Are there real legitimate small business loans out there that are obtainable?

by admin on 2010/03/25

I see a lot of advertisements for Small Business loans. But are there any out there that are within reach of obtaining?

{ 3 comments… read them below or add one }

ScamBuster March 25, 2010 at 4:18 AM: Beware of Advance fee Loan scams: Do Not Pay UpFront Fees.
If you are lookin for a loan try borrowing from private lender(s)(up to
$25K) from this website
http://www.prosper.com/join/mall… It’s 100% Legit.
Dr. Deth March 25, 2010 at 4:20 AM: you will need a business plan to MAYBE get a legit business loan
ynot March 25, 2010 at 4:39 AM: Many of the National banks and some community banks have small business loan programs. When getting a loan here are things the bank looks for:

A business plan detailing the product/service,, customer,location, and financial analysis.

Your business experience and how well you understand this industry. Can you make this business work. Do you have personnel on your staff to supplement your lack of skills.

Credit history which demonstrates your ability to handle credit. Your personal credit score needs to be well above average.

What collateral do you have and how can you guarantee the loan in case of problems.

Terms – How much, How long and For what? Can the what be reposed in case of problems?

Your equity. They like to see you putting up more than 25% of what you need.

You could try the SBA Microloan Program where you can get up to $35K. http://www.sba.gov/services/financialassistance/basics/sbarole/LOANPROG_MICRO.html .