Tips on getting a business loan

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amother

Mon, Dec 18 2023, 1:03 pm

Any help would be greatly appreciated. I've tried everything and so far it's been only dead ends.
Anyone know someone who specializes in this?

amother

Ebony

Mon, Dec 18 2023, 1:05 pm

Do you have a business plan and good credit? Have you tried going to a bank or applying for an SBA?

What kind of loan are you looking for?

amother

Mon, Dec 18 2023, 5:05 pm

Thanks. Yes. We've tried them all. I need someone who is more creative than the typical since the business is less than a year old and that's where I think the issue might be. Credit score above 630

amother

Chambray

Mon, Dec 18 2023, 5:09 pm

amother OP wrote:

Thanks. Yes. We've tried them all. I need someone who is more creative than the typical since the business is less than a year old and that's where I think the issue might be. Credit score above 630

You can try one of the literally tens of spam calls and texts I get a day about business loans. Somehow they all got my number from my business website.
In all seriousness, you might do better with a personal loan or a credit card loan with 0% apr. 630 is not a very high score so that may contribute to not getting loans

amother

Antiquewhite

Mon, Dec 18 2023, 5:11 pm

amother OP wrote:

Thanks. Yes. We've tried them all. I need someone who is more creative than the typical since the business is less than a year old and that's where I think the issue might be. Credit score above 630

How about trying the Hebrew free loan society?
They have a small business loan?

amother

Mon, Dec 18 2023, 5:20 pm

amother Chambray wrote:

Lol I get those too.

My score is over 630 I just wrote it because I think that's the minimum for approval. But it's under 700.

amother

Mon, Dec 18 2023, 5:21 pm

amother Antiquewhite wrote:

How about trying the Hebrew free loan society?
They have a small business loan?

Thanks. I might reach out

Arep

Mon, Dec 18 2023, 5:42 pm

You definitely need at least one year of filed business returns for a traditional business loan.

notshanarishona

Mon, Dec 18 2023, 5:45 pm

The only way to get a loan without insane interest rates is by waiting patiently, filing tax returns, building your business credit, and borrowing as much as you can off the books (ie gemachs) to make a profit that you can demonstrate and then get proper loans.

amother

Mon, Dec 18 2023, 11:22 pm

notshanarishona wrote:

Thanks. Do Gemachs give loans for businesses?

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