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Re: Customary Company loan standards
Hi Alex,
Welcome to the Small Business Community!
I was able to find a very informative SBA loan guide that you might help answer some of your questions. It has been split into 3 different parts:
An Overview of SBA Loans - SBA Loans Guide Part 1
Types of SBA Loans − SBA Loans Guide Part 2
How to Apply for an SBA Loan− SBA Loans Guide Part 3
Please feel free to search throughout the community as there are many other great articles that may find useful!
Regards,
Beth
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Re: Customary Company loan standards
apparently according to a number of cpa's i have spoken to this week - "loans to businesses don't happen in the wild" - no major bank lends to small businesses - even sba -govt - via a bank so....no loan to a business. sure the biz can have equity that collateralizes, and the biz can pay the loan from its bank acct if thats your setup - but the major lenders uniformly DONT give loans to businesses without a human guarantor. just wanted to clear this point up for any entrepreneur needing a clear, complete, concise answer to a common beginner question used by the lending industry as "a left handed hammer" is used in construction.....
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Re: Customary Company loan standards
...and beth is also correct as to guarantor guidelines, sba has its own as does each lender. that is just like normal home mortgages.
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Re: Customary Company loan standards
100k business loan - Anyone know about bank views on double collateralized loans? 300k rental + 70k cash in llc bank that owns it...2 partners - 1 guarantor (690, 120k debt, 250 assets, 120k yrly income) what more do banks want to finance a small biz?? Sounds funny but add'tl real world specifics appreciated. where can we find formulas and solid calculations used in determinations?
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Re: Customary Company loan standards
In all cases, the owners of a business seeking loans for operating expenses, inventory, payroll, equipment purchase or business property acquisition must sign personally to guarantee the loan. 21stCenturyFinancialMarketing.com represents small businesses in obtaining SBA and independent financing low interest loans. There is no charge to the business for our services.
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Re: Customary Company loan standards
Depends on the type of company. And each bank has its own conditions.
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Re: Customary Company loan standards
It depends on the company. Each bank has its own rules and regulations regarding loans.
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