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.
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.
You must be logged in to reply to this topic.
315 Madison Avenue, 24th Floor
New York, NY 10017
Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer.
Product or company names, logos, and trademarks referred to on this site belong to their respective owners.