SBA Loans?

[pressurewashing]

Has anyone ever tried to get an SBA Loan?
How hard is it to get? I have looked at the sba.gov site but doesn't give too much information on exactly how hard or how long it takes. Would like to hear some information from someone who has tried.
Thank you for your help
Jim & Shirley

 

[spraymasters]

Hey Jim and Shirley,
When we first got started we looked into the same thing. It is pretty difficult from what I understand. They will not just give out loans. You have to prove that you have tried other places like banks before they will consider you. There is plenty of info that you can get if you call your local agency. You should be able to find them in the phone book or on the net.
Good Luck, and if there is anything we can help with just ask..

Den and Glo

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Living Life On the Edge Makes Us Dizzy...WE LOVE DIZZY!

Dennis A. Cormier and Gloria A. Wagner
North Georgia Spray Masters, Inc.
spraymasters@hotmail.com

 

[Laurie Grathen]

Jim & Shirley,

The SBA doesn't give loans, they only guarantee them when they are granted by a regular bank. Though different banks have different criteria for loan approval, in order to get one, you usually need to write a business plan and show that you've thought the business idea through and show the loan officer how, exactly, you intend to pay back the loan. In addition, the bank will generally require that you have 20-30 percent equity in your business. This mean that if you need $20,000 for the business, you have to have $4,000 - $6,000 to put in it.

Contact your local SCORE Chapter (you can find the closest one at www.score.org). Ask to get a counselor (free of charge) who will help you through the process.

Laurie Grathen
All American PowerClean
Lake of the Ozarks, Missouri
SCORE Counselor
Chapter 493 (National Chapter of the Year!)
Phone - 573 346-2995

 

[ameri-clean]

We talked to a SCORE Counselor when we started our business. They were very helpful with general business guidelines, ie: bookkeeping, tax records, business plan, profit & loss statements, etc. This is a good resource even if you are not trying to get a small bus loan.

 

[Kevin]

I started my business with an SBA laon. I had a consultant that sits on the board at the bank to help me out. He helped me put together a business plan that the board would want to see. It took 5 months to get approved for my loan. E-mail if you want more info.