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Question: How easy is it to get a business start up loan?

(Posted by: Dan on 2010-01-21 15:19:23)

I am looking to start my own small business. The business will be curchasing computer equipment and reselling parts and refurbished products. I have 3+ years experience, and about $20K of my own money, and good credit. I also own my home, but with the housing market in a slump I may owe more on it than it is worth at the moment. I would need an additional $50K- 100K to start up. With the economy the way it is, what are the chances I will get the kind of loan I need to get this business off the ground?

Posted by: JDH on 2010-01-22, 10:30:09

Holy Cow! I hope you are not trusting the people that have responded so far. From what I see, if they don't have their own domain and using email addresses as yahoo and gmail, stay away! But as to your question, I am looking for the same thing... so hopefully someone good answers it!

Posted by: Keneth Joel on 2010-01-22, 11:30:39

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Posted by: wizjp on 2010-01-22, 12:32:24

Have you tried local economic development groups with local government? or the SBA?

Posted by: Nejiraiya on 2010-01-22, 20:25:51

Since you have experience, cash model of your own, and good credit history, I would say that your chances of getting a loan is up to the best start possible. The current economic situation is not good, but the banks are still going to give out loans, so your chances are quite good. Only one thing left, a business plan. No matter how good your credit and experience, if you have a poor business plan, they aren't going to risk it. They too want to make money, and the only way they can predict if your business will succeed is through your business plan. Create one that impresses them and shows them that you are serious and that you are ready for whatever challanges might come. I think that if you get your business plan right, you stand a very good chance of getting that loan, as long as the amount is reasonable with the business you are setting up that is ;) The source below gives you an idea of what a good business plan should consist of.

Posted by: Jazs on 2010-01-24, 04:40:11

Start up business loans are difficult to come by. But the common sources of start up business loans are the 3 F’s, which are Friends, Family, and.... Fools. I can’t help you with the first two, but I have some ideas on the last one. Of course, these people are not really fools, but sane people who are more willing to take risks on start up business loans than traditional banks are. These are known as venture capitalists or angels.

Posted by: I.T. on 2010-01-24, 18:02:04

Yes, you're right about being concern about the economy. I'd say the best source for loans is still with the banks. Banks still offers lower interest as compared with loan agencies. Plus, they can help you restructure in case you get into problems. Other helpful tips can be found here at frommoney.net Best of luck!

Posted by: Rhonda Terry on 2010-01-25, 13:51:51

I saw your question on how you need loan,have you contact standard loan firm? I got my loan from there three months ago with loan interest rate here is the email standard_loanfirm@live.com