This topic contains 1 reply, has 2 voices, and was last updated by 
Kent Thune 7 months ago.
Kevin Anderson 7 months agoStart up capital
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.
Thank you,
Kevin
1 ReplyHello Kevin,
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.
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