How do I get a Business Loan?

DR527 · ‎06-05-2020

I have been searching for a way to get a business loan. I keep finding that most places are only at this time accepting PPP loan applications. And they have stopped taken all other kinds of applications. How do I get a business loan? I bank with Bank of America they told me to not even bother to apply at the moment. Should I try a smaller bank? Or should I try an on-line bank. How do people start off with finding funding for their business? My personal credit is now in the low to mid 700 and I'm willing to PG. I just can't seem to get my feet in the door anywhere.

Anonymous · ‎06-05-2020

I would try local Banks or CU's that offer business products.

GApeachy · ‎06-07-2020

@DR527 wrote:
they told me to not even bother to apply at the moment.

"at the moment" may well last into the beginning of next year.

Go into every branch you can, talk face to face with any LO you can. Even if you find you need to revist those that told you 'no' perhaps on a monthly basis just do it- asking to go over loan options.....be a squeaky wheel.

Hang in there, things are just so far from normal it's hard to really get a feel at how all of this will play out. The squeaky wheel gets the grea$e.

My Take Home Pay Don't Take Me Home

Creditaddict · ‎06-09-2020

Business open or startup?

what kind of business?

how much money?

equipment or other things you need money for?

DR527 · ‎06-19-2020

Start Up. Their is a market for housing. Both flipping and leasing. The people who have the cash are basically printing money. Where I live.

WayneSki · ‎06-19-2020

@DR527 wrote:
Start Up. Their is a market for housing. Both flipping and leasing. The people who have the cash are basically printing money. Where I live.

It's very unlikely you'll get a business loan for real estate.

DR527 · ‎06-19-2020

Yeah I am finding that to be true. I have looked at a few hard money lenders. They all require large cash down deposit. I was considering trying to find investors in the area. But with a pandemic and protest and everything happening, I wasn't sure how realistic that maybe. But I have recently called around to small banks (somewhat) around me. And I was able to speak to a manager at one of them, who said that he would pass my information along to a guy. Who is supposed to get back to me on whether or not he can help.

8in2years · ‎06-19-2020

Getting business loans are possible, but your business needs to be real and have a paydex score.

(1) File your LLC

(2)Create an operating agreement

(3) Apply for EIN number

(4) Open a business account ( I recommend you create a business acct with 3 credit unions) Research the ones that have secured business cards.

(5) Make sure your business address is not a residential address (Try using a virtual office with regus)

(6)Get a business phone number (Try freedom voice)

(7)Get a duns + bradstreet number (the government contractor process is free)

(8) Get a website and list your website on all directories.

Use Nav.com and Experian Business to see your Paydex score once your net30 accounts report

Example of net 30 accts: Quill, summa office supplies, grainger, u-line, crown office supplies, wise business plan (spend 55 dollars or greater on each of these and pay your bill on time =apply for all 6 at the same time, let them all report and a paydex score of 80 will genenerate. Use nav. com to see what your paydex score it. You will have lenders sending you offers via mail to your business address after you get 2 fuelman cards, amazon net 55 business card, walmart + target business card and amex business gold.