Requirements for a small business loan?

[Ergonomic]

What are the requirements for a small business loan? I am thinking of starting a venture, home-based and all. Do I need to have it registered to qualify for a small business loan?

[Wanderer]

What are the requirements for a small business loan? I am thinking of starting a venture, home-based and all. Do I need to have it registered to qualify for a small business loan?

This question is huge. There are many types of loans from SBA's, to lines of credit, to operating capital, to loans on inventory, to loans on assets, to loans on accounts receivables and so on. Your best bet is to find a business center in your area and have them fill you in ... this is a big one. A University Extension Service in your state or your state's economic development agency could put you on the right track. I didn't even scratch the surface on types of funding you might find. Many would want a concept plan, business plan for at least three years, your personal assets and I could go on. Frankly they may use the three C's of credit in the total process.

[Erik Salmon]

Hi,

Each lender is going to have their own underwriting criteria for approvals, however you will want to have a loan package prepared prior to going in to any lender. It show you mean business and you know what your doing.

If you do not know how to create a loan package here is a free resource: [Link removed by FG]

You will also need to have good personal credit as well as your own funds to put into your new business venture.

Regards,

Erik Salmon

[Erik Salmon]

Hi,

Each lender is going to have their own underwriting criteria for approvals, however you will want to have a loan package prepared prior to going in to any lender. It show you mean business and you know what your doing.

If you do not know how to create a loan package here is a free resource: [Link removed by FG]

You will also need to have good personal credit as well as your own funds to put into your new business venture.

Regards,

Erik Salmon

Sorry, I did not know we could not add links in our reply's. So If you need to know how to create a loan package simply Google how to create a loan package and you will have plenty of resources. You can also contact me and I can direct you to some resources.

[Wanderer]

This question is huge. There are many types of loans from SBA's, to lines of credit, to operating capital, to loans on inventory, to loans on assets, to loans on accounts receivables and so on. Your best bet is to find a business center in your area and have them fill you in ... this is a big one. A University Extension Service in your state or your state's economic development agency could put you on the right track. I didn't even scratch the surface on types of funding you might find. Many would want a concept plan, business plan for at least three years, your personal assets and I could go on. Frankly they may use the three C's of credit in the total process.

Oh yes, there are often times personnel that work in conjuction with counties and cities that will provide the service or assistance on small business loan packaging. Sometimes private community development corporations and community bankers generally have people they know who can assist. Sometimes the service will be free to a nonminal charge while others may charge by a scale depending on how involved you might need. Having worked as an economic development director and a member of economic development authorities there are many resources.

[CentaurusFinancial]

No, you don't need to have it registered for most of the small business loans. You can go ahead without second thoughts.

[Wanderer]

You could consider being a "sole proprietor" and approach it with this possibility.