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  #1  
Old 09-25-2009, 03:09 PM
thefinancemann thefinancemann is offline
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Default Small Business Loans

What kind of credit score is necessary to get a small business loan? Is it even possible in this economy.
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  #2  
Old 09-25-2009, 03:49 PM
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sapphirecapital sapphirecapital is offline
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Default Re: Small Business Loans

the higher the better, but before going there make a financial status of all you have and owe, resources planning and write a business plan with conservative projections, patience, common sense and self discipline will get you the loan you need, remember you may be better of having an equity partner and never forget the taxes
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  #3  
Old 10-01-2009, 06:54 PM
Ryan6 Ryan6 is offline
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Default Re: Small Business Loans

I imagine your profile would have to pretty healthy to get a business loan friend.
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  #4  
Old 02-04-2010, 04:39 PM
DalyCityBankVP DalyCityBankVP is offline
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Default Re: Small Business Loans

680 is a pretty good base. We've been funding loans but guidelines are getting tighter. Some good guidelines to think about:

At least 3 years in business (2 years profitable)
Line of Credit amount = 80% of accounts receivables or 10% of Annual Sales
Loans = debt service ratio of 1.25 or higher or liquidity ratio of 2.00 or higher
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Old 04-20-2010, 07:21 AM
David Morson David Morson is offline
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Default Re: Small Business Loans

Honestly speaking, I would suggest you to not to take any loan on interest for small business as I have seen many businesses sinking due to such loans and I advise you to rely completely on your own equity. This is the best and safest way to run any business. Always remember "Slow and steady wins the race".
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Old 05-27-2010, 07:04 AM
neilgunt neilgunt is offline
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Default Re: Small Business Loans

I`m planning to open a cafe ($200K-250K). I would most definately form the business as an Inc or LLC and obtain an EIN...but without buiness credit, wouldn`t they still check my personal credit for the loan?
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Old 06-01-2010, 05:35 AM
stevenclark10 stevenclark10 is offline
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Default Re: Small Business Loans

Quote:
Originally Posted by thefinancemann View Post
What kind of credit score is necessary to get a small business loan? Is it even possible in this economy.

Yes why not. It is possible. higher the credit level you have, good financial help can be provided to you. It also depends upon the type of business you want to commence.
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Old 06-07-2010, 05:45 PM
AlFromLA AlFromLA is offline
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Default Re: Small Business Loans

i took small business loan and i made myself as personal guarantor...biggest mistake of my life!
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Old 06-19-2010, 12:34 PM
rockstar1 rockstar1 is offline
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Default Re: Small Business Loans

hahaha..... lolzc
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  #10  
Old 07-22-2010, 02:26 PM
Financeguy74 Financeguy74 is offline
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Default Re: Small Business Loans

Small Business Loans are possible. If you are a startup, you have a slim chance. If you are a young business ( 1- 2 years old ), there is an alternative type of funding product available known as a Merchant Cash Advance.

Anything beyond that, pray you have above a 700 FICO score.
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  #11  
Old 08-04-2010, 06:11 PM
altheloanguy altheloanguy is offline
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Default Re: Small Business Loans

I heard with all the new regulations against short term lenders such as payday loan and title loan lenders, many of them maybe switching soon to small business small loans.

I know small businesses that would pay $200 fees on $2000 loan because they knew they could buy inventory and make $4000 so $200 would not be big deal.
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Old 10-07-2010, 09:25 AM
paydayloans paydayloans is offline
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Default Re: Small Business Loans

Hi,

Weather you are starting business or expanding your business it needs the right financing at the right time in order to succeed. As a small business owner, your most difficult task is finding the money to operate your business. Many of the financial company now offers small business loans. You don't need to worry about that.

Thanks
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  #13  
Old 11-05-2010, 09:44 PM
tally tally is offline
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Default Re: Small Business Loans

The government has programs to help Small business, if you do some research perhaps there could be funding
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  #14  
Old 12-22-2010, 06:42 AM
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saramartin saramartin is offline
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Default Re: Small Business Loans

you should keep in your mind relationship are the key of a bank. when you trying to start a business and you want to need a small business loan talk to the bank manager and explain what kind of need of your loan.


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  #15  
Old 01-20-2011, 05:32 AM
Wystan Wystan is offline
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Default Re: Small Business Loans

Its better you have higher credit and a good relationship with the bank.
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