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Business and Financial Assistance

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redflag
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Business and Financial Assistance  Reply with quote  

Me and my husband and another couple are planning to put up a 24/7 convenient store and car was station in Orange, California. We might be able to finance our own (not 100% sure) but after a year we might also expand and open a car accessories store. Can you suggest a good firm which can assist us for our financial needs? Thanks!
Post Sat Jan 09, 2016 6:00 pm
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kaleb
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Business Loan is Complicated To Get  Reply with quote  

Getting a small business loan can be complicated, but don't believe everything you hear about the process. Here are seven small business loan myths you should think twice about:
Myth No. 1: Getting a small business loan is the hardest thing you'll ever have to do.
Myth No. 2: You have to have perfect credit to get a small business loan.
Myth No. 3: The best way to obtain a loan for my business is through a bank.
Myth No. 4: The worst way to obtain a loan for my business is through a bank.
Myth No. 5: The more money you ask for, the less likely you are to be approved for a small business loan.
Myth No. 6: The most important thing you need in order to obtain a small business loan is a good business plan.
Myth No. 7: If I need a loan fast, I can't get one through the Small Business Association (SBA).
Post Sat Feb 06, 2016 10:35 am
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Peppermint0406
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Re: Business and Financial Assistance  Reply with quote  

quote:
Originally posted by redflag
Me and my husband and another couple are planning to put up a 24/7 convenient store and car was station in Orange, California. We might be able to finance our own (not 100% sure) but after a year we might also expand and open a car accessories store. Can you suggest a good firm which can assist us for our financial needs? Thanks!


Well, That's a good idea!, However, personally, I haven't applied for a loan yet. I do not know the interest rates given. But, my mom used to tell me to borrow in a credit union here in our place because it is better than borrowing from a bank. I just do not know the process.
Post Tue Feb 23, 2016 9:12 am
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redflag
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Re: Business Loan is Complicated To Get  Reply with quote  

quote:
Originally posted by kaleb

Myth No. 3: The best way to obtain a loan for my business is through a bank.
Myth No. 4: The worst way to obtain a loan for my business is through a bank.



Thanks but I'm kind of confused on #3 and #4.

We're currently reviewing the pros and cons of loaning from a bank and a credit union. The obvious advantage of lending through a credit union is they have lower interest rates like this example of a San Diego credit union. We're weighing if a bank or a credit union would best suit our loan needs for our small business.

Has anyone here have experience getting a loan from a bank and a credit union for business purposes? Any feedback would be greatly appreciated. Thanks in advance.
Post Thu Feb 25, 2016 7:01 am
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