How to finance a business with a small down payment in Nashville,TN

By
Home Builder with 180 Degree Floors

 

How to finance a business will a small down payment in Nashville,TN 

How to finance a business with a small down payment in Nashville,TN

 

Financing a small business with a small or large down payment can be challenging. There are several factors that come into play when seeking capital to fund small business. How much experience you have in the area you're requesting funds. How will the funds be used? Are you buying the business with or without real estate? Will you be able to carry the debt of your personal and business? Some many variables come into play when requesting funding for a small business. The most important would seem to be are you credit worthy? Have you displayed the charter in the past of someone who will repay in the future?

 

Conventional, SBA Guaranteed Loans, or Creative Finance?

 

Conventional funding normally requires large down payments with shorter terms. Banks are really not in the business of taking risk so to speak. In order to be approved “conventional funding” your credit scores have to be greater than 700 with collateral. If you're wondering “How to finance a business with a small down payment in Nashville,TN”? I suggest you contact ™ Holdings Group to see if you qualify for a SBA 7(a) or 504 Guaranteed Loan. Not only are the terms longer (up to 25 years) the required down payment ranges from 10-20%. Of course there is always the road less traveled. Borrow as much as you can from your family and friends. When that fails you could max out your credit cards and pay it back at a 25% interest rate and destroy your credit.

 

Items needed if you would like to know:

 

How to finance a business with a small down payment in Nashville,TN

 

Documentation Needed for Small Business Loan Applications

 

  • Personal Background

  • Resumes

  • Business Plan: The business plan should include a complete set of projected financial statements, including profit and loss, cash flow and a balance sheet.

  • Personal Credit Report

  • Business Credit Report

  • Income Tax Returns: Most loan programs require applicants to submit personal and business income tax returns for the previous 3 years.

  • Financial Statements: Many loan programs require owners with more than a 20 percent stake in your business to submit personal financial statements

  • Bank Statements: Many loan programs require the last 60 days  of personal and business bank statements to be submitted as part of a loan package.

  • Collateral

  • Legal Documents:

 

Questions Your Lender Will Ask You

 

  1. Why are you applying for this loan?

  2. How will the loan proceeds be used?

  3. What assets need to be purchased, and who are your suppliers?

  4. What other business debt do you have, and who are your creditors?

  5. Who are the members of your management team?



Find out more about “How to finance a business with a small down payment in Nashville,TN” contact TM Holdings Group

 

Posted by

Ronell D. Moore

Small Business Consultant

615-625-5274

 

Comments (0)