Situation is, my fathers own a company with a huge potential to bring in some serious income. The company閳ユ獨 credit isn%26#039;t great, either is his own credit. I%26#039;m interested in taking his company. My question is, is it better/easier to get the loan by starting a new company, or showing the existing company. Imp not sure how complicated this process is.
I%26#039;m planning to apply for a business loan. I%26#039;m not sure if...?
Depends on your credit. If you have good credit or no credit but can show profitability then you have a shot. Many banks will give you a hard time because of your experience. It is good to find a banker you are familiar with or a credit union representative. But, to buy an existing business you should have few problems. If you are a minority or female the Federal Small Business Association has a multitude of loans to extend to you. Look into this website www.sba.gov. This should give you a start. If you or pops is a veteran you have an even better shot at a loan.
Never, never, never give up.
I%26#039;m planning to apply for a business loan. I%26#039;m not sure if...?
Bankers generally look at past performance of a business to predict future viability and thus the ability to generate sufficient and sustainable cash flow to service existing and proposed debts. My suggestion would be to consult your local office of the U.S. Small Business Administration (SBA). They can assist you with the development of a business plan that you can present to a lender when applying for a loan. There may also be loan programs available where the SBA will guarantee a percentage of the loan thereby making it more attractive for a potential lender. The process of preparing a business plan can be a lengthy one, but it is essential when applying for a loan and may also bring to light problem areas that you yourself never thought of.
Good Luck.
I%26#039;m planning to apply for a business loan. I%26#039;m not sure if...?
Hello,sequel to your question,I will direct you to a loan consultant that once helped me when i was in financial straits and brought me back on my feet even when my credit score was really poor.Visit them today and enjoy an unmatched interest rates,honest lending and more.To apply online,just write to this email address:longterm.loan02@financier.com or customer care address:transparent.loan@yahoo.com
Good Luck.
Mrs.Nadia Richmond
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