I just purchased a business, but do not own the land. I've only owned it for 3 months so far. I'm a college graduate and do not have much assets, but have very good credit. What can i do to get sizeable loan? I was told that i can't get a loan unless i've been in business for 6 months. Does anyone have any input to as how to get a loand quicker other than from a loan shark. Any input will be appreciated.

Thank you in advanced.

Botnay

Sounds like the deal entails some risks. If a bank is going to give you a loan it would probably entail an SBA 7A guaranty. If your credit is good, the business has a history of cash flowing (or you have a solid business plan) and the main risk is the lack of assets or collateral to secure the deal this might be a viable way to proceed. What's an SBA 7A guaranty? In simplest terms, if the loan goes into default and the bank has to collect on the secured assets the SBA guarantee basically pays back the bank a portion of the amount remaining after collecting all it can from you. It helps to mitigate the risks associated with a loan that doesn't have enough collateral.

I'd contact a local bank that does commercial lending or, even better, a local SBA small business development center which are located around the country. They can assist you with the process. Go to WWW.SBA.Gov and you can search for a SBA development center near you. Good Luck.

Hope that helps some.