Business Loans..

[rgdfilms]

Hey guys.

I've decided to start my own legitimate business next year. I was going to incorporate a name and open a bank account. How difficult is it to get a business loan for a first time business in the states? I was hoping to get $30,000 to offset equipment costs, namely the RED camera and a new Intel Mac..

I am completely new to all of this so your advice will help, I don't even know if incorporation is completely right for me.

thanks

happy holidays!

 

[Jason Ramsey]

I'm no business expert, but they will look to some extent at the potential viability of the business. Whether they think it is worth looking into or not.

You're own personal credit history is going to play the largest role in acceptance or denial of a loan and your interest rates, from what I know.

There are several different types of loans that are available to you for start-up businesses. I can't really remember what any of them are called. But, one thing you might do, is go to a nearby university. There are departments they have (the name of which is escaping me, right now. I took a restoril becuase I have to get up at 345am and drive an hour to work in the morning)... anyways, these departments are catered to providing advice and informing you of the various options available to you. As well as helping you to lay out a proper business plan, etc.

That's all I can provide for you right now. I'll see if I can remember the names of some of this stuff I found when I was researching a few months back. They are acronyms, and it is just escaping me.

Later,
Jason

I'm going LLC (Limited Liability Company), by the way, for my company.

 

[Jason Ramsey]

Oh. Here it is. It's the SBA (Small Business Administration). If you find their website and browse around on there, it will be a good starting point for you, concerning loans. But, keep in mind, if you have no credit, you almost positively won't get a loan. If that is the case, you will want to look into the possibility of finding someone who can cosign on that loan for you. There's no shame in it, if you have to do it. In fact, from what I have read, the majority of start up business funding comes at least in part from friends or family members.

If you are financially stable, on the other hand, you won't have to worry about that so much :thumbsup:

Good luck,
Jason