My husband and I are starting a business. Does anyone have any idea how long it takes to get a small business loan?
Posted by TomDavidson (Member # 124) on :
*blink* I would know this kind of thing before I decided to start a small business.
Posted by seespot (Member # 7388) on :
Decided to start a small business doesn't mean your opening your doors next week. Part of the process is finding all this stuff out. . . Posted by Farmgirl (Member # 5567) on :
Depends -- are you talking about a small business loan from a bank, from a venture capital firm, or from the Small Business Administration?
Posted by seespot (Member # 7388) on :
Well, we would like to steer clear of venture capitalists, simply because of the control issue. A bank has been our first choice, but that might just be because we aren't very familiar with the other options. We would also definitely need a co-signer there for the size loan we need. We have a potential co-signer, we just need to finalize the business plan and show it to him.
I'm not extremely familiar with the SBA. Considering it's part of the federal government, that makes me think it is slow. But, like I said, I haven't totally educated myself on that avenue yet.
Posted by opiejudy (Member # 9301) on :
There is a lot of research to do before getting an SBA loan. Google SBA loans and read all you can. Also many places that come up on the google search will have walkthroughs on how to write your Business Plan. Which is a requirement. Another suggestion I have is to start out with jsut you as a sole proprietor, not with your hubby has a partnership. Then contact a grant writer and get a grant for women owned businesses.
Posted by David G (Member # 8872) on :
The time it takes to get a small business loan ranges from days to many months depending on many factors, such as the amount of the loan, credit of the borrowers and guarantors, whether the loan will be secured (and if so, how), what the loan proceeds will be used for, and the lending institution who gives the loan.
I think you need to just begin talking to lenders to find out what it will take in your particular case.
Posted by seespot (Member # 7388) on :
opiejudy--
Looking into loans for women is a good idea. On paper I will be the sole owner of the business, so that is an avenue I haven't considered that I will look into.
I'll also start contacting lenders just to get a general idea.
Thanks so much everyone. If anyone has two cents they would like to continue to add, they are more than welcome to do so.
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