Advice from Business Owners on Business Loans

[chinups]

My GF is opening up her own business. Actually she has the business and it is opening in like 6 months but she needs a business loan. What can I do to help her. Starting from ground zero with the loan info

[damiongage]

What type of business? This will determine what kind of loan you will qualify for. Also is there anything they bank/lender can lien against(ie. a building)?

Most the time it will all be based on your personal credit....the business has none as of yet. Best bet is to try and get a signature loan.

[chinups]

Well they both own homes. 1 a condo and 1 a town home

They are opening a nail salon. Pretty much they already have the contract and lease with the place they just needs loans for plumbers, equipment and what not.

They are both woman so I am looking into the Women's Business Ownership. It appears woman get breaks on business's as well. CHRIIIIIST!

There credit, both of them are through the roof. Over 700, both of them

[damiongage]

they will probally be able to get a signature loan. This is the best option, if the business flops...there is nothing to take. Also depending on where they open the shop...the landlord should provide all the plumbing and building updates needed if they sign something like a 5yr lease. they could also take out a second mortgage, which is also alot easier than a business loan. Unless she would have something of value, like construction vehicles, a building, or things of that nature business loans are pretty tough to get.

[Prada]

Depending on the the type of business. The most commen is a small business loan from a financial institution. You can also look into getting state and/or federal subsidies, interest free loans, tax credits etc. You can get info from Small business bureau. Try getting info from the vendor, bank/loan officer and even your local elected (federal AND state/ province) member's, official's office.

[goodcents]

they will probally be able to get a signature loan. This is the best option, if the business flops...there is nothing to take. Also depending on where they open the shop...the landlord should provide all the plumbing and building updates needed if they sign something like a 5yr lease. they could also take out a second mortgage, which is also alot easier than a business loan. Unless she would have something of value, like construction vehicles, a building, or things of that nature business loans are pretty tough to get.

Depends if they need something different installed, like more wash basins and also how bad the landlord wants to lease the spot if he provides it or not. Try to find nail equipment that is being sold by someone going out of business (they are every where if you do a search)

[system admin]

Go for an SBA load. This is a very easy load to get and is backed by the GOVT. Sit down and make a business plan. Be VERY specific and detailed. If you have a good idea and your business plan is in order.... your chances of a load are pretty good. BE VERY SPECIFIC!

You need to alot for every penny in your business plan. How much for office supplies, furniture, fixtures, advertising, payroll for 5 months, insurance, phones, electric, water, gas, ... all the way down to the tiniest detail. If you have this in order and your risk is mostly asset (and your business idea is good).. you will get a load and more than likely a great interest rate. Best of all, it is secured by the govt.

Good luck! my hats off to future business owners. You have control of your finiacial future... just get off your ass and do it.

bc