Small Business Loans

[YeahYeah01]

Does anyone have any recommendations on a got to for Small business loans? Not the COVID disaster loan just a normal small business loan. Got a buddy just starting out and looking to expand with some new equipment.

EDIT. I know he can sign up through the SBA website and get paired with someone but if anyone has a reference that they trust, I'd rather go that route before just getting paired with a random SBA lender.

 

[Done-it-again]

SBA

 

[YeahYeah01]

SBA

I know he can sign up through the website and get connect to someone, but if anyone knows a lender that handles them that they trust I'd like to know.

 

[Done-it-again]

I know he can sign up through the website and get connect to someone, but if anyone knows a lender that handles them that they trust I'd like to know.

He will need a bank for work, so that would be a good start for a business loan and make that relationship.

 

[Hammer]

Going through this myself. Its really difficult getting capital. If anyone on the boards wants to back me as a private lender I'm open to signing a contract. No funding will be borrowed without a contract in hand from a client. I'd rather deal with someone I know as well.

 

[YeahYeah01]

He will need a bank for work, so that would be a good start for a business loan and make that relationship.

Thanks. I'll see if he's tried that route yet.

 

[YeahYeah01]

Going through this myself. Its really difficult getting capital. If anyone on the boards wants to back me as a private lender I'm open to signing a contract. No funding will be borrowed without a contract in hand from a client. I'd rather deal with someone I know as well.

What industry are you in?

 

[Hammer]

What industry are you in?

Construction.. I’ve talked to several lenders with no luck. Typically they want three years of solid financial income. I hear 10% interest from a private backer is the going rate.


Sent from my iPhone using Tapatalk

 

[mash on it]

What state? Az?

Dan'l

 

[boatpi]

You will need collateral to get a loan. We used Manufactuers Bank in LA.

 

[YeahYeah01]

You will need collateral to get a loan. We used Manufactuers Bank in LA.

Thanks

 

[YeahYeah01]

What state? Az?

Dan'l

California

 

[YeahYeah01]

Construction.. I’ve talked to several lenders with no luck. Typically they want three years of solid financial income. I hear 10% interest from a private backer is the going rate.


Sent from my iPhone using Tapatalk

Dam that's high.

 

[mash on it]

California

I got nuthin.

Dan'l

 

[YeahYeah01]

I got nuthin.

Dan'l

Lol. No worries

 

[ChumpChange]

Does anyone have any recommendations on a got to for Small business loans? Not the COVID disaster loan just a normal small business loan. Got a buddy just starting out and looking to expand with some new equipment.

EDIT. I know he can sign up through the SBA website and get paired with someone but if anyone has a reference that they trust, I'd rather go that route before just getting paired with a random SBA lender.

Shoot me your info and I’ll point you in the right direction. Different banks specialize in different products and industries. All depends on their individual credit cultures.

 

[YeahYeah01]

Shoot me your info and I’ll point you in the right direction. Different banks specialize in different products and industries. All depends on their individual credit cultures.

Thank you for the help. I'll send you a PM in the morning.

 

[copterzach]

I use a small one location bank. I have financed 4 helicopters through them. Paid them all off way ahead of the due date with no penalty. My last helicopter was $125,00 at 4% for 4 yrs. Paid it off early.

My company account is with another small bank. I think they 5 or 6 locations locally. My home loan is through another single location bank. I like small family banks.


Sent from my iPhone using Tapatalk