SBA Loans (how much can I borrow)?
I am pretty familiar with residential mortgages and loans but I am looking to start up a restaurant through SBA and I’m wondering how much they would let me borrow? I’m not sure if it is just based on credit or financial status or what? I am looking to borrow $1Million. And my income is not that high (about 37,000) and I’m just wondering if thats even posssible?
You will have to check with the SBA. If your income is not that high, you need to have significant collateral to be able to get that much amount from SBA. SBA operates through banks, and SBA merely guarantees the loans — so you should have some idea of what banks typically look for
Per SBA, you need to show the following http://www.sba.gov/services/financialassistance/eligibility/requirements/index.html
- Business profile. A document describing type of business, annual sales, number of employees, length of time in business and ownership.
- Loan request. A description of how loan funds will be used. Should include purpose, amount and type of loan.
- Collateral. Description of collateral offered to secure the loan, including equity in the business, borrowed funds and available cash.
- Business financial statements. Complete financial statements for the past three years and current interim financial statements.
- Personal financial statements. Statements of owners, partners, officers and stockholders owning 20% or more of the business.
One reality with SBA is that startup businesses — especially if the business owner has no previous experience in the business he/she wants to get into — often find it very hard to get approved for a loan.
Here’s a more detailed explanation of what bankers that work with SBA typically asks
help starting an adult women store sba loans and products?
soo i want to start an adult store primarly for women , like an fredricks of hollywood slash hustler store type of store just a little more upscale and with taste. I live in los angeles area and i needa know how can i ontain an start up loan and where at and how can obtain adult products please and thank you
Go to http://www.score.org/mentors and enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a volunteer SCORE counselor. They will guide you through the process.
SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide and is a resource partner with the U.S. Small Business Administration (SBA).
SCORE has 350 chapters in locations throughout the United States and its territories, with 13,000 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.
What does it take to get an SBA loan ?
I’ve been reading about SBA loans, but what isn’t clear to me is this, if you would qualify for a conventional business loan, but you just don’t want to risk your own assets as part of that loan, in for example a new business venture, can you still get an SBA loan ?
Why you dont try a Busines Cash Advance,
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