I was denied a small business loan. How can I get approved next time? - first time business loan
I was refused a loan of 15,000 (in a local bank) has set up several chapters in my small business, because I have no equity or collateral, but I'm only 22 years. Not many 22 year olds I know are in stocks, bonds or investments.
In my meetings with the manager of the loan, impressed and confident in my business plan. But on paper I do not seem to be seeking such a loan though.
Is it likely to be used in a national bank?
What advice can you apply to me next time.
"What the banks are willing to pass someone without warranty.
Or can I as collateral or as a substitute.
-Any other suggestions?
All information can you send me would mean a lot. Thank you! :)
Wednesday, January 20, 2010
First Time Business Loan I Was Denied A Small Business Loan. How Can I Get Approved Next Time?
3 comments:
Try calling a local bank and ask for an unsecured loan (no cover for business use). Talk to a local bank that you have a number of unsecured loan if you pay some bills, or choose to buy a car. I know that Wells Fargo has unsecured loans - call your local branch and speak with a personal banker. Again, they do not tell their loans, a company can apply for a personal loan.
If you are a business loan, most lenders require 2 years tax return and financial statements. A loan officer can not stop them from law enforcement, but can not explain the credit decision.
Ignoring the people here that
Fraudsters try. Beware of scams advance fee loans.
Accept any offers or click on a link between people
because in this forum ... 99.8% of them are scams.
http://www.ftc.gov/bcp/conline/pubs/tmar ...
Home equity loan can be difficult to achieve, if not guarantees.
And if you have no guarantee should have a higher credit costs.
Have your credit? Must be at least mid-700. Here, too, if you have no guarantee. I guess you do not have a history of credit.
I find an "angel" google the word "business investment and the Angel"
Here is a site
http://www.businesspartners.com/index.cf ...
These are people who want small businesses and start-up companies to invest in them
If this fails, and you are sure your business. You might get a personal loan. This could be easier.
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