Question by Tuesday2786: What do I need for a business loan?
I am 22 years old. I have a small debt of about $ 3500 (which I consolidated almost two years ago when it was over $ 7000 and my credit (I’m sort of afraid to look yet) I know is not good, but is better off than it was 2 years ago.
I worked at this bridal shop for over 8 years (was my grandma’s and she had me come in when I was 12 on weekends and help “run dresses” and she gave me some cash for helping) and I quit the shop at the age of 20 after she told me she wanted to get out of the business to sell and retire. Well, here it is two years later and she is still open and hasn’t found anyone to sell to, except one lady who keeps giving her the run-around that “she’s going through a tough divorce”–this has been the story for the past year now…
I asked my grandma when she first told me she wanted to sell for and she told me that in my case she’d sell for $ 100,000 less than what she is asking normally, since I am her granddaughter. I ran this store basically for her since high school and when I graduated, instead of going to college I became the only full-time manager and buyer. I did all of the payables and bank deposits; I know how to run this is what I’m getting at.
Now– I was recently told by someone close to me that it doesn’t matter if I have a personal debt when it comes to business loans. My question is: does anyone know how hard (or if even possible) it will be for me to get this sort of loan at my age with my sketchy credit score? What do I need to present to the banks or…. what????
Thanks in advance for any help!
-E
CAN I PLEASE HAVE SOMEONE WITH *ADVICE*– MAYBE SOMEONE WHO HAS BEEN THROUGH THIS; NOT PEOPLE WHO WANT TO SELL ME LOANS??!!
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For a business loan, you will need a business plan and people to sign surety for you.
So first thing is to prepare the business plan. That will show the value of the business, stocks and properties that constitute equity, projected sales etc and projected income, illustrating how the loan will be paid off.
I am not such an expert, but the banks want to loan, so if it looks good they will do it.
Find someone who can do the plan for you who knows what they are doing