What is the usual term in years of a small business loan?

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I’m looking into small business loans, what is the usual term in years, like auto loans are up to 5 years, mortgage is 30 years, what is it for a small business loan?

My husband and I want to buy a business, it is
$ 125,000 down and $ 74,000 @ 8% for 36 months total 199,000
it is a tanning salon and all the machines are new etc we have looked at the figures and all looks good.
Now how to we go about getting a loan to fund this. I can obtain the financials of the business for the last 3 years and it has been in operation for 12 years. What are our best options in a loan, thing is he has no collateral . If he buys a house and has a mortgage will it affect our chances of a loan? What way is the best way in obtaining the $ 125,000 in a small business loan in new york.

Thanks

8 Comments
  1. Reply
    Helen Martins
    February 14, 2011 at 1:16 am

    I am Helen Martins I saw your question on how you need loan,I will direct you to helpers loan company who help me with loan a week ago with monthly repayment schedule and interest rate of 3% here is the email address helpersloancompany@yahoo.com and tell him I directed you.

  2. Reply
    eGuy
    February 14, 2011 at 2:12 am

    http://www.nohasslebargains.com/loan/id12.html
    Home Equity Loans
    Financial Services

  3. Reply
    amz
    February 14, 2011 at 2:56 am

    go to a bank!!

  4. Reply
    Anaka
    February 14, 2011 at 3:15 am

    the government, get back the money they owe us all…

  5. Reply
    JFAD
    February 14, 2011 at 4:13 am

    Go to this link: http://www.entrepreneur.com/article/0,4621,322207,00.html

    $ 10K -$ 250K approved fast with good credit. No collateral. Startups ok
    http://www.AmOne.com

    Business cash advance against Visa /Mastercard to 175k. 800-267-3790
    http://www.amerimerchant.com

    http://www.WellsFargo.com/biz

  6. Reply
    heyhey
    February 14, 2011 at 4:34 am

    You have MANY options but this is what I would recommend…
    first of all 125k down is a steep up front expense
    I would offer 25k down (go to prosper.com this is a peer to peer loan NOT a corporate type loan this is a legit site trust me)
    get then loan then finance the rest “in house” via owners of the salon…because of the fact that they have a motivated and willing buyer I have seen cases where the owner will change their terms to the new owners convience….because you have no collateral that will not help but it will not hurt you as well..
    you can also borrow against your anticipated credit card sales
    amerimerchant.com
    there are some other ways but that is too lenghty for me right now to go into

  7. Reply
    Jeff M
    February 14, 2011 at 5:04 am

    I’ll second “heyhey’s” answer…the best option for you is to get more generous terms from your seller.

    Of course they would like to get as much cash up front as possible, but that may not work out for them. I would offer them 25% down TOPS (start lower…maybe 10%) an make them carry the rest. Among other things, this will ensure that the prior owners have a vested interest in your success.

    Another consideration: How much are the hard assets of the company worth? You say you have no collateral, but that’s not technically true. The assets of the company can act as collateral.

    Good luck!

  8. Reply
    No More Cubes
    February 14, 2011 at 5:19 am

    I would try to get a partner or a silent investor. you can go to https://www.prosper.com and you can also to the GoBig Network which has a pretty nice message board service for matching small businesses with investors. The link below will take you to the GoBig network. I believe both sites are free.

    https://www.tkqlhce.com/click-2106796-10420416

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