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Business Loan

Discussion in 'General Business' started by micah001, Jan 30, 2007.

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  1. #1
    I'm thinking about taking out a business loan to start a web-based business - software programming. The money would be spent to buy the IDE (Visual Studio 2005), server space, templates, and advertisement. Is this possible? Has anyone ever taken out a business loan for a website business?
     
    micah001, Jan 30, 2007 IP
  2. tke71709

    tke71709 Peon

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    #2
    You're not going to get a business loan, it'll be done like a personal loan with your personal possessions going up as collateral.
     
    tke71709, Jan 30, 2007 IP
  3. Marketing100

    Marketing100 Peon

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    #3
    You can get an LLC - Limited Liability Company. They can't go after your possessions if your business goes bankrupt and their as easy to set up as a small business. And you should be able to get a loan if you draw up a decent business plan. You can almost definately get a loan from the Small Business Association. They work with banks and guarantee them at least 90% of their money.
     
    Marketing100, Jan 31, 2007 IP
  4. braden000

    braden000 Peon

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    #4
    I have never heard of business loans for web-based business...Not at least officially...You will be lucky if u get one on this. But alternatively you can take it for putting up a software development center. Hey wait a minute you may get a loan from Meridian Finance caz my neighbor has got loan from there last week for small work. if they can get you can also. If you want, you can contact them in internet Meridianlendersonline.com Just contact them lets hope for the best. Best of luck
     
    braden000, Jan 31, 2007 IP
  5. tke71709

    tke71709 Peon

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    #5
    Banks don't loan money based on business plans, they loan money based on track records and collateral (mostly collateral).

    A LLC with no track record and no assets will insist on having their loan secured. That's generally done with personal assets.
     
    tke71709, Jan 31, 2007 IP
  6. Marketing100

    Marketing100 Peon

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    #6
    Yeah but you can easily go down and talk to somebody at a SBA office to find out what it takes to get a loan. Just Google the words 'SBA loan' and you can get some of the general guidelines of what you need. It never hurts to try.
     
    Marketing100, Jan 31, 2007 IP
  7. Vigor

    Vigor Peon

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    #7
    Id be surprised if any bank gave you a loan for an online venture. Good luck though.
     
    Vigor, Feb 1, 2007 IP
  8. karated

    karated SEOing CEO

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    #8
    You're a business (become one).
    Do you have 1/3 of the cash you need?
    If so, contact your SBA office and you may be able to get an SBA loan..
    It's a loan like any other though, it's got to be paid back.
    When you can get good promotional rates on credit cards, for small amounts of cash, credit cards should be considered.
     
    karated, Feb 3, 2007 IP