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What do you need to get an SBA loan these days?

How difficult is it to get an SBA or a Bank loan in these troubled economic times? I hear lot of people talking about banks are not lending to startups and new businesses. Please share your successes and failures stories.

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The BAF Group LLC
MD

Forget Bank Loans. As for the SBA, it depends on the industry and the business within that industry. It depends on your Credit Score. It depends on what you can bring to the business, in both your own funds, as well as proof that you have the experience and knowledge to operate it successfully. Trying to start a CB Radio dealership will probably fail, right now. Opening a strip club in downtown Tehran is not going to fly with the SBA.

But there are other deals that will work. There is no question that buying a business is easier, than trying to do a startup. But it is not completely a dead issue. But you need to be far more professional in your approach and have a sound concept to work with, from the beginning. A polished Business Plan will help, tremendously.

Aug 11, 2011

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