how to get business loan?
Hello, I’m recently graduated Business school from UK and came here to LA but I want to open my own business, I want to open a meditarean food cafe…
I wan to get small business loan I need like 30,000 dollars so how can I apply for this kind of loan and because I just moved here I don’r know nothing about the credit score in the US so if somnbody woulkd like to tell me about the credit score how to build good credit score and where can I appky for a business loan?
Any reputable lender will require a business plan that shows that you can pay the loan back. Go to http://sba.gov/smallbusinessplanner/plan/writeabusinessplan/index.html or http://www.score.org/template_gallery.html for instructions on how to write a business plan and sample business plans.
looking for unsecured bus credit line/loan, but dont have a SSN and therefore no credit history. Any advice?
We are a registered Californian company, but are UK citizens living in California. The company is just over 1 year old. The purpose of the loan/business credit line is to purchase a small business.
The Tax ID is a good answer… but will this be usefull where someone needs a credit record? Or, for business finance, would our personal circumstances be relevant in any case?
You should have a tax number for the irs — this is the number that you will use instead of a ssn!!!
Taking on a business partner – should I & what does it involve?
Currently, my husband & I run a small UK clothing business as a limited company but I am thinking of expanding and renting a shop. I have been advised by other people in similar businesses that having a partner is key. My husband is a sleeping partner really but I have several friends, one in particular, who would like to be involved & would brings lots of ideas, enthusiasm, etc.
But should I offer her a profit-sharing arrangement at first rather than taking her on as a director/offering her shares. We have invested several £000′s as directors loans which we will be able to take out again but should I ask her for an investment over & above the share price if I do make her a partner?
Any advice or links to sources of advice gratefully received.
Don’t enter into any arrangement that you can’t dissolve easily. Particularly, don’t hand over part of the ownership of the business that you and your husband have built up to someone who you haven’t worked with before. Speaking from personal experience, friends can be very enthusiastic about wanting part of the action of your business but when you bring them in their contribution is a lot less than what you hoped for.
Weigh up whether you really need another pair of hands in the business and what they will do for you. It’s a lot less complicated to employ someone or outsource certain tasks than bring in partners/co-directors. Anyone can be enthusiastic about your business when they see an opportunity to latch onto your success. Be really hard-nosed about it.
For some independent advice, contact your local Business Link. They offer a free business review that looks at where you are and where you’re going. They come up with things that you haven’t thought of because they’re able to stand back from your business. We used them earlier this year for one of our companies. Well worth doing.
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