Home
Getting a business loan is unlike any other type of borrowing you’ve done. It is easier to get a $200,000 home loan than a $20,000 business loan and will take you longer than you think. We work with many lenders, keep updated on loan products, and have worked with many, many people in getting their plans and deals together.
For a new business, here are some criteria
Cash money into your project – typically 20-25%
Good credit – generally a score of 650 or higher
Collateral – may look at personal collateral in addition to business collateral
Competency – experience and knowledge in business and your industry
Cash Flow – does it look like you are going to be profitable?
You're going to also ask us about grants, aren't you? No matter what the folks on television infomercials say, and the resources they sell you, it doesn't exist. Save your money. Don't believe us? The public library (free resource) carries a number of titles on grants for small businesses that you can search. While you still won't find free money, at least you won't be spending while seeking information.
There are some competitive development grants for technology transfer types of companies. We'll let you know if you fall into that kind of category, because it's pretty specialized.
|
|
|
