Ruth asks…

Can you get an sba loan with little to no credit?

I want to open a convenience store but I wanted to know what would be a ball park figure for starting cost and how easy or hard is it to get a sba loan?

admin answers:

SBA loans are NOT easy and do require sufficient credit. They will ALSO require that you have 30% of the start-up costs coming out of your pocket, as well as a business plan, and experience in the industry. Without knowing the scale of your operations or planned site location, no one can give you an estimate on costs.

Steven asks…

How do I find a reputable lender for an SBA women’s loan?

My mom and I want to buy an existing clothing store and need a 200k loan. Does anyone recommend a certain lender.

No spam or loansharks please.

admin answers:

The lenders that seem to work best are smaller regional banks.

Find a SCORE group nearby and talk to them.

Donald asks…

How do I start a small business? Other than the SBA, what resources are available & why do you recommend them?

admin answers:

Go to and in the upper left hand corner, enter your zip code. On the next screen, you will find the SCORE chapter nearest you. Call them and arrange for a free meeting with a SCORE counselor.

SCORE “Counselors to America’s Small Business” is a nonprofit association dedicated to educating entrepreneurs and the formation, growth and success of small business nationwide.

SCORE was founded in 1964 and is headquartered in Herndon, VA and Washington, DC and has 389 chapters throughout the United States and its territories, with 11,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors. SCORE is America’s premier source of free and confidential small business advice for entrepreneurs.

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