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Small Business Loans
Posted on 1/4/17 at 9:11 pm
Posted on 1/4/17 at 9:11 pm
I currently own a small business that nets about 110-120k annually after expenses in addition to a salaried job that pays 75k. I have an opportunity to buy into a "satellite" of salaried job. Estimating I would need about 50k for this. Credit is very good. Savings is good but not very liquid and mostly in a solo401k and 401k from my salaried job, not a ton liquid and definitely not enough to cover the 50k I need to buy in. I know there are always risks but this opportunity is a pretty safe bet, much more so than most with business lined up ready to go upon opening up. This is in the NOLA area. Anyone have experience grabbing a small business loan in the area or online? What is the expected waiting time for this.
2
Posted on 1/4/17 at 10:06 pm to Saint5446
I'm in Atlanta and just started a new biz last yr. Upon opening our new biz account at local bank we immediately opened a LOC (based on personal credit scores) of $50k. They won't go over that until 2 yrs in business. We just started a 2nd related business and are doing the same $50k LOC for it. You should talk to your bank and see if they have options for you. There are SBA loans as well that could help but generally seem to have higher fees.
Posted on 1/4/17 at 10:25 pm to Saint5446
I'm not a banker, but in past experience $50k is pretty easy to get on line of credit if you have good credit.
Posted on 1/5/17 at 7:35 am to Libertariantiger
As said, you should be able to get a personal line of credit. Do you have equity in your house? If so a Heloc is an answer with a low interest rate.
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