How do you go about getting a business loan?

business loan
~* Garden Empress*~ asked:


I’ve been looking into getting a business loan, in the hopes of opening up a little shop. How do I go about doing this, and pursuing this venture. I’ve had this idea in mind for a very long time and the funding is the major problem, so if you have any ideas and/or suggestions, that would be great. Thanks

3 Responses to “How do you go about getting a business loan?”

  1. Gravy - November 30th, 2008

    SCORE Small business counselors at and the Small Business Administration have lots and lots of resources for finding financing, among every other imaginable question you could have.

    Generally speaking, it boils down to getting a loan from the bank against any personal collateral you can put up, such as your car or the equity in your home.

  2. Arene - December 2nd, 2008

    First of all, do research on how to get a business plan.
    If you fail to plan, you plan to fail and that is the bottom line. I have a business and before I started it, I already know where I plan to go with it. As a business person, I would hate for someone to ask me for a loan and they have no idea how they plan to make a profit with the loan so that I can have some reasonable sense that they will not forfeit on the loan.
    I could go more into detail, including some personal examples with answers, but the best direction is to look on the internet at some different business plans and then go from there. I wish you were in California and then I could get you started in a great business that would benefit you and your family and help others as long as the work ethic is there.
    Take care and I hope this helps,
    Arene

  3. doj464 - December 2nd, 2008

    The SBA Loan route is indeed complicated. If you are serious about it, I would suggest getting an experienced management company to get the loan - although it will cost between $2 - $10k.

    Your other option is online peer to peer lending. It runs on your personal credit, but you can get a decent loan at great prices. Below is a link to prosper, one of the largest p2p marketplaces