Where do I go for a small business loan?

Where do I go for a small business loan?
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#1

I’m 26. I live in Toledo, OH. I make $40k a year plus another $8-12k in bonuses. I was offered to buy the neighborhood ice cream shop that kills it every summer and I don’t know where to go to take out a small business loan. The business including the building will cost 250k and will need small renovations.


#2

You will need to start with a business plan.  If you don't have one no one will give you a loan.  The Small Business Administration (SBA) has a good website.  https://www.sba.gov

Next, do you have any money you are going to put down on the business?  If not, then it will be much harder to get the loan.  The lender wants to know you are invested in the business as well as they are (until the loan is paid back).

When you have a business plan in place, you could try:

  1)  Your current bank

  2)  Some banks are able to get you a loan through the Small Business Administration (SBA)

Check out this article.  It may help you get started.

http://www.businessnewsdaily.com/1733-small-business-financing-options-.html

Hope this helps you get started.  Good Luck!


#3

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