Board Topic: Loans for youth
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Loans for youth

Posted by: Ian Chung Dec 6 2003, 07:53 PM
Hello
My name is Ian Chung.
I have been searching for a loan provider for 2 months now and only found one that offers the amount needed to start my business, the problem being that I am 17yrs. old and do not meet all the requirements.
If anyone has any suggestions I would appreciate them. (I am hoping for a $25,000 loan, I know it is a lot but it would be the most practical)
Thanks
IAN

If anyone would like to contact me my e-mail is Ian_the_korean@hotmail.com

Posted by: Rick Dec 8 2003, 08:18 AM
Hi Ian,

Your best be would be to check with both your state / provincial (depending on where you are) and federal governments about youth business loans. Many have programs designed to help, although they may not match the level of funding that you are seeking.

Cheers,

Rick

Posted by: loanuniverse Dec 9 2003, 06:54 PM
Ian:

Sorry for not responding earlier, but I have been really busy. Regarding your situation, I am sure that you must have been told that as a minor, you are under the age of majority for contractual capacity. This would make a majority of the lenders if not all shy away from even entertaining your request.

Loans for youth is a completely unknown area for me and I did do a search in Google for “youth loans” and found several sites dealing with the subject. I can only recommend that you do the same.

As general advice, all I can say is that you should develop a detailed business plan for your business if it is not yet in operation. The first thing a lender would want to know is why are you asking for that amount if you approach him saying that this amount would be most practical as you stated in your original post.

Hope this helps.
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