Business Plan Equity
I was denied a small business loan. How can I get approved next time?
I was denied a 15,000 loan (at a local bank that has several local branches) for starting my small business, because I have no equity or collateral, but I’m only 22 years old. Not many 22 year olds that I know have stocks, bonds or investments.
In the meetings I had with the loan manager, she seemed impressed and confident in my business plan. But on paper, I guess I don’t seem like such a good loan applicant.
Is it more likely that I would be approved at a national bank?
What tips can you give me for next time I apply.
-Which banks are likely to approve someone without collateral.
-OR, What can I use as collateral or as a substitute.
-Any other tips?
Any information you can give me would mean a lot. Thank you! 
Try to call a local bank and apply for an unsecured loan (don’t mention you are using it for a business). Tell a local bank you want an unsecured line of credit available should you decide to pay off some bills or buy a car. I know Wells Fargo does those unsecured loans – call your local branch and speak to a personal banker. Again, don’t tell them its a business loan just apply for a personal loan.
When you apply for a business loans most lenders require 2 years tax returns and financial statements. A loan officer cannot discourage you from applying it’s the law, but they can explain the lending criteria.
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