HOW TO TAKE BUSINESS LOAN FROM THE BANK?

What is indispensable for receiving a commercial operation loan from the bank? What is the minimal remuneration for profitable behind a loan if I longed for to compensate small by small amounts per month for example? Do I need to compensate an up front price assign or Taxes prior to hand? Say if I got the volume and I indispensable a lot more, could I take an one more loan one more to it? What is the Maximum volume for a commercial operation loan. Does Bank of America do Business loans?

{ 2 comments }

E January 19, 2014 at 9:23 pm

Taxes, only if purchasing equipment or an item that requires tax to be paid (I.e. a vehicle in CA).

Repayment is generally amortized on a fixed term like 4 or 5 years, or on a line of credit with a set repayment percentage of borrowed funds.

Most times there is a loan fee, generally no more than $75 or 1% whichever is greater. There really is no maximum, depending on intended use. I’ve done loans for over a $1,000,000

You will need to provide an invoice for what you intend to purchase, or if for general purpose, accept a UCC1 lien on any available business assets. Term loans cannot be used for just anything. It is possible to get multiple loans, and it is possible to wrap multiple loans all under one loan, again depending on circumstance

Depending on the amount will change the required docs. As will your time in business and industry. I’m a business loan lender and a SBA specialist if this is something I can help you with. Feel free to email me any questions you have if I can help. emcoppens@yahoo.com

But yes BofA should have a business loan officer assigned to your local branch

Princess January 19, 2014 at 10:01 pm

I got a small business loan ($20,000) with in 5 business days… Thank God because my bank denied me. Link to the Small Business Loan Prequalification Application: https://xplocial.com/prequal.php?id=greenstar Also for more info: http://xplocial.com/?id=greenstar

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