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help concerning loan advice


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#1 Guest_Grady Massey_*

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Posted 03 December 2004 - 02:41 AM

I am looking into starting a buisness but I will need a loan. I do not want to start applying for loans before I know the possibility of getting a good loan.

I am 24 years old

My current monthy income is around $4500.00 a month. It has been at this amount for around a year.

My credit rating is 667.

I do not own a home.

I would like to get a loan to start a buisness for at least $150,000.

Will somone please give me your thoughts about the probability of getting a loan for that much

Thanks
Grady

#2 loanuniverse

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Posted 03 December 2004 - 01:34 PM

Grady:

”… give me your thoughts about the probability of getting a loan for that much…”

Fast and to the point:

Getting a loan without a business plan = 3% chance

Getting a loan without a business plan and no substantial equity contribution = 2%

Getting a loan with a business plan, and substantial equity contribution {read at least 25% coming from your own pocket} directly from a bank lender as a startup = 7%

Getting a loan with a business plan, and substantial equity contribution {read at least 25% coming from your own pocket} directly from a bank lender as a startup, but with the guarantee of a government agency {read SBA or local Government} = 25%

Percentage of statistics that you find in the internet that are made up = 79%

Seriously, my point is that you need a detailed plan, you need to provide some of your own capital, and you need to get someone to help you in the form of a guarantee to improve your chances. Lenders do not like startups. It is too much of a gamble, and the upside is limited.

Good luck

#3 Rick

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Posted 03 December 2004 - 02:44 PM

As I was reading this I was thinking the same thing. I work for a government lending org and spend a great deal of time explaining to people the importance of a business plan and having an equity component. First thing that comes to mind is that you state you are making $4500 per month ... when you start your business will you still be working at your present job? If not, what you make now is irrelevant, what you have saved and can contribute to your startup is relevant.

The possibility of getting a loan for $150k with the information you have provided is rather difficult to say, although I am certain that you will have a lot of 'talk to me' offers.





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