I plan to enter the land of self-employment soon, and I'll need seed
money. I plan to apply for a business loan from a bank. I have 15% to
invest of the total $ I'll need to launch and I'm debt free. I have
indirect field/career experience and very much knowledge of the business I
plan to operate. I am a college dropout, but I have 5 years of business
management experience with 4 different companies somewhat associated
with the field I'm seeking to startup in. I have no collateral at all. I'm
25 living with parents, and I need to purchase a new vehicle very very
soon, for which I'll be taking out a loan. I'll need to resign my
position to operate my business successfully. My credit score is 630.
Of the above information, what will banks consider in their decision,
and what impact will the information have on their decision? Is there
anything else I haven't included that banks will analyze before
processing a decision?
Thanks,
Jonathan, NC
Answer Sorry, Jonathan. The answer will be more likely - NO.
Reasons: low down payment - need 20%
Collateral: no - might be a problem depending on a loan size.
Credit Score: 630 - need 650-680
