Getting the Financing for First Business

[strangbad]

I just got my incorporation papers through, Im going into bizness with some compadres doing notary and process serving. It aint super sexy work at all, but it’s a cash cow. Getting a loan has been challenging, tho, since we’re just starting out and we don’t have a resume of having run a biz before. Anyone here self employed? What do you do? Ever take out small business loans? Im wonderin what it takes to convince a bank to make the loan…

[rogercbryan]

Not to be rude, but you need to first start with your grammar. If you are going to communicate with business professionals you need to sound like one. Using slang does not help.

How much are you looking to borrow? You can try sites like Personal & Small Business Loans at Prosper.com - the P2P Lending Marketplace. - Prosper if you need less then $25,000. Do you have a business plan?

[ncik]

If you want that loan, you've got to write a solid business plan (with good grammar), and present yourself to the bank in a very professional way (in a suit).

As far as not having experience in business, you need to show the bank that you're dedicated and willing to put the time in. Maybe you should start doing a business course, and include that on your CV.

If you want a headstart on the Business Plan I could certainly write it for you if you could give me a outline of the business idea and approximate cash forcast.

[paul2145r]

Once you get a business plan together, I may be able to help with financing. I have made contact with a representative from a foreign bank that is interested in establishing an investment fund dedicated to investing into US-based small businesses.

Also- what exactly are you looking for a loan to cover? It seems to me that a Notary service wouldn't require much initial capital.

[boromarl]

Rogerc may have a point. Nothing is more important than a professional image. However, my biggest snag with credit was not knowing my options. I ended up not getting the right loan. Mine only covered me halfway, I could only hire so many people. It’s all good though. Instead of hiring a receptionist, I have a virtual office attendant through Gotvmail and it worked out fine. I have fewer W9s, so every one I pay is essential. Do diligence is my best advice. The govt has all kinds of programs from small businesses. There’s a ton of sites, but the one I regret not finding sooner is the Small Business Administration 7a loans. You should check their site for specific on qualifications.

[BusinessAdviser]

Understand that an SBA loan should usually only be used as a last resort.

[rogercbryan]

It all comes back to proper planning. Write a business plan and then write it again. This will help you to not only get funding but it will shape your business.