Anyone with experience getting a small business loan?

[Andrew1990]

Wondering if anyone went through the steps to get one before. I have a few questions.


1) How hard really is it to get lets say 15-20K? I dont have bad credit but I dont have a lot either.

2) Would it be easier to go to my bank I have been with for 4 months or go to a more well known bank?

3) What is usually the amount of payments(months) involved with a loan of this size and what is a rough estimate on interest % for this if anyone has a clue?


I already have been looking at a place to rent that cost $550 + Electric a month and I am scheduling a tour of the building to see if it fits my needs and take some photos and get a floor plan.

and of course, I am going to get a well thought out business plan made before I go to the bank.

 

[Sea Moose]

I am in the process of getting a business loan for 20k

Be prepared to jump through fire hoops and run gauntlets filled with crocodiles. Have a business plant ready and have your past business figures and future projections figured out.

If someone can guarantor the loan then you should have less dramas. My parents are guarantoring my loan, but they still make life hard.

 

[wiredspider]

An unsecured loan has higher interest. $15-20k isn't that much, so I don't really sure if it will make things easier or harder for you.

 

[HappyPuppy]

Take your kneepads with you and pray that the loan officer is a horny flaming queer.

In today's environment you aren't going to get a loan unless you have physical assets to put up as collateral.

 

[ViviTheMage]

If you aren't going to make decent money, it's not worth it....the loan will make it impossible to turn a profit, typically...unless you have a ROI to pay off the loan.