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The bank is hoping to find out that the business owner has at least a vague clue about how to run the business and how to make money. Throwing it out there and hoping the business flies when a person doesn't have any business training is a sure way to fail and the banks aren't going to give that applicant any money.
I had no idea how to run a business when I first started, they still gave me money to buy a building! I didn't give them any kind of business plan but I did give them my incorporation papers...
I had no idea how to run a business when I first started, they still gave me money to buy a building! I didn't give them any kind of business plan but I did give them my incorporation papers...
Thanks you Oregonwoodsmoke!!. I also want to know Are banks give business start up loans....? A Person who doesn't have any professional experience.
The small business administration will back business loans. The requirements are really strict. Not only do you need a clear business plan, but you must take classes in small business management--- which anyone hoping to start a small business would benefit from greatly, whether they are going to borrow money or not.
As far as I know, only banks will offer the SBA backed loans, and not all banks offer them. You will have to call around and ask.
Start up money can be difficult to find, unless you have an excellent business plan and it looks like a real winner. Then there is no problem finding the money. But too many people have some sort of vague idea and don't know how to turn it into a business. Those people are going to find it impossible to get money, unless they have rich generous relatives.
I had no idea how to run a business when I first started, they still gave me money to buy a building! I didn't give them any kind of business plan but I did give them my incorporation papers...
Buying a building is a real estate loan. That is not a business loan. The building itself secures the loan. There isn't much to secure a business loan except the promise of future earnings. The banks want to see where those earnings are going to come from.
Is there an industry of people who make up business plans for people, and do the presentations?
You can probably pay someone to write up your business plan for you, but they can't make up things out of thin air. You must have the ideas that they then put into words on paper.
There is lots of research involved before you can put together a business plan. You can certainly pay someone to do that research for you.
Anyone that you expect to lease a building from has most likely already had a traffic count done, because that affects how much rent he can charge. So, that is one expense you are not likely to have to pay for.
If SBA or any Government organization does not provide start-up business loans. Then can I go for private organization who provide start-up business loans.
What are the risks to take business loans from any private loan providers....?
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