How do I go about applying for a small business loan?
Tuesday, August 19th, 2008-I’m 22 yrs old.
***Am I too young to be approved for a business loan?
-I am about $4000 in debt (from medical bills only) but I have small monthly payment plans that I’m keeping up with.
***If you can prove that you are paying your debts off and that they are only medical related—can you still be approved for a small business loan?
***What is the minimum amount they usually give for a small business loan? What is the usual amount?
***When applying for one, do you apply in person, or on paper? Do you have a chance to show your business plans to the bank? Because I want them to know how profitable it will be, and how quickly I’d be able to pay the loan back.
Basically what I’m asking in all of this is:
Is applying for a small business loan very black and white, or does it all depend on if they trust that your business, specifically, will be successful enough to pay back the loan?
***********Also: Any tips?