Are you trying to get your business off the ground or maybe you want to expand? Do you need small business loans for women to get yourself on your way? There are actually grants and loans that are designed just for the female business owner. This is because women are considered a bit of a minority when it comes to small business and the SBA is trying to help more women enter the business ownership world. Here are some helpful options for you to take advantage of.
A. Unfortunately, it does not work that way. First, most of my Small Business loans Boca Raton are unsecured and so we don’t even ask about collateral. You’re not describing your equity in your house, the value of your trade fixtures, or anything else. There are simply no liens on property. For larger loans collateral will be required and in today’s market, it will usually be real estate.
(i) FEES- The Administrator of the Small Business Administration is prohibited from charging any processing fees, origination fees, application fees, points, brokerage fees, bonus points, prepayment penalties, and other fees that could be charged to a loan applicant for loans under this section.
A. Unfortunately, the lenders in most cases only check your personal credit report through Experian, TransUnion, or Equifax. There are companies out there that promise to get you a business credit card or unsecured small business loan only using your taxpayer ID number and not your social security number. Be careful. Although there are people who have been successful, there just as many who have failed doing so. And it takes a lot of time, because you have to create credit in the business name first and then make the bank application.
The main reason people fail in small businesses is lack of funding. Being underfunded will lead to failure faster than any other factor. As a general rule you will need 6 months expenses in the bank and when estimated start-up costs, you should add 20% to your expenses. This will allow room should anything not go as planned. Banks and other loan sources will want to see these expected expenses in your business plan.
A. You can. It is not required. On the other hand, it helps. So I tell people if they are a couple of hours away from finishing their business plan, by all means do so. It is beneficial to have even if you do not apply for the loan. But if it is going to take you two or three weeks, don’t sweat it, and simply send in the application. We can always work on the business plan later.
A. These military loans are not like applying for a credit card. They rarely base the decision solely on your credit score. They look at the overall credit report. As to that report, they look at: 1) your credit paying history back seven to ten years, 2) the current status of your accounts, 3) the number of accounts, 4) the quality of the accounts . . .there’s a big difference between a Capital One credit card and platinum American Express, 5) how long you have had the accounts, 6) matters of public record such as judgments and tax liens, 7) enquiries, and how 8) how high your credit card balances are.
When it is about starting a new business many things comes into context. These are like buying a land or an office or a store, constructing office, decorating it, hiring people to work, buying raw materials and machines. For all these things the loans too must be adequate. The small business loans have solved all those problems and are helping its borrowers in each and every aspect.