Can I get a small business loan for myself, with a partner investing 50% upfront?
Tuesday, August 24th, 2010 at
11:44 pm
I am planning to open a fitness studio with a business partner who already has the means to put in 50%. We plan on creating a very solid business plan through my MBA program.
What is the likelihood/possibility of ME being able to get a small business loan for my 50% portion without investing any of my own money (which I do not have), keeping in mind that my business partner is putting in 50%? I have no debt except student loans.
Tagged with: Business • investing • Loan • myself • partner • Small • upfront
Filed under: Small Business Loans
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Why wouldn’t you be able to get the loan? I don’t think the partner putting up 50% of the money is relevant, so if you think it hurts to mention it, don’t tell the bank. Also, credit cards can be a way to get cash advances and sidestep the nerve racking bank loan process. People may scoff at that idea, but if the money can be paid back quick enough, a cash advance may not cost too much interest.
Before I give my answer or my suggestion I need more information:
1>Where you stay(indonesia) or other
2>How big you need
3>Are you accepted loan from the bank
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