What is involved in getting a small business loan?

Answer by  PGR (74)

Te lender will want to know the answer to three questions: Who are you? What are you going to do with the money? How will you be able to make payments? For loans under $100,000 most lenders rely on a formula based on credit score, the number of years you have been in business, and the type of business

Answer by  withluck (1745)

Different banks have different qualifications for getting a business loan. They will want to see some sort of business plan and projections, as well as financial records regarding your business.

Answer by  Abulia (16)

The SBA has numerous programs you can look at on their website: Some of these programs can help you get a loan if you are a minority-owned business. The SBA however does not give out loans, so you will still have to apply at your favorite bank that assists small businesses. You will have to have 3 years financial statements, a list of all your assets, your person financial statements, taxes, etc.

Answer by  Wolverine (42)

You will most likely need to apply with a bank or credit union. They will run the business's credit as well as the credit of the owner. They will also require you to provide the organizational documents for the business (i.e., articles of organization/incorporation, operating agreement/bylaws, corporate record books, etc.).

Answer by  jackson (75)

For one to get alone he needs a functional account with a bank for at least 6 months and a proof of constant income floo,copy of ID card,A witness and a copy of bank statement for the past 6 months.

Answer by  Amom (701)

You will need a comprehensive business plan. The banks will not consider a loan without one. I highly recommend that you visit your local Small Business Administration they can help you put together a strong business plan and help you get a loan. Best of all their services are free.

Answer by  Imagin (88)

Loan request document Bussiness profile, Bussiness plan, personal & bussiness financial statements, Cashflow projection, Balance sheet, Proof of taxpayer ID no, Credit rating report.Past bussiness tax returns.

Answer by  LeheckaG (1826)

Generally, a small-business needs to prove the ability to re-pay the loan-with-interest and still be profitable. This is done by submitting: a "business plan" which documents in writing and numbers how the business will be able to do so, along with business or personal financial-records showing: assets, previous-repayments, & proof-of-income.