Anonymous asked in Business & FinanceSmall Business · 1 month ago

Is it hard to get a business loan?

I was thinking of starting a hotel or restaurant 

6 Answers

  • 1 month ago

    Understand that the bank will require that you already HAVE funds that would cover 1/4 of the amount you want to borrow. That's one of the basics of getting the loan.

  • 1 month ago

    Depends on what you mean by hard.  Yes, it is difficult to get a loan without an excellent business plan and proof that whatever it is you are starting is needed in the community where you plan to place it.

    Commercial construction loans would be very difficult to get at this time. Getting a loan to take over a space from a company in a similar business might not be as hard, but again, you have to have a comprehensive business plan and proof you have the talent to pull it off.

  • Judy
    Lv 7
    1 month ago

    Depends on how good your business plan is, your experience in that business, and your personal credit.  You'll need 25-33% of the required money from your own resources.

  • 1 month ago

    It is not hard to get a business loan especially if you know what type of business that you want to open.

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  • Anonymous
    1 month ago

    Nearly impossible unless you have years of direct management experience, a large amount down and very good credit.

  • 1 month ago

    just try to get one and see and then you'll know, i heard you can get grants for that

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