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Home >> Lending >> Business Credit
What is Needed to Get Large Business Loan?
I want to get a small business loan for 100k. There are three people going in on this, assuming we all have good credit. One owns a house. What circumstances will we need to meet to get a loan of this size?
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 It will vary from lender to lender and be influenced by your loan request. The bank will want a business plan, collateral, and to know that there will be sufficient experience managing the business to make the plan work.
You can expect to be liable both in a business and personal capacity. When you say "all have good credit" for this purpose, that means large loans have been borrowed and repaid as agreed. We have seen people who had good credit, such as a $5,000 used car loan, want $100,000 and believe they were the same. They are not. The bank has much more risk on the larger loan, so have a strong and bullet-proof business plan complete with projected balance sheets. Have a backup in case net income is not what was projected, and approach your lenders of choice.
Published on BankingQuestions.com 12/22/10
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