How to get business loan if i am a teenager?

business loan
Amy L asked:


How to get business loan if i am a teenager?
i want to start a small business during summers, but i dont have sufficient money and im not an adult yet. i want to ask how to get a business loan.

5 Responses to “How to get business loan if i am a teenager?”

  1. Rooster 1972 - May 31st, 2008

    By law you are not old enough to take out a small business loan. They only possible way is to get one of your parents to cosign for the loan. (Basically what this says is they will repay the loan if you cannot). You can work and save your money and then start your business on a small amount of money. You will not believe the businessess that were started on $1000. Ross Perot started EDS with $1000. There are other successful people who have done the same. Also you should develop a business plan for when you get older you can present this to the banks for them to review.

  2. T Taylor - June 1st, 2008

    Unfortunately, you won’t be able to legally obtain a loan until you are a legal adult (18) Legally, nobody can enforce a contract signed by a minor (someone under 18), so if you signed a loan application saying you promise to payback any money you borrowed, then didn’t, whoever you borrowed the money from wouldn’t be able to legally collect it from you.

    So that is why minors can’t take out loans.

    If you have friends and family who have $, that is probably going to be your only choice.

    Good luck.

  3. Lakely - June 5th, 2008

    Start with jobs that do not require an upfront expense.

    Don’t try to start at the top. It’s not good to start a business with a debt anyway… it means you have to work hard just to pay off the loan. Work first to learn the ropes… and when you find something you know will work, then you will have enough money saved to invest in yourself.

  4. Vivien Anderson - June 8th, 2008

    pls don’t get involved at your young age with loans cos you don’t know you is ready to dupe a youngster like you

  5. Clark L - June 9th, 2008

    Start with your prime providers, your PARENTS. Ask for their support on your business then maybe they could be your partners in the near future.