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1. How much is typical to ask for. I don’t …

Comment on Designing a Website by Admin.

1. How much is typical to ask for. I don’t want to get denied, denied, denied. But the more I have upfront the better my business (based on the type of business I am starting)?

You should ask for the amount you need. Asking for too little or too much are both ways to get turned down. You need to have a business plan showing everything about your proposed business in excruciating detail, including how much money you will need to start up, how you are going to spend that money, and how you are going to pay it back.

2. I am going to be a co borrower because I personally have little to no credit, but my co borrower has great credit but just bought a house which might hurt a little. Do these things matter much?

They don’t matter as much as having a solid business plan, with pro-forma financial statements. However, I have seen banks finance plans based mostly on the ability of a co-signer to pay the loan back. Sometimes you don’t even need a plan; if your co-signer can still afford the payments on your loan if you default, even after buying a house, then you may get the loan based on that. I don’t recommend that though; you should have a good enough business plan that you can get the money based on that, not on the ability of a co-signer to bail you out. Also, you need to consider the co-signer’s part in the business: Just a friend, partner, manager? How will YOU pay the co-signer back if you crater in and he/she has to pay off the loan?

3. Will it help that I have over trained, in school for business, and have experience in the field to get a loan?

Yes, that will help a lot. No banker/financier wants to back someone who doesn’t know his business.

4.Where can I go (some good options) to get approved?

Try checking with your local SBA (Small Business Administration) office, and talk to the loan officer at your bank as well as all the other banks in the area. You may have better luck with a local, community bank that is committed to supporting local business. Also, check and see if your local college has a business resource center/incubator. Another avenue is to check your area for Community Development Corporations that are involved in economic development. Sometimes they have good resources, and even micro-loan programs. Also, talk to a lawyer, accountant, and/or a consultant about the best form of organization and the best way to finance your business. You can also find consultants who will help you write a business plan, do it themselves, or do the parts you can’t handle (usually the financials.)

Admin Also Commented

Designing a Website
Doesn’t matter on the degree to start up a business. If you have the capital to start up a business, you can start up anything đŸ™‚

Designing a Website
1. Type of business: Small Business Consulting: business plan training, critiqueing; tax education; startup/expansion consulting.
2. How started: graduated from a local Microenterprise development program sponsored by Community Action Agency and then acquired the contract to provide the training for it
3. No financing needed, minimal marketing budget. I have a background in tax preparation and bookkeeping and in operating small businesses.
4. Business Plans – no page limit on them, each one is unique to the owner but all must contain: Business description, Organization Plan, Marketing Plan, and Financial Plan.
5. Business Name is Smith Small Business Development

Designing a Website
It depends on what type of business it is. You could hire a manager to take care of it in your absense and communicate by telephone or email when you get the chance.

You could also look into other businesses that don’t require constant monitoring. My husband and I have an online/offline retail business that might work for you. Actually, our business seems to attract a lot of military personnel. I can’t give you details here since it’s against the rules of this site but send me an email if you’d like more information.

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