Has anyone here ever attempted to get a Small Business loan through the Small Business Administration?

[Nocturnal]

?

If so, what were the steps you took in order to present your ideas to the SBA?

Thanks in advance.

I'm trying to help a friend, he plans on starting his own business. Just wanna help him ease the process by getting some information for him.

Thanks in advance.

 

[JEDI]

you (not the business) personally guarentee the loan. so if the business fails, you still have to pay it back.

why should u goto the sba instead of getting a personal loan from a bank? better rates. or if u have lousy credit rating.

but the sba loan requires you to come up with a marketing plan. ie: what r u selling, who r your customers, what makes u better than your competitors, how much do u plan to make in the first and 2nd year, how long will it take to pay back the loan, etc.

 

[cpals]

Originally posted by: JEDI
you (not the business) personally guarentee the loan. so if the business fails, you still have to pay it back.

why should u goto the sba instead of getting a personal loan from a bank? better rates. or if u have lousy credit rating.

but the sba loan requires you to come up with a marketing plan. ie: what r u selling, who r your customers, what makes u better than your competitors, how much do u plan to make in the first and 2nd year, how long will it take to pay back the loan, etc.

Not trying to be mean, but please use english next time. 😉

 

[CanOWorms]

Originally posted by: cpals

Originally posted by: JEDI
you (not the business) personally guarentee the loan. so if the business fails, you still have to pay it back.

why should u goto the sba instead of getting a personal loan from a bank? better rates. or if u have lousy credit rating.

but the sba loan requires you to come up with a marketing plan. ie: what r u selling, who r your customers, what makes u better than your competitors, how much do u plan to make in the first and 2nd year, how long will it take to pay back the loan, etc.

Not trying to be mean, but please use english next time. 😉

😕 It is English... and it's not like he's typing gibberish, he makes complete sense!

 

[SgtZulu]

If you're new to this country and fresh off the boat you'll get the loan, otherwise good luck.

 

[SupaDupaCheez]

but the sba loan requires you to come up with a marketing plan. ie: what r u selling, who r your customers, what makes u better than your competitors, how much do u plan to make in the first and 2nd year, how long will it take to pay back the loan, etc.

That should be a no-brainer anyway. If you are going to try and get a loan without having first gone through those steps then you will certainly need a LOT of luck.

SDC

 

[cpals]

Originally posted by: CanOWorms

Originally posted by: cpals

Originally posted by: JEDI
you (not the business) personally guarentee the loan. so if the business fails, you still have to pay it back.

why should u goto the sba instead of getting a personal loan from a bank? better rates. or if u have lousy credit rating.

but the sba loan requires you to come up with a marketing plan. ie: what r u selling, who r your customers, what makes u better than your competitors, how much do u plan to make in the first and 2nd year, how long will it take to pay back the loan, etc.

Not trying to be mean, but please use english next time. 😉

😕 It is English... and it's not like he's typing gibberish, he makes complete sense!

I was specifically talking about his use of "r" and "u" in his sentences. Can we not type complete words anymore?

 

[RabidMongoose]

Originally posted by: cpals

Originally posted by: CanOWorms

Originally posted by: cpals

Originally posted by: JEDI
you (not the business) personally guarentee the loan. so if the business fails, you still have to pay it back.

why should u goto the sba instead of getting a personal loan from a bank? better rates. or if u have lousy credit rating.

but the sba loan requires you to come up with a marketing plan. ie: what r u selling, who r your customers, what makes u better than your competitors, how much do u plan to make in the first and 2nd year, how long will it take to pay back the loan, etc.

Not trying to be mean, but please use english next time. 😉

😕 It is English... and it's not like he's typing gibberish, he makes complete sense!

I was specifically talking about his use of "r" and "u" in his sentences. Can we not type complete words anymore?

This is an internet message board, not an English classroom.

 

[CanOWorms]

Originally posted by: cpals

Originally posted by: CanOWorms

Originally posted by: cpals

Originally posted by: JEDI
you (not the business) personally guarentee the loan. so if the business fails, you still have to pay it back.

why should u goto the sba instead of getting a personal loan from a bank? better rates. or if u have lousy credit rating.

but the sba loan requires you to come up with a marketing plan. ie: what r u selling, who r your customers, what makes u better than your competitors, how much do u plan to make in the first and 2nd year, how long will it take to pay back the loan, etc.

Not trying to be mean, but please use english next time. 😉

😕 It is English... and it's not like he's typing gibberish, he makes complete sense!

I was specifically talking about his use of "r" and "u" in his sentences. Can we not type complete words anymore?

You didn't capitalize English. Can we not capitalize words anymore? 😀

Anyways, like Mongoose said, it's an Internet message board!

 

[Nocturnal]

So it's likely even with a business plan that he'll get denied unless he's Fresh Off the Boat?

 

[kermalou]

Originally posted by: cpals

Originally posted by: CanOWorms

Originally posted by: cpals

Originally posted by: JEDI
you (not the business) personally guarentee the loan. so if the business fails, you still have to pay it back.

why should u goto the sba instead of getting a personal loan from a bank? better rates. or if u have lousy credit rating.

but the sba loan requires you to come up with a marketing plan. ie: what r u selling, who r your customers, what makes u better than your competitors, how much do u plan to make in the first and 2nd year, how long will it take to pay back the loan, etc.

Not trying to be mean, but please use english next time. 😉

😕 It is English... and it's not like he's typing gibberish, he makes complete sense!

I was specifically talking about his use of "r" and "u" in his sentences. Can we not type complete words anymore?

maybe you should go post in teh correct board for this kind of gibberish: Politics and News where they actually dot the I's and cross the T's

also, back to go on topic, you have go through a long process for a SBA loan, you should first talk to a loan counselor. everything has to be perfect before submitting the docs.