- July 27, 2018 at 8:15 pm #223011
When I went to the bank to submit my promissory note. I was told that my business needs to have been established at least 3 years. Are there requirements to get approved for a promissory note in regards to starting a business. From my experience promissory notes through banks are only good for paying off debts. Not starting up a company in my case. Any advice would be greatly appreciated.
KevinJuly 27, 2018 at 8:19 pm #225985
If you’re looking for startup capital, and it’s note a large loan, you might try an SBA Microloan. The SBA Microloan program provides loans to nonprofit intermediary lenders who in turn lend amounts under $50,000 to for-profit small businesses and some nonprofits. The SBA does not guarantee any portion of the loans made under the SBA Microloan program. Microloans have terms up to 6 years and the average size is $14,215. I hope that helps. For more details on this and more, check out our article on Types of SBA Loans.