Where to get Business loans?

Discussion in 'Growing and Managing a Business' started by Wmg89, Jan 12, 2012.

  1. Wmg89

    Wmg89
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    I really have no idea where I would go to get a business loan. I bank with Chase (and yes I know, they may be one of the worst banks but I have yet to have a bad experience with them), and I'm not 100% if they offer that, or if they would even be a good option to go with. My questions are:

    • Where to go to get a business loan (best options)
    • How to know I'm getting the right one
    • What do I need to present the company with, when I go for the loan

    Anything else anyone wants to throw out there about information would be great.
     
  2. MerchantResource

    MerchantResource
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    You can get an advance on your future credit card sales at http://www.nabcapitalsolutions.com You are able to borrow up to 125% of your credit card business each month. The website has a lot more information. Thanks and I hope that may help depending on how much your looking for.
     
  3. DaveB

    DaveB
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    Hi Wmg,

    To get a business loan from a bank you will have to have a business plan and a lot of other documents for them to even begin to take you seriously. The best thing to do is go into a few banks and get there small business loan application. This will give you a good idea of the information / assets that are needed. Most big banks also have representatives you can sit down with and talk which can never hurt. There are also lots of ways to get alternative loan funding. Friends/family, crowdfunding, peer to peer lending and credit cards are all ways to consider as methods to fund a business. How much money do you need to start the business? What type of business were you thinking about starting?
     
  4. Krisz Rokk

    Krisz Rokk
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    If you're from Europe: the EU offers great loans for small businesses as it wants entrepreneurs to be more engaged.
    If you're from the US: have u thought of the WorldBank? If you have a great idea and can show them a good business plan, they might give you a so called "scholarship" or co-finance your project.
     
  5. Wmg89

    Wmg89
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    A well thought out plan on paper, with detailed information about prices and future plans is something I do plan on getting. I have not yet planned out pricing for everything I would need, except for building space lease. I'm looking into a video game store. The hard part is figuring out where to get all of my information from... which I do plan on looking into this evening. It's hard to find information about video game stores online, because the biggest franchise for games is Gamestop/EB Games, and I'm pretty sure they don't share much information. My think was I would need around $50,000, give or take a bit, to get started, and possibly back me for 2-3 months if needed.

    I am in the US. Government loans are something I was looking into as well. Unless that's the worst way to go. Keeping family and friends out of this is something I would really like to try and do. If the business does fail, I don't want more people feeling the hurt of it than there should be, and if something goes south with a friend or family member, I don't want issues over the business. Is there one bank that is better than the other?
     
  6. Wmg89

    Wmg89
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    Thanks for the feedback. I'll be meeting with the owner of the empty space tomorrow to look over his space. It's nice to be able to come here and get experienced feedback :)
     
  7. toomkruz

    toomkruz
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    To get a business loan from ICICI bank you will have to have a business plan and a lot of other documents for them to even begin to take seriously. The best thing to do is go into a few banks and get there small business loan application. This will give you a good idea of the information.
     
  8. Mark T

    Mark T
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    Hi there, here is a good list of bank that you can choose from to get your business loan started. This is mostly in the US (if you are located in the US)

    - American Express Bank
    - Pitney Bowes Bank
    - Capital One Bank USA NA
    - Advanta Bank Corp
    - BB&T Financial Services Corp.
    - Discover Bank
    - Wells Fargo Bank Northwest NA
    - Eaton National Bank & Trust Co.
    - First-Citizens Bank & Trust Company
    - Sweet Water State Bank
    - Innovative Bank
    - First National Bank
    - Transportation Alliance Bank
    - People's United Bank
    - VisionBank
    - Tennessee Commerce Bank
    - Renasant Bank
    - Hanmi Bank
    - First Bank

    To know more about them, here is the link I got : http://www.entrepreneur.com/bestbanks
     
  9. schumannrober

    schumannrober
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    Business loan is really very important to run a business, if you need a big amount to run you business then you go for business loan.
     
  10. foxgeorge

    foxgeorge
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    Good idea, With an SBA loan, your business can take advantage of longer repayment terms and higher borrowing limits.Stefan Seuss career has started initially at HYPO Bank, Munich. HYPO Bank is the leading commercial bank, from where Stefan Seuss earned his expertise with the activities including banking, leasing and consulting.
     
  11. EFG

    EFG
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    Do You Have an urgent need for a personal loan or have workable business proposal but lack funds? enables individual and small businesses with a workable business proposal, but lacking sufficient funds, to borrow money.

    The Enterprise Finance Guarantee (EFG) is a UK government-guaranteed lending scheme intended to help smaller viable businesses and individuals who may be struggling to get loan.

    * Borrow from £10,000 to £1,000,000 or its equivalent in other local currencies for your business and personal needs.
    * Spread repayments over 1 to 30 years.
    * Fixed rates of interest available.

    You may need an injection of capital to help get your business off the ground, or cash for personal needs and to help grow your business once it's established.

    You should not apply for an amount that you cannot comfortably afford to repay now and in the future to avoid the possibility of legal action.

    Apply now.
    Contact By Email:
    [email protected]

    Contact by phone.
    Call us on +447031816909 (open 8am to 8pm Monday to Friday and 9am to 1pm Saturday) to discuss your application with one of our relationship managers.

    Our service promise:
    We aim to provide the highest level of customer service possible. However, if you experience a problem, we will
    always seek to resolve this as quickly and efficiently as possible.
     

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