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  • Applying for a small business loan / corporate debt

    updated 3 years ago 0 Member · 1 Post
  • Charles

    Member
    September 26, 2019 at 11:17 am

    I’m looking to apply for some kind of corporate loan to expand our small business, and I would appreciate any insight from anyone who has experience. We are 6 years in business, doing $1.25M in ARR, and looking for a $100k loan. The funds would be used for additional hiring to ramp up sales and software development. We can make monthly payments on interest and principal as I’d prefer avoiding a balloon payment. I’ve heard that it’s hard to get a loan from the bank if there’s no real collateral. Any advice on where to go? How long the process takes? What kind of loan I should be looking at? Last I walked into a local Chase branch they were not very helpful. Basically asked for all our financials without giving me any indication of anything. – by hq overview electricpianist – –

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