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cottonball
05-03-2005, 02:09 AM
hey all,
i'm so happy to find this website since i'm trying to learn about small business myself..
haven't got any experience in sales, yet, i'm really determined to have my own business..

can anyone tell me how much do you think i should have in my bank account before i ask for a bank loan..

hmm.. the more i think about starting my own business, the more exciting i am..
i know i still have loads of things to consider..

thanks heaps guys..
:)

BusinessMan
05-03-2005, 02:18 AM
A load from a reputable source would normally depend on the relative size of the load, the nature of your account, how long you have had it, the strength of your business plan, and countless other factors. There is no 'one size fits all' in these matters.

PerryEllis78
05-16-2005, 05:58 AM
It doesent matter how much you have in the bank in order for you to get a loan.

1)Credit is the biggest concern when getting a loan.

2)Business Plan (mandatory for all loans)

3)Figuring out which loans you should be applying for. There are also many different programs you can get qualified for as well.

4)Now putting all this in action

BTW- I would recomend intense research before you jump into business

05-23-2005, 02:06 PM
Cottonball,

Remember there are very low cost ways to have your own business. Seek those opportunities out. To be honest when you start your own business it's best to keep cost at a point where you can fund it out of your own pocket for at least 1 year. It gives you an opportunity to see if your business is viable, before accumulating unnecessary debt. Let getting a business loan in the beginning be your last resort. If you make a profit that first year and you invested your own money, it actually makes you more attractive to investors when you do make the decision to seek out a loan. Banks and investors like to see that you've invested some of your own money. You would also need budget projections. The best way to get those is to be able to base it on results that you've already seen. I hope this has been helpful. In addition, there is a conference call starting this week for individuals just like yourself. Please see details below:

Helping you to succeed working at home! If you have a homebased business and need help building it or if you would like your own homebased business and need some ideas, you are in the right place. Have Fun!
PLEASE JOIN THE GROUP CONFERENCE CALL @ 10:00PM(EST) EVERY WED NIGHT! SEE MESSAGE BOARD FOR DETAILS.
http://groups.yahoo.com/group/ChristiansAboutBusiness/

pandandesign
01-26-2014, 12:20 AM
It depends on a lot of factors from how well your credit is to how much are you going to request the loan to what your business plan and preparations you have. I think the credit line and the amount of loans you're going to request are the two main factors because a lot of lenders will look at your credit score and credit history to see whether or not you're eligible to get the loan for you business. The more you request the loans, the higher the payment and interest you will stuck with, which I think if you have at least some fund to invest on your business rather than taking all the loans, which then again you will become very stress about paying off the debts that way. Remember, first year of any business is just for establishment, which a lot of companies don't make money, and it takes 2 to 3 years to actually start to see some progresses.

crimsonghost747
01-26-2014, 02:01 AM
First you need to figure out everything else, then you can start thinking about financing. Also keep in mind that interests are quite low at the moment and will probably go a bit higher after some time. Now that some time might happen in a couple of months or a couple of year... or longer. But it's one thing to keep in mind when planning on how to pay it back.

wander_n_wonder
03-06-2014, 08:15 PM
Well, it depends on the loan amount. Also, it depends on whether or not you have an active transaction in the bank. For example, 5 years ago when I was starting my business, my bank account honestly did not have a lot in it. However, I still managed to generate a huge amount of loan mainly because my transactions in the bank are very active. I do not leave a huge balance, but I do course through a considerable amount of money through my account. For example, I use my bank for auto payments and the like. That is already very important for the bank. If they are able to hold your money for at least a day or two, that's a big deal already and that gives you a good record already.

mikelouis
03-07-2014, 03:37 AM
I think it will depend in the type of business that you want to start. Some will need more money while others will need a reasonable budget. Do some research to see if you can get to know the business budget range and if it can work for you. You can also joined linkedin and interact with professionals who can help.

fredkawig
03-07-2014, 08:13 AM
You can actually start a small business and build up from there. You don't have to loan huge amounts to venture into risky business specially when you are new at the business scene. Try working with what you have and try expanding and loaning once you are making progress. Try to make sure you are planning and anticipating risks ahead in order for your business to succeed.

redalert
07-21-2014, 04:16 AM
it depeneds on the principles of the bank that you are going to loan from

campbelljof
11-23-2015, 04:56 AM
Hi,

Its not a big thing to do, you can easily open your business.you need some funds and some time after that you can do any thing.
well your desire also depend on the nature of your business means.I mean that which type of business do you want to open??

cara-wifi
03-14-2017, 12:05 AM
It doesent matter how much you have in the bank in order for you to get a loan.

1)Credit is the biggest concern when getting a loan.

2)Business Plan (mandatory for all loans)

3)Figuring out which loans you should be applying for. There are also many different programs you can get qualified for as well.

4)Now putting all this in action

BTW- I would recomend intense research before you jump into business

Thank you very much for information. I will try in my self. :D

MikeLevin
03-17-2017, 05:38 AM
Its actually still doesn't depend on the amount you have in a bank account.
YOu need to have good business plan and great credit history, in this case you will be a willing client for any banks

Chris_Tax
09-01-2019, 12:30 AM
You need a solid business plan on how are you going to get your customers.

boysunflower
07-22-2020, 09:46 PM
tôi nghĩ nên làm vài ngân hàng để có nguồn vốn có thể xoay ṿng trong trường hợp cần thiết

lishmaliny
03-31-2021, 06:14 AM
When applying for a loan, expect to share your full financial profile, including credit history, income and assets. If you're in the market for a loan, your credit score is one of the biggest factors that lenders consider, but it's just the start.