Forums: Discussions for entrepreneurs and small business.

Not sure what your question is. FYI - the SBA doesn`t make loans. They provide "guarantees" to the lender, which is supposed to make the lender more willing to lend to small businesses. Among the recent actions taken by the US government was to raise the guarantee percentage to 90%- which was intended to "encourage" lenders to make loans to small businesses.

For both past and present - the personal credit history of the principals is a very important factor in getting any SBA loan. With your poor credit rating, you may have to look for other funding strategies.

Hope this helps. If you`d like to discuss your specific situation (in confidence) send me a PM or contact me directly.

Sky,

I can`t speak about your source, but I doubt it. Most lenders look at performance over time -s not just the age of existence of the company.

I`d ask - who provides the line of credit.

If you want to discuss your specific situation in confidence, contact me directly

Good point!  I know it is rough with poor or no credit it makes life very difficult.  I wish you luck in your venture..   There are some good suggestions out here.  You just have to make it happen for yourself if you want it bad enough. 

John,

I`m not sure how your question relates to the topic of SBA loans.

Generally, the franchiser provides all this type of information along with the training to support their "program"

If they aren`t helping you prepare your advertising & promotion plan - or at least providing you with some guidance - why do you want to buy this one?

These SBA Loans are really so and convenient option for a businessman to do something better with his business. After reading you blog post I found that the collateral of this SBA business loan is the company’s assets are also a place of business equipment and machinery for small businesses. That’s really great!!