How do i go about applying for a new business loan?
Thursday, February 4th, 2010 at
8:47 am
Prince Of Light asked:
How do i go about applying for a new business loan?
I am starting a new business by buying and reselling consumer electronics, what do i need to obtain a new business loan or a grant.
What do the banks look at before getting you approved?
How do i go about applying for a new business loan?
I am starting a new business by buying and reselling consumer electronics, what do i need to obtain a new business loan or a grant.
What do the banks look at before getting you approved?
Tagged with: Business Loan • Consumer Electronics • Starting Business
Filed under: Credit
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When getting a loan here are things the bank looks for:
A business plan detailing the product/service,, customer, location, and financial analysis.
Your business experience and how well you understand this industry. Can you make this business work. Do you have personnel on your staff to supplement your lack of skills.
history which demonstrates your ability to handle credit. Your personal credit score needs to be well above average.
What collateral do you have and how can you guarantee the loan in case of problems.
Terms – How much, How long and For what? Can the what be reposed in case of problems?
Your equity. They like to see you putting up more than 25% of what you need.
If you’ve never been in business before, I would strongly recommend that you talk to a business counselor before you do anything especially spend money. I’d call the local office of SCORE (go to and input your zip code to find the chapter nearest you), the advice is FREE.
The counselor at SCORE will most likely advise you to write a business plan which is very good advice because it will force you to dig out all of the start up details and the costs of starting a consumer electronics business and force you to also understand all of the aspects of this business including the customers you’ll concentrate on (your market ) and how you’ll go after them.
Try this link :
and read some of the articles especially the ones about a business plan and starting a business.
Good Luck
Banks look at your credit history and FICO score; if you are a good risk they will lend you money.
You need to just apply for a business loan.
Find some choices here:
I am Mr Peterson,a private Loan lender and a cooperate financial for real estate and any kinds of business financing, we offer Loans to individuals, Firms and cooperate bodies at 5.5% interest rate capital base between the amount of $5,000.00 to $50,000,000.00 US Dollars. Loan for developing businesses a competitive per annum and 0.5% interest rate monthly base, loan terms determinant, edge. We offer the following kinds of loans * Personal Loans (Secure and Unsecured) * Business Loans (Secure and Unsecured) * Consolidation Loan * Combination Loan -Low Down or Zero Money Financing Program Available E-mail:
I would go to SBDC before SCORE.