Has anyone applied for a Small business loan? Is it tough to get a loan from them?

Has anyone applied for a Small business loan? Is it tough to get a loan from them?

i hear it is a very s l o w process.

I am a Bank Manager, and unless your business has been established for at least 2 years, it may be tough for you...depending on the lender of course. If you own a start-up business, you need to have strong personal credit and income.

I have not. I have heard that they take a bit of paperwork to get. You must be pretty serious and thorough. A friend of mine who had one said, "...if you don't mind the government looking over your shoulder on every check you write until it's paid off..."

There are criteria similar to that of getting a loan for a house plus more: good credit history, a business plan that shows how you're going to make money to pay back the loan, other collateral helps (ie if you own a home). The biggie though is credit...if your credit sucks there is very little that can be done to get a business loan.

SBA doesn't give loans, just assistance, guidance. Loan will come from a bank. Just like any loan, you will need credit, collateral, business plan and it helps to have your accounts with that bank.

There is no government organization or some miracle group that does loans to small biz's, that's all myth. Bank, just like any other loan.

generally speaking you will need either a strong credit score or be able to show significant collteral, banks are not too quick to make start up loans, there are alot of factors, like how much are you looking to borrow and what type of business, regardless they usually want YOU to have an investment of your own in it as well. You might be better off with a home equity line of credit and use it for your startup capital.
Best of luck

I understand that you have to have good or at least no credit, have 25% of the business cost available, and some type of knowledge/skills in your desired business field.

Good luck!