Tips on getting a business loan

[mbrand2222]

I was wondering if anyone could post any tips on what you did to acquire a business loan if you had no prior experience with the type of business you wanted to start. I think this would be helpful to our forum and me,too.

[Colorado Ron]

There are a couple different options. SBA loans can be had. I never found success in going this route, but have met others who have. You can find a private investor--usually posting up on Craigslist will get a few responses. Pulling equity out on your house is another option. Not sure what your business Idea is, but I have found that starting with very little money is usually a better way to go. You become more creative with your money and ideas. You dont buy something you shouldnt, just because you have money in the bank. Hope that makes sense.

[Librazoe1982]

Well having a well presented business plan helps the chances of getting Small Business Loans.

[GPowell]

Aside from the comment mentioned by poster above, a good credit score.

[rogercbryan]

It depends on how much money you are looking for. There is a totally different approach needed for say $5000 then there is for $250,000... what are you looking for?

[mbrand2222]

Probably around $200k

[canadascoffee]

maybe take out a few smaller loans. I'm in the process of taking out a revolving line of credit at Sovereign Bank, who doesn't require much documentation for credit amounts under $100k.