Where can I get a small business loan?
I need a small business loan for $1500.00 I don’t know if banks usually give out loans that small of an ammount. Is there any institutions that would help me out with this? I don’t want to get any credit cards. Also my credit isn’t the best. I know that with this business I can make the $1500.00 back in six months. Please no ignorant responses
At a bank.
With bad credit and no seed money… other than government grants how do we get a small business loan?
My boyfriend and I are trying to get his company a boost for his backhoe purchase so he can start work for himself. Of course his credit isn’t the best and we have no seed money or investors at the moment. The business plan is drawn up and everything has been priced and we even have pending contracts, but we can’t get a loan to get it started. I have faith in the operation, but he is fading fast I need some light at the end of the tunnel for him to see if you have any ideas on where to turn or what to try please let me know. We are currently looking into government grants which is about as much pain as trying to get a loan. All advice is welcome. Thank you.
You stand a greater chance of getting a government-guaranteed loan through the Small Business Administration http://www.sba.gov/financing than a government grant
It is hard to find grants to start a business. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for a for-profit business. And yes, grants mean PAPERWORK – lots and lots of it, that is why a cottage industry of grant writers was born.
Nonetheless, you can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov – these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.
Even if you buy books on “how to get grants” or list that supposedly has information on grants — all of them are mere rehash of what CFDA has, albeit packaged differently. But still the info is the same – hardly any grants for starting a for profit business.
Even SBA does NOT give out grants. From the SBA website http://www.sba.gov/expanding/grants.html
“The U.S. Small Business Administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. (See http://www.sba.gov/financing for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments.”
Here is a listing of federal grants for small businesses. See if there is any available for individuals for starting a business — THERE’S NONE.
Most of the federal grants are given to specific target groups with specific requirements (e.g. Minority business owners involved in transportation related contracts emanating from DOT – Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program
Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women’s Business Ownership Assistance that are given to those who will create women’s business center that will train women entrepreneurs
I suggest you read the following books to get ideas of how to finance your business:
Financing Your Small Business http://www.amazon.com/exec/obidos/ASIN/1572484500/powerhomebizguid
Small Business Financing: How and Where To Get It http://www.amazon.com/exec/obidos/ASIN/0808007386/powerhomebizguid
Financing the Small Business: A Complete Guide to Obtaining Bank Loans and All Other Types of Financing http://www.amazon.com/exec/obidos/ASIN/1580626815/powerhomebizguid
The SBA Loan Book http://www.amazon.com/exec/obidos/ASIN/158062202X/powerhomebizguid
Angel Capital : How to Raise Early-Stage Private Equity Financing http://www.amazon.com/exec/obidos/ASIN/0471690635/powerhomebizguid
Financing Your Small Business (Barron’s Business Library Series) http://www.amazon.com/exec/obidos/ASIN/0764124897/powerhomebizguid
I am a 33 year old male who would very much like to start a small business. i have no funds, to start with. so
I recently lost my job and is seeking, although i use my skills i learned from my previous job to do some projects, it is not what i call gainful employment, i bearly get by, but it is all i have to rely on right now. i have been told that i am a great painter. my former boss furnished all the materials for the projects and setup all business contracts with perspective clients. he had a crew of 6men including myself. We had a disagreement and i was let go.Some of his clients have came to me and stated that i was a terriffic painter(the best on his team), and asked if i could do projects for them. materials are usually furnished by the client, whenever i decide to take on a project, i think i could handle alone. i would very much like to own my own small painting business. credit and student loan issues i have. how can i start a business without funds, i heard about grants, but don’t know where to start first, straighten out credit,student loans or persue trying to get grant for busine
Take the work, job-by-job. Get a deposit (use to buy supplies).
Put 10% in bank to grow; put 10% vs debt and tithe 10%. Live on the rest.
Expand as you need to to take larger jobs. Hire help as required.
Watch carefully your Pricing and control your costs.
Oh – go for it. You can do it!
Powered by Yahoo! Answers