator Berta Guide

                A brick & mortar store is a building/store front that people can walk into. It's where you would put your office & could meet with clients. If you're going to manage the properties, you will need to have a space that the tenants can meet with you or you with them.

                 

                From my experience with obtaining a loan, most lenders are going to want you to have some sort of down payment. So you may want to check with the lender(s) that you are interested in getting a loan with to see if they will require that. You will also want to make sure that your credit score is high enough to obtain a loan. That is something else you can check with the lender(s) about. Find out what type of credit score they prefer & if they have programs for scores below their preferred that you might be able to obtain.

                 

                Since it's a small apartment complex, the marketing budget might not be that bad as you will just need to advertise apartments in the local news paper at the very least.

                 

                ~Berta