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Business Loans Help

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Girlzilla88
Valued Contributor

Re: Business Loans Help

@sccredit.  I just checked it is not listed, however they do have an email us here if you do not see yours and so I did.   Wish me luck 🤞♧♡







Message 11 of 14
Girlzilla88
Valued Contributor

Re: Business Loans Help

@sccredit unfortunately the Franchisor has to be the one to reach out according to the automatic reply.    I guess it may be longer before I can update.







Message 12 of 14
CreditWithColin
New Member

Re: Business Loans Help

For larger business credit products such as Business loans and Business lines of credit, the vast majority of lenders will require you to be atleast 2 years in business if not 3 years in business. 80% of businesses fail in the first two years and banks don't like to take risks on newer businesses except for business credit cards. Business credit cards often come with 0% introductory periods and even a brand new business can be approved for them from $1k to $50k each typically with strong personal FICO scores. You could stack multiple business CC approvals totaling $50k to $200k. If you wanted a business loan or BLOC you'd have to have a 2 year company, some local banks offer these with no documentation but most banks want (3) months of bank statements / 1 year of tax returns. There are a few Bloan / Bloc options for newer companys (6 months to 1 years old) but they typically require proof of revenue (bank statements) and they are usually crappier repayment terms (like daily or weekly, almost like a MCA [merchant cash advance]) and higher interests rates too.

Message 13 of 14
Girlzilla88
Valued Contributor

Re: Business Loans Help

@CreditWithColin.   My situation is a bit different though the business itself has been around over 5 years I am opening a Franchise but it gets tricky when trying to find what places will assist with starting the Franchise or which ones want you to be in business 2 plus years as a good bit will state requirements while some not...I just wish it was more cut and dry then what I have been finding as I was told SBA was the route I should take and didn't find out until recently after them pulling my credit the store isn't even on the list...... you would think before someone ran my credit they would make sure it was on their list before doing damage and wasting my time.    This is what I mean.     I just need better direction because I have a straight plan I know my projections I know my costs but when it comes to the funding side I'm getting you go left and other people saying go right and most I find are 2 year plus in business but even tho the store has my store hasn't yet.....sighs







Message 14 of 14
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