Do you need collateral to apply for a SBA business loan?
Answers: I think the SBA specifically helps banks approve loans that they would otherwise decline due to a lack of collateral.
You will need business experience, business plan, good credit and positive cash flow projections to pay the loan to get approved.
You can apply for an SBA loan with NOTHING, of course, but you need the above to be APPROVED.
Firstly, I don't think the SBA actually does the loans themselves - they can and do turn you onto people who provide small biz loans. Loan companies work with them to provide their services and the SBA offers seminars to tell you how to get qualified.
Depends on the amount and your credit. Sometimes grants are available. You may be able to find a business signature loan for as much as $15K. More than that and I believe you will need to have collateral.
The greatest collateral for an SBA loan is the personal guarantee that you will give at the very end. That means that no matter what happens to the business, to your house, to your assets and other things - you are responsible to pay it back. Even the 20% that you put down is not as great as that final signature on the dotted line. Be careful and re-evaluate the decision to get an SBA - are you confident that the business will succeed? Is it worth risking everything?
As an alternative a small business owner can build the business credit profile. Building business credit will allow the small business owner to walk away from such a large risk (the collateral on the SBA loan). Start your search online by googling "strong business credit" (just like that in quotes.
Good luck and think twice before entering into an SBA loan.
Ilya Bodner
Small Business Owner
Initial Underwriting Group
I read on Y that you can sell products free instead of like on EBay is that true and if so how?
Answers: Here is a list of free classified websites, hope it will help.
http://www.boxforyou.com
http://www.livedeal.com
http://www.backpage.com
http://www.craigslist.com
http://www.usfreeads.com
http://www.theadnet.com
http://www.shaklee.net/about
http://www.kijiji.com
You can sell them on G00GLE Base for free. You can also create a website on freewebs.com
You can get your own domain from GoDaddy.com for about $8 and have them forward and mask it to your free website.
Yes, it's that easy.
~barefeet
EDIT sorry forgot the link to the walk thought - how to do it:
http://www.barefootmarket.com/mommer/vie...
If you live in a city/community that has a Craig's List section I have found it much more convenient for dealing with local potential buyers. And it is generally free listing in most categories.
How do you search to see if a name for your business has been taken? How do you copyright a company name?
Answers: Once you have a company name in place you don't need to copyright it. It's yours because you have used it first and had it reigstered in the county, or on the state level if incorporated.
Local search with your county. usually the recorders office handles ficticious business names.