Do I apply for loan first, or do I have need know everything that I need before I ask for a loan?
I do know everything I need, it is just the matter of finding best prices, best places to buy, etc…….If you know what I mean. I feel like it would be best to apply first then go shopping for my business needs! But will the loan office even waste their time?
Go to www.score.org and in the upper left hand corner, enter your zip code. On the next screen, you will find the SCORE chapter nearest you. Call them and arrange for a free meeting with a SCORE counselor.
SCORE "Counselors to America’s Small Business" is a nonprofit association dedicated to educating entrepreneurs and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).
SCORE was founded in 1964 and is headquartered in Herndon, VA and Washington, DC and has 389 chapters throughout the United States and its territories, with 11,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors. SCORE is America’s premier source of free and confidential small business advice for entrepreneurs.
Go to http://www.score.org and in the upper left hand corner, enter your zip code. On the next screen, you will find the SCORE chapter nearest you. Call them and arrange for a free meeting with a SCORE counselor.
SCORE "Counselors to America’s Small Business" is a nonprofit association dedicated to educating entrepreneurs and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).
SCORE was founded in 1964 and is headquartered in Herndon, VA and Washington, DC and has 389 chapters throughout the United States and its territories, with 11,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors. SCORE is America’s premier source of free and confidential small business advice for entrepreneurs.
References :
very unlikely you will get a loan for a new business and definitely not without a business plan and 3-5 yrs of financial projections that make sense,and probably work experience in that field and maybe not even then
References :
More information needed… what kind of business? What experience do you have? What’s your credit like? Do you have a business plan?
References :
The advice to go to SCORE was excellent. You may also want to look into SBDC, an offshoot of the SBA. Their services are also (generally) free. Either group can help you develop a business plan and financial projections. This is what any bank will want to see when you apply for a loan.
Besides banks, you might consider a micro lending organization. They are generally nonprofits that offer small start-up loans for small businesses. They are aimed at people who have little or no experience with self-employment and often specialize in under served populations like low-income, minorities, and women. They sometimes offer business training as well. The loans are small, which forces you to get very lean and very creative. The upside is that you won’t burden your new company with too much debt–debt can be an anchor for a new company.
The SBA in your area would have information on local micro lenders.
Pamela Johnson
http://www.SewingMachineRepairing.com
(and small business community college instructor)
References :
Getting a loan to start a small business is the first mistake, due to the fact that if things do not work out like you hoped, all you worry about is paying back the loan and ruining your credit. I started my own company at the age of 17 and became a self made millionaire by the age of 25, hard to believe from a stranger over the internet but nevertheless true. I retired at the age of 50 when one of my sons was in a motocross accident that left him with permanent brain damage. I now devote my time and over 35 years experience helping people start their own businesses. Read my profile if you wish. I am always available to help and answer your questions.
References :