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Joker
LSU Fan
Member since Jan 2009
185 posts

Small business loan

How hard is it to get a small business loan these days? How about for an established business?


LSU6262
LSU Fan
Member since Jun 2008
2454 posts

re: Small business loan
cash flow is very important for lenders when it comes to making a loan. You need to have more money coming in than out and need it to be consistent and able to prove it.

quote:

How about for an established business?


It's easier than for a new business.


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Jambo
Team Foodie
Member since Aug 2009
1827 posts

re: Small business loan
MidSouth Bank just did a very sweet program where you only needed Articles of incorporation, and a 640 or higher personal credit score. The loan was 50k, at 5%, 4 years.
I know a lot of my buddies did it to grow their small companies.


TheDirty1
LSU Fan
Member since May 2011
360 posts

re: Small business loan
Secured or Unsecured? Seems like they would want to secure it with something.


Joker
LSU Fan
Member since Jan 2009
185 posts

re: Small business loan
Looking to buy an established daycare. No details yet. Just started researching...


Jackson6LN
Member since Aug 2012
4 posts

re: Small business loan
For an established business it can be easier to get finance...if you can show that the business is profitable from the past 3 or 4 years of trading (this is generally what the lender will ask for).
This post was edited on 6/24 at 6:44 am


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Jambo
Team Foodie
Member since Aug 2009
1827 posts

re: Small business loan
quote:

ecured or Unsecured? Seems like they would want to secure it with something.


Unsecured. Never even asked for financials. It was a very special type of loan, I believe a very short window as well. I want to say they had some Small business loan money they had to lend, or pay penalties.


Jambo
Team Foodie
Member since Aug 2009
1827 posts

re: Small business loan
Let me add to that. Unsecured, but the borrower was on the hook personally.


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Paul Allen
Notre Dame Fan
Baton Rouge, LA
Member since Nov 2007
33845 posts

re: Small business loan


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Paul Allen
Notre Dame Fan
Baton Rouge, LA
Member since Nov 2007
33845 posts

re: Small business loan
What you mean, how hard?


yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
78156 posts

re: Small business loan
Why are you bumping this thread?


Paul Allen
Notre Dame Fan
Baton Rouge, LA
Member since Nov 2007
33845 posts

re: Small business loan
quote:

Why are you bumping this thread?


What you mean?


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