Start up capital

Financing

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  Kevin Anderson 1 year ago

  Start 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

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  Kent Thune
  

  Member

  

  1 year ago

  Hello 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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