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Where to apply for Business Loan?

Where to apply for Business Loan?

Old Nov 5th 2006, 2:06 am
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Default Where to apply for Business Loan?

I'm a greencard holder now. Nobody approves for anything anymore. Bank of America i tried but still nothing. They judge me for no active/active credit. Nobody gives anything.
I want to open a restaurant - Have degree on Hospitality Management too but nobody gives any finance..

plz advise
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Old Nov 5th 2006, 2:50 am
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Default Re: Where to apply for Business Loan?

Are you in any particular ethnic group?

Maybe if you ask around in the area you live in amongst people of your own ethnicity you will find help and advice.

The major banks will not give a damn if you have no established credit. It's a catch 22 situation.

Open an account at a Savings and Loan. Pay your salary into it. After a few weeks or months take a small personal loan. Pay it off quickly and in full. Miss no payments. Do it again.

You will find that your credit rating soars quickly.

Originally Posted by airborne83x
I'm a greencard holder now. Nobody approves for anything anymore. Bank of America i tried but still nothing. They judge me for no active/active credit. Nobody gives anything.
I want to open a restaurant - Have degree on Hospitality Management too but nobody gives any finance..

plz advise
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Old Nov 5th 2006, 4:15 am
  #3  
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Default Re: Where to apply for Business Loan?

Originally Posted by airborne83x
I'm a greencard holder now. Nobody approves for anything anymore. Bank of America i tried but still nothing. They judge me for no active/active credit. Nobody gives anything.
I want to open a restaurant - Have degree on Hospitality Management too but nobody gives any finance..

plz advise
Get a franchise or is that what you meant by opening a restaurant?

If you have no track record in running a resto plus no US credit history, I can see why you're having difficulty getting a business loan.


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Old Nov 5th 2006, 5:06 am
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Default Re: Where to apply for Business Loan?

I'd like to be the first to welcome Borat to the boards. I hold my hand out in friendship to our brothers and sisters from Kazakhstan.
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Old Nov 5th 2006, 5:30 am
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Default Re: Where to apply for Business Loan?

Originally Posted by dbj1000
I'd like to be the first to welcome Borat to the boards. I hold my hand out in friendship to our brothers and sisters from Kazakhstan.
Indeed

Welcome young gentleman.

Or prostitute.
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Old Nov 5th 2006, 11:53 am
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Default Re: Where to apply for Business Loan?

Originally Posted by dbj1000
I'd like to be the first to welcome Borat to the boards. I hold my hand out in friendship to our brothers and sisters from Kazakhstan.
hehe
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Old Nov 5th 2006, 3:22 pm
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Default Re: Where to apply for Business Loan?

I'm actually about to go to the bank and try and get a business loan for a new venture, so i'm interested if anyone else has been in this position.

What I have quickly realised is that here (and defintely more so then in the UK) credit report, track record and net worth are KEY

you can get small ventures started with a good credit scoreand a little cash, but for larger opportunities you need to start putting some propert 'skin' in the deal.

One example; when I first came here I spoke to the bank about getting an overdraft facility - like people in the UK have. I was lookied at as though I had just asked to purchase a pink elephant. The bank staff disavowed any knowledge of that type of product and pointed me in the direction of a HELOC - not very useful as I was renting.

Three years later in the relationship with the bank, I spoke with thm again about my wife becoming self employed and what options there were for financing and helping with cashflow.

with minor prodding the bank was talking about a $50,000 line of unsecured credit (overdraft to you and me) at prime + 5%, same bank, but it shows the difference a bit more track record and a bit more cash makes to financial institututions over here.
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Old Nov 6th 2006, 1:28 pm
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Default Re: Where to apply for Business Loan?

try your local Chamber and see if they can offer advice.
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Old Nov 6th 2006, 2:58 pm
  #9  
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Default Re: Where to apply for Business Loan?

Have a read here: http://www.sba.gov/services/financia...nce/index.html

Also, have read here on how to kick start your credit: http://britishexpats.com/articles/us...nce-in-the-us/
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