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    8 Replies Latest reply on Jun 5, 2008 12:43 PM by Bridge

    General Start-up Loan Requirements??

    tlux11 Newbie
      Hello,
      I am interested in starting a business and wondering what are the general requirements for a start-up loan?
      My credit score is between 710-725, I will be able to invest 25k, have a 20k credit line, and looking for a 55k loan?
      What do you guys think?
      Will I need to have more money to invest in order to get the full loan amount?
        • Re: General Start-up Loan Requirements??
          Bridge Navigator
          As an alternative to starting a buisness, you may want to consider buying an existing business. SBA guranteed loans generally require 15-20% down payment (varies by lender, business, etc.). You can also ask for seller financing when making an offer. Many sellers with finance up to 50% of the selling price of the business.

          It is sometime easier to obtain financing for an existing business with several years of financial records than it is to obtain start-up financing.

          Tha advantage of buying an existing business is immediate positive cash flow (if you find the right business) and a built-in customer base.

          A good business broker can help you locate a business that is within your means financially and help you evalute the business.

          Good Luck!

          Greg Dupuis
          Bridge Ventures, LLC
          Merger & Acquisition Advisors
          813-343-2214
          www.bridgeventuresllc.com
          1 of 1 people found this helpful
          • Re: General Start-up Loan Requirements??
            LUCKIEST Guide

             


            As an alternative to starting a buisness, you may want to consider buying an existing business.
            • Re: General Start-up Loan Requirements??
              LUCKIEST Guide
              General Start-up Loan Requirements, Welcome

              Tell us more about yourself and the type of business you are looking to start.
              Go to Members page and tell more info. Where are you like city and state??.
              How soon do you plan on starting this business??
              Have you developed a Business and marketing Plan??
              Do you know about SCORE?? SCORE is FREE.
              Bridge had an interesting idea "As an alternative to starting a business, you may want to
              consider buying an existing business"

              Good luck, LUCKIEST
                • Re: General Start-up Loan Requirements??
                  tlux11 Newbie
                  The business will be a golf shop.
                  I plan to start the business in six months.
                  I do have a business plan and a marketing plan that I have been working very hard on.
                  I don't know about SCORE...what is that?
                    • Re: General Start-up Loan Requirements??
                      tlux11 Newbie
                      Little more information:
                      Personally the 25k is all the money I have.
                      I have manageable debt (mortgage, car, and zero balance on all credit cards).
                      My wife makes enough money to pay our mortgage, all of our bills, and
                      for us to live on so I really won't need to profit any money for a
                      while.
                      I will be the only employee for the first year or two so I will have no payroll expenses.
                      I have tried to setup the business loan in a way that I am paying for all of the things with no collateral.
                      The loan amount will be used purely for inventory and equipment.
                      The Credit Line will be used to cover the first five months of operating expenses.

                      The reason I am trying to get an idea on whether or not getting the
                      loan is possible is because I will have to get several certifications
                      before I even apply for the loan. The certifications are expensive (8k)
                      and I am included that cost in the 25k that I am planning to invest. I
                      don't want to go through all of the certifications if it isn't possible
                      for me to get the loan.