We need contact information in submitting our completed paperwork for a loan for start up of our newly woman owned business here in Edgewood WA. Thank you for your help. (This post has been edited to remove a link. Please note that Community members may include only one (1) link in their signature line. Any additional links to websites, social network profiles, or email addresses will be removed.)
As stated, go to your local bank or start with your local SCORE office - they
will know what local banks can do SBA loans.
However, unless you have a lot of collateral and personal income (outside the
business) it is very unlikely that you will get a startup loan from any bank
or even the SBA.
Most startup businesses have to find alterntive ways to get their businesses
off the ground. Then, once generating revenue - other options open up for
continued financing. Once profitable - then banks loans and the like open up
to the business. Just some food for thought as you are likely wasting your
time trying to get a SBA guaranteed bank loan for a startup business.
The SBA does not issue loans. Rather, they guarantee loans issued by local
banks. Therefore, you need to start with your bank. You will need a well
written, comprehensive business plan to provide to the banker. You will be
expected to have up to 50% of what you need, either from your personal funds
or from family and friends. If you are not sure how to proceed, you may want
to contact a counselor at a womens business center or a small business
development center in your area. Their services are free and they can guide
you through the process.
shannondriscol | Window Shopper |
1/15/2013 - 10:09 am
Show Replied Text…
The SBA does not issue loans. Rather, they guarantee loans issued by local banks. Therefore, you need to start with your bank. You will need a well written, comprehensive business plan to provide to the banker. You will be expected to have up to 50% of what you need, either from your personal funds or from family and friends. If you are not sure how to proceed, you may want to contact a counselor at a womens business center or a small business development center in your area. Their services are free and they can guide you through the process.
So I am trying to get my business started and need some tools and Vehicles so
if I don't have no revenue coming in then I won't be able to get help with a
loan? Is that what your stating?
So I am trying to get my business started and need some tools and Vehicles so if I don't have no revenue coming in then I won't be able to get help with a loan? Is that what your stating?
Exactly. You must be able to prove to the lender that you have sufficient
income to cover the loan payments as well as cover your expenses.
yoddel | Window Shopper | 4/17/2013 - 10:32 pm
BMT | Window Shopper | 1/9/2013 - 8:29 am
will know what local banks can do SBA loans.
However, unless you have a lot of collateral and personal income (outside the
business) it is very unlikely that you will get a startup loan from any bank
or even the SBA.
Most startup businesses have to find alterntive ways to get their businesses
off the ground. Then, once generating revenue - other options open up for
continued financing. Once profitable - then banks loans and the like open up
to the business. Just some food for thought as you are likely wasting your
time trying to get a SBA guaranteed bank loan for a startup business.
BizResearcher | Window Shopper | 1/8/2013 - 1:05 pm
banks. Therefore, you need to start with your bank. You will need a well
written, comprehensive business plan to provide to the banker. You will be
expected to have up to 50% of what you need, either from your personal funds
or from family and friends. If you are not sure how to proceed, you may want
to contact a counselor at a womens business center or a small business
development center in your area. Their services are free and they can guide
you through the process.
shannondriscol | Window Shopper | 1/15/2013 - 10:09 am
if I don't have no revenue coming in then I won't be able to get help with a
loan? Is that what your stating?
BizResearcher | Window Shopper | 1/15/2013 - 12:07 pm
income to cover the loan payments as well as cover your expenses.
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