My wife and I are thinking of starting a specialized clothing store and would like some tips on neg. leases in say high traffic strip malls. How easy is it to qualify for a SBA loan??
It is actually relatively easy, but takes a little more time than a non governmental agency. You will need to get into there program, which will cost roughly a hundred bucks. They will assign you a counselor that will walk you through the deal and counsel you for the term of this deal. The program used to be called scores, but may have changed. It was a group of Senior Core Of Retired Executives (SCORE). It is well worth the monies you pay, and if you dont get the loan the first time they will keep with you until you get it.
They will also counsel you on negotiation techniques to use for leases, and tell you what to look out for. The services they offer are quite extensive and well worth the pawltry sum they ask for.
An SBA start-up requires prior experience in the field, a business plan, and use of funds, among other application documents.
Perhaps you might want to look up the more active SBA lenders in your metropolitan area and sit down to discuss your plans.
In packaging these loans, I've found the best deals were those where the potential owners sat down and reviewed all the SBA loan requirements first, then built the case for their loan.
Too many times commtiments are made on leases, inventory, FF&E before financing is in place.
SBA's website is very complete, and if you go to www.sba.gov/training you'll see a considerable array of courses and locations that are very helpful.
It is actually relatively easy, but takes a little more time than a non governmental agency. You will need to get into there program, which will cost roughly a hundred bucks. They will assign you a counselor that will walk you through the deal and counsel you for the term of this deal. The program used to be called scores, but may have changed. It was a group of Senior Core Of Retired Executives (SCORE). It is well worth the monies you pay, and if you dont get the loan the first time they will keep with you until you get it.
They will also counsel you on negotiation techniques to use for leases, and tell you what to look out for. The services they offer are quite extensive and well worth the pawltry sum they ask for.
Good Luck,
Kyle
An SBA start-up requires prior experience in the field, a business plan, and use of funds, among other application documents.
Perhaps you might want to look up the more active SBA lenders in your metropolitan area and sit down to discuss your plans.
In packaging these loans, I've found the best deals were those where the potential owners sat down and reviewed all the SBA loan requirements first, then built the case for their loan.
Too many times commtiments are made on leases, inventory, FF&E before financing is in place.
SBA's website is very complete, and if you go to www.sba.gov/training you'll see a considerable array of courses and locations that are very helpful.