Board Topic: Small Business Loan- What do I need?
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Small Business Loan- What do I need?

Posted by: Charles Bosse May 21 2004, 01:28 PM
In the semi-near future I want to start a small business. I am curious about what I need in order to qualify for a Small Business Loan? Including Credit Rating, Capital, Resume, Business Proposal.
Meaning, what does my credit score need to be? How much capital, if any do I need to supply myself to be taken seriously? What do I need to have on my Resume (ie. Experience, Education)? As far as a Business Plan or Proposal goes how specific and detailed does it need to be? Any input you can offer will be greatly appreciated. Thank you for your time!

Posted by: loanuniverse May 21 2004, 08:21 PM

Asking ” what I need in order to qualify for a Small Business Loan?” is an impossible question to answer as there are too many unanswered questions and factors.

For example:

Is your request for $10,000 or $1,000,000?

What is the business?

What is the industry?

Buying an existing business or starting a new one?

Education is good, but more important is experience.

And so on…….

I have an article or two about business plans, but frankly there are several better resources for that.

If you get something more specific in mind, I would gladly give you some feedback.

Good luck

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