Hello SBA board,I found the Income-Based Repayment (IBR) that would be very manageable but my federal loan is not the problem. I have two private loans totaling $62,586 ($570/month). I have a debt to income ratio of 52%. No bank will give me a private loan to fund a business because of my debt to income ratio. I have no friends or family that have money or could co-sign.Does anyone know of any government small business loans that I would quality for? I have been running my business out of pocket and part time on weekends. I need this loan so I can jump in full time. Thanks,Matt Barnes
ngoriel | Community Moderator |
1/17/2012 - 1:38 pm
Hi Matt,
We can also connect you with your local SBA district office for assistance. We have over 60 district offices across the country. Please provide your zip code so we can connect you to the right office.
kmurray | Community Moderator |
1/12/2012 - 8:25 am
Hi Matt,
Try connecting with your local Small Business Development Center (SBDC), one of SBA's resource partners, which you can find by entering your zip code at SBA Direct. The SBDC provides free business counseling and advice and will be able to work with you and discuss SBA loan program options.
You can also read up about the (7)a and microloanprograms for more information.
With your current debt load, you may need to scale back your business plans for a few years and concentrate on paying off the debt, then you will be in a position to apply for a loan and have a good credit record to back it. In this economy, it will be very difficult to find anyone reputable who will take a risk when you have such a high debt to income ratio.
onlinepaydayloans | Window Shopper |
1/19/2012 - 10:26 am
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With your current debt load, you may need to scale back your business plans for a few years and concentrate on paying off the debt, then you will be in a position to apply for a loan and have a good credit record to back it. In this economy, it will be very difficult to find anyone reputable who will take a risk when you have such a high debt to income ratio.
Theres is a loan online. If you take a loan you need to assure the Lender/Bank has a good reputation. Before you avail a loan for business you have to compute your possible income so that you can have no diffuculty in paying back your loan.
With your current debt load, you may need to scale back your business plans for a few years and concentrate on paying off the debt, then you will be in a position to apply for a loan and have a good credit record to back it. In this economy, it will be very difficult to find anyone reputable who will take a risk when you have such a high debt to income ratio.
The business is what is going to get me out of debt!
There is no extra money to pay off the debt. My federal loan now want me to start paying them on top of my $570 a month.
I heard that the 7(a) Loan Program might work for me.
Matt Barnes
ngoriel | Community Moderator | 1/17/2012 - 1:38 pm
kmurray | Community Moderator | 1/12/2012 - 8:25 am
BizResearcher | Window Shopper | 1/10/2012 - 12:23 pm
onlinepaydayloans | Window Shopper | 1/19/2012 - 10:26 am
MatthewJosephBarnes | Window Shopper | 1/10/2012 - 12:58 pm
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