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SpecialistMichael
SpecialistMichael, MS, CSCS
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Hi how hard is it to get a small business loan for my business

Resolved Question:

Hi how hard is it to get a small business loan for my business to expand? I have around 660 credit score and had a bankruptcy 2 years ago. Is there any chance I can get one or should I not even bother? I am in Hawaii
Submitted: 1 year ago.
Category: General
Expert:  Karel1 replied 1 year ago.

I suggest you contact the small business load administration of Hawaii at (NNN) NNN-NNNN They will answer any of your questions, and if eligible will help you or guide you as to how to get the loan.Here is the link to their website, but call them.

 

http://www.sba.gov/about-offices-content/2/3112

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Expert:  SpecialistMichael replied 1 year ago.
My name is XXXXX XXXXX congratulations on taking the forward step to further your business.

I too am a small business owner and have played with the idea of a SBL. Its worth noting that small business loans are often aggressively pursued in the event of non payment, so just keep this in mind.

As far as your situation with your credit score, considering you are rebuilding from your bankruptcy, you may not actually get approved initially. I don't say this to scare you but as your credit score improves, which clearly it's doing, it would be worthwhile to speak with a SBA counselor who has experience with people in situations similar to yours and being on the threshold.

Small business loans are weighed similar to the more significant credit "stressors", like a personal loan or a car loan though as mentioned they aggressively pursue in a situation of non payment.

Take a look at these 2 links, http://www.sba.gov/content/credit-scores-and-factors-acquiring-financing and http://www.sba.gov/content/sba-loan-application-checklist.

So while I do think you can be approved provided you can prove payback, depending on what you have for income and other things and considering you're "almost there" as far as credit score it would be tough to say.

I would talk with someone at your local SBA office who has actual experience and hopefully you will be presently surprised with a "yes".

Best of luck with your expansion. Please let me know if I can help you in the future as well via this link http://www.justanswer.com/general/expert-cscsmike/
SpecialistMichael, MS, CSCS
Category: General
Satisfied Customers: 507
Experience: Senior Information Specialist
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